Popular cryptocurrency exchange OKEx has announced it’s hosting a voting event for its community to decide on two non-fungible token (NFT) projects that are set to be listed on the trading platform.
According to an announcement, users can vote by depositing tokens into their OKEx accounts or generating wallet addresses up until October 8, to help the cryptocurrency exchange determine which NFT projects it will list on its platform.
Community members will be able to vote on six different NFT projects: Aavegotchi (GHST), Meme (MEME), Rarible (RARI), Whale (WHALE), Dego Finance (DEGO), Bonk Token (BONK). OKEx details that if a project has over 2,000 votes, it will be listed “unconditionally.”
In an accompanying press release, the cryptocurrency exchange pointed out that while the decentralized finance space has been seeing explosive growth so far this year, nonfungible tokens have also seen a major uptick in demand.
A nonfungible token is a token that represents something unique and not mutually interchangeable. While cryptocurrencies like BTC and ETH are fungible – every BTC token is interchangeable and has the same value – NFTs are unique tokens representing collectibles, domain names, or commodities.
NFTs were popularized in 2017 when CryptoKitties created demand for digital representations of cats, with some being sold for over $100,000. As an NFT is irreplicable and cannot be damaged over time, their use is growing across various verticals, including for sports, gaming, and art.
Per OKEx, increasingly innovative projects are entering the NFT space, and are creating value for their communities in “unique and engaging ways.” Meme is given as an example. The experimental protocol blends DeFi’ innovations with cryptocurrency collectibles.
Whale, on the other hand, is a social cryptocurrency whose valuation is supported by high-value NFT assets, while Aavegotchi’s GHST lets holders participate in its DAO governance while allowing them to purchase Aavegotchi portals and wearables.
OKEx’s CEO Jay Hao was quoted as saying:
We’re thrilled to support another burgeoning sector in the blockchain space. It’s incredible to see so much innovation and creativity, with projects pushing the boundaries of what can be done with this technology.
OKEx noted in its press release it’s maintaining its momentum in supporting the decentralized finance economy, and has listed another five tokens this week: Solana (SOL), Elrond Gold (EGLD), 8X8 Protocol (EXE), S.Finance (SFG).