OKExchange is one of the largest crypto exchanges in existence and is used by a myriad of users all over the world. It is at the forefront of improving how things are going in the ecosystem.
Recently, this crypto exchanger made an announcement that it is about to host a voting event. This event is designed to allow the community of users to vote on which of the NFT- Non-fungible Tokens- will be listed on the OKEx.
The voting procedure is quite simple, according to the announcement that OKEx made. Users will be able to vote by keeping tokens in their OKEx accounts. They can also vote by creating new wallet addresses till the end of October 8. This will help OKex know which of the NFT projects that should grace its exchange.
OKExchange decided to do because of the calls that have been made by the community for this. The voting event will last for nine days. It began on 2:00 Sep 30, 2020 and it is expected to end on 2:00 Oct 8, 2020 (UTC).
The NFT projects that will be voted for are six, and they are: Aavegotchi (GHST), Meme (MEME), Rarible (RARI), Whale (WHALE), Dego Finance (DEGO), Bonk Token (BONK).
What To Expect During The Voting Period
For those that want to vote, they are expected to deposit tokens to their OKEx accounts. They can also vote by creating new wallet addresses. What projects are chosen is dependent on how the users vote. The two projects with the highest votes will be crowned winners and listed on the trading platform. It is going to be a transparent affair, as users can see how the voting process is going and how many votes each project has. Like earlier mentioned, only two projects will be added on the OKExchange, and the rest won't grace the trading platform.
What Happens When The Voters of a Project Reaches 2,000 OKEx?
If an NFT project has voters that possess 2,000 OKEx, that project will be given priority and launched on OKEx without any condition attached to it. If every project should cross 2,000 OKEx, the crypto exchange claims that it will launch every one of them.
As long as a project meets the conditions that have been aforementioned, the trading platform will launch the NFT project as soon as it can.
What Happens If Cheating Occurs
OKEx is all about transparency and abhors any form of cheating. This is why it has stated that it will disqualify anyone that is caught cheating. If OKEx get wind of suspicion of cheating, or a user complains of cheating going on, it will investigate first, and if found true, the platform will disqualify those found wanting.
What Happens To The Tokens of Those That Voted?
If you want your vote to be counted, it is expected that you will keep the tokens that you voted with in your wallet for the period of the voting. This means that you are expected to keep the tokens that you used in voting in your wallet until October 8, if not your vote won't be considered valid. After the voting period ends, users can then withdraw their tokens.
What is Nonfungible Token?
If you have been in the crypto world for a while, you may have noticed that there has been an increase in demand for nonfungible tokens.
This is a token that is linked to something peculiar. It represents the value of something special, and it can not be exchanged like cryptocurrencies. Cryptos can easily be exchanged for one another. You can exchange BTC for ETH, and vice versa. Cryptos are fungible, as they can be exchanged and possess the same worth.
The nonfungible tokens are unique and may represent a domain name, collectible or even a commodity. They become quite popular when the Cryptokitties created a digital asset that represented cats in the year, 2017. They were sold for around a hundred thousand dollars.
The fact that the nonfungible tokens can't be created or altered, they can be used in numerous verticals. Currently, the worlds of art, gaming, sports and the likes have been plagued with these NFTs.