Binance has revealed plans to launch Binance NFT, an NFT marketplace that allows users to create, buy, and sell the digital collector’s items.
According to the announcement from Binance, the new NFT marketplace will attract artists, creators, and crypto enthusiasts from different corners of the globe.
The proposed platform is expected to operate in two markets. One will be a premium venue (dubbed “Premium Event”) for top auctions and exhibitions. The