The decentralized finance (DeFi) and non-fungible token (NFT) sectors have become the hottest trends in the crypto market. Centralized exchanges, often seen as the top of the market chain, are now entering the arena with innovative business models.
On September 13, OKX introduced a new gateway to the decentralized world—DeFi Hub. This product offers two main features: a multi-chain asset dashboard and an NFT marketplace. Users can directly access the on-chain world using their wallets, addressing growing demand in both DeFi and NFT spaces.
As the NFT wave sweeps across the crypto community, OKX is stepping into familiar territory—trading. Its main competitor in this space is no longer other crypto exchanges but OpenSea, the current leading NFT marketplace.
OpenSea, despite its first-mover advantage, has notable drawbacks. Some NFT enthusiasts report that because OpenSea primarily operates on the Ethereum network, each transaction requires high gas fees, often exceeding $100, plus a 2.5% service charge. Network congestion also frequently causes delays and poor user experience.
These pain points represent an opportunity for platforms like OKX. The DeFi Hub interface supports NFT asset trading not only on Ethereum but also on the OEC chain. Tests show that NFT transactions on OEC cost approximately $0.02 in gas fees. Future plans include expanding support to more public blockchains. Compared to OpenSea, DeFi Hub’s multi-chain support and zero service fee policy provide a significant cost advantage.
Early users note that DeFi Hub lowers the barrier to participating in DeFi and NFT markets. Reduced transaction friction and no service fees make it an attractive alternative.
Other major exchanges like Binance and Huobi have also launched NFT markets. The entry of these established players is likely to bring more users into DeFi and NFT ecosystems, fostering competition and potentially accelerating infrastructure maturity.
DeFi Hub: Bridging Centralized and Decentralized Worlds
During the previous “DeFi Summer,” many debated whether decentralized finance would threaten centralized exchanges (CEXs). The answer now seems clear: CEXs are not opposing DeFi but are instead integrating with it, often serving as the most convenient entry point for users.
OKX’s DeFi Hub, launched on September 13, acts as a new portal to the DeFi ecosystem. Unlike other exchange features, it is a truly decentralized product. Users accessing DeFi Hub via the OKX website or app must create or import a wallet—a familiar first step for DeFi participants.
The platform currently offers two primary functions: an asset dashboard and an NFT marketplace.
The asset dashboard allows users to manage multi-chain and multi-wallet assets, tracking portfolios across various DeFi protocols in a single interface. It supports assets on Ethereum and OEC chains, displaying holdings like OKT and ETH with real-time valuations and daily yield reports. Additionally, users can monitor yield farming assets across 24 mainstream DeFi applications, including Maker, Aave, and Compound. The dashboard also provides an overview of NFT collections held across different chains.
Users appreciate the streamlined interface, which eliminates the need to switch networks or check multiple protocols manually.
The highlight of DeFi Hub, however, is its NFT marketplace.
With the rise of concepts like the metaverse and GameFi, projects like CryptoPunks and Loot have gained massive popularity. NFT trading volume exceeded $2.5 billion in the first half of the year, 16.67 times the total for 2020. Major internet companies like Tencent and Alibaba have also entered the space. NFTs are widely regarded as the next big thing in crypto, integral to the future metaverse.
Against this backdrop, DeFi Hub’s NFT marketplace is well-timed. But with OpenSea dominating over 90% of the market, can OKX’s offering become a meaningful competitor?
Zero Fee Model Challenges NFT Trading Norms
DeFi Hub’s NFT section lists over 50 collections, including Ethereum-based favorites like CryptoPunks, Loot, Bored Ape, and Art Blocks, as well as newer projects on OEC like ROOT and CryptoGladiator.
Similar to OpenSea, users can trade freely and create NFTs using images, audio, or video files. However, DeFi Hub differentiates itself with a primary market feature called “Primary,” designed for high-quality art projects, artists, and celebrities to launch NFTs. Users can bid on new releases before they hit secondary markets, accessing potential early-bird advantages.
As of September 16, Primary had already hosted nine NFT collections, including a series by martial artist Anderson Silva, attracting significant participation.
