Okcoin Enlists Randi Zuckerberg For An NFT Trading Platform
While NFT marketplaces are becoming increasingly competitive, with big fish OpenSea being challenged by rivals such as Nifty Gateway and Rarible, Okcoin stands out for its zero-fee policy.
"We're introducing a free market for NFTs, where supply and demand will decide prices and profits more than anywhere else," CEO Hong Fang stated.
OpenSea, on the other hand, charges a 2.5 percent transaction fee on every trade, while competitor SuperRare charges a 3 percent cut.
However, royalties, which many prominent markets cap between 0-10 percent, are where NFT authors may really cash in—or lose out—on the proceeds of their work. Many NFT collections, including most blue-chip projects, have substantially traded up in secondhand auctions, especially considering the speculative character of the new sector.
For example, each ape's mint price was only 0.08 ETH (about $190 at the time) when the Bored Ape Yacht Club originally launched last spring. The cheapest ape now costs 113 ETH (about $353,540). Yuga Labs, the project's creators, have subsequently been able to support lavish parties, a merchandising line, a future metaverse, and even a Hollywood film trilogy with 2.5 percent royalty on future trades that will be paid in perpetuity.
Meanwhile, the Asian American artist who hand-drew the monkey with its iconic expression—she uses the online handle "All Seeing Seneca"—told Rolling Stone that her compensation for the project was "certainly not ideal," and that she presumably did not earn royalties.
Okcoin wants to change those stories by encouraging platforms and the general public to reward creators by giving them as much control over their work as possible. It will be the first regulated marketplace without a royalty cap, according to the business.
“In the same way that blockchain technology empowers financial freedom with cryptocurrency, it empowers creators with NFTs,” said Fang. “Web3 is about restoring economic power to the people, and at Okcoin, we’re doing our part by granting as much sovereignty to individuals as possible when it comes to their money, and now, their art.”
It intends to put those earnings in the hands of more diverse Web3 developers, especially women and BIPOCs, who have traditionally been marginalized in computing and finance. Cryptocurrency is now dominated by white men.
“Okcoin’s work in making crypto more accessible is vital, and I’m thrilled to be working with them to elevate more projects led by underrepresented groups,” said Zuckerberg, who recently released a series of music video parodies hyping women in crypto, including a version of Twisted Sister’s “We’re Not Gonna Take It,” but with the crypto cult slogan “We’re All Gonna Make It.”
Okcoin, which is managed by a former Goldman Sachs executive, will promote projects from such organizations and will debut with a number of popular collections, including Bored Apes, World of Women, Boss Beauties, and Crypto Punks.
The marketplace's waitlist will open today, with early participants receiving free crypto and NFTs.