Advent of NFTs and OKEx

The blockchain space has been saturated with NFTs. There has been news about people buying pieces of NFT at a high price. In terms of hype, only DeFi (Decentralized Finance) beats the hype around NFT right now. It is only right to have knowledge about what it entails.

NFT simply means Non-fungible Tokens, where the Non-fungible in this case refers to the fact that the token involved can not be replaced with another. Every NFT is unique in it's own way, they are designed to give their owners something that can not be copied. More or less, digital art. The owner of a NFT has the original copy of that particular asset.

Owning a NFT means you have rights backed up by the blockchain that the asset is yours, which means immutable. The first set of NFTs were from games, to show a gamer owns the card. These cards can then be traded in-game in exchange for money, but NFTs have grown beyond that. Anyone capable of creating arts can create NFT and auction them up for sale, it works just like a speculative asset.

By being a speculative asset, it can be bought and sold at a higher price later on. Traders are also not left out when it comes to NFT, they stand to benefit a lot. These NFTs are minted and sold on different blockchains regularly (although Ethereum blockchain is the commonest), which means coins have been exchanged and these have its own Fundamental and Technical analysis implications. Traders look to trade these coins, as making profit is the number one goal.

OKEx, world-leading cryptocurrency spot and derivatives exchange, believes in NFTs and the potential it brings. Which is why it has listed Enjin's $ENJ, Sandbox's $SAND and now Efinity's $EFY. There is a right trading platform for all traders to trade these altcoins with liquidity.

About OKEx
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks.

We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

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