But to compete with OpenSea, more than a primary market is needed. OpenSea’s main advantage is its vast trading volume and extensive collection availability.
Is there room for other players?
Industry observers note that many interested users find existing platforms challenging due to language barriers and complex interfaces. OKX’s DeFi Hub simplifies this process, allowing crypto traders to enter the NFT world seamlessly.
Experienced NFT users point out OpenSea’s high costs and occasional lagging performance. As the NFT market grows, infrastructure must improve. Established exchanges entering the space could drive faster advancements—benefiting both platforms and users.
So how does DeFi Hub perform in terms of user experience and cost?
While Ethereum-based transactions on DeFi Hub still face high gas fees (around $100 per transaction), using the OEC network reduces this to roughly $0.02. Moreover, DeFi Hub charges zero service fees, a significant saving compared to OpenSea’s 2.5% cut. For high-value NFTs, this difference can amount to thousands of dollars per sale, making DeFi Hub an appealing option.
Exchange Participation May Drive NFT Infrastructure Growth
After launching the OEC public chain and DeFi yield services, OKX continues to expand its decentralized ecosystem with DeFi Hub. This move is part of a broader industry trend: Binance launched its NFT market in June, and Huobi collaborated on the NFT service platform iBOX.
Major crypto exchanges are evolving beyond simple trading platforms, integrating DeFi and NFT services to meet user demand.
In the NFT arena, OKX has chosen a decentralized approach, allowing users to transition smoothly from centralized trading to on-chain NFT activities. The exchange believes that centralized NFT markets limit user reach and contradict blockchain’s open, decentralized ethos. A low-cost, multi-chain, user-friendly marketplace is essential for long-term growth.
The current NFT market is still in its early stages, with infrastructure needing improvement. Wallet functionalities are often cumbersome, and pricing mechanisms lack transparency.
Recent discussions highlight several issues: excessive speculation, price manipulation by large holders, and unclear copyright assertions. The market urgently needs standardization.
Exchanges are well-positioned to address these challenges. They are natural hubs for liquidity and user activity, with robust trading systems, brand recognition, and security expertise. Their experience in KYC, asset listing rules, and user protection can be adapted to NFT trading.
OKX’s CEO Jay Hao cited several initiatives: technical and manual reviews to ensure NFT quality and copyright clarity, fee-free trading to boost liquidity, primary market offerings to attract diverse artists, and multi-chain integration for smoother transactions. The platform is also exploring NFT fragmentation (e.g., for assets like Loot) to lower entry barriers and enhance liquidity.
As more exchanges enter the NFT space, the market may see accelerated development and greater standardization. These gateways could help bridge the physical and digital worlds, bringing more users into the metaverse.
Hao emphasized that blockchain is accelerating the migration from the physical to the digital realm. NFTs will play a key role in blurring the lines between virtual and real environments.
Frequently Asked Questions
What is OKX DeFi Hub?
OKX DeFi Hub is a decentralized portal that provides users with multi-chain asset management and NFT trading capabilities. It allows seamless access to on-chain activities directly from the OKX platform, using a non-custodial wallet for security and control.
How does DeFi Hub reduce NFT trading costs?
By supporting alternative blockchains like OEC, which have lower gas fees, and charging zero service fees on transactions, DeFi Hub significantly reduces the cost of trading NFTs compared to platforms that operate solely on Ethereum.
Can I create NFTs on DeFi Hub?
Yes, the platform supports the creation and listing of NFTs using various media types, including images, audio, and video files. It also offers a primary market for artists and projects to launch new collections.
What chains does DeFi Hub support?
Currently, DeFi Hub supports Ethereum and OEC networks, with plans to integrate additional high-performance blockchains in the future to enhance accessibility and reduce transaction costs.
How does DeFi Hub improve the user experience for NFT traders?
The platform combines a user-friendly interface with multi-chain functionality, real-time asset tracking, and no service fees. These features make it easier for both new and experienced users to engage in NFT trading and collection.
What is the future of NFT markets with exchanges entering the space?
Exchanges bring liquidity, security, and operational experience to the NFT ecosystem. Their involvement is expected to drive infrastructure improvements, increase market transparency, and attract a broader user base into the digital asset space.