Binance enters the NFT space with its own NFT platform
Binance, the world’s largest cryptocurrency exchange, will be joining the nonfungible token industry and is introducing its own NFT platform and marketplace.
On Monday, the company announced the launch of their new platform Binance NFT, that is expected to start operating in June.
Binance NFT is based on Binance’s blockchain infrastructure and will work with minimum NFT transaction costs, according to Binance NFT head Helen Hai.
The new NFT marketplace and offerings will soon be integrated to Binance.com current account system.
Binance Chief Executive Officer Changpeng Zhao commented:
“Binance serves millions of users around the world, many of whom will now be able to access the booming NFT space. In line with our commitment to the freedom of money globally and building an inclusive ecosystem, the Binance NFT marketplace will also support small value creators by providing the highest liquidity and cheapest fees for users.”
Two markets
Binance NFT will go live by offering its customer two trading grounds. There will be a “Trading Market” for everyday users to create NFTs. For this service Binance is charging a 1% processing fee. There will then also be a “Premium Event” venue. This will be aimed at exclusive collaborations and curated collections. Artist effectively will take 90% NFT sales.
NFTs or non-fungible tokens are unique digital tokens based on blockchain, most often on the Ethereum blockchain. However this is now changing with Binance’s smart contract blockchain network, Binance Smart Chain, entering the space.
NFTs can represent just about anything on the internet and have become increasingly popular in the art and music world. The most eye-catching NFT piece to date was sold in February for more than $69 million. It was the work called “The First 5,000 days” by artist Beeple.
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Source: igaming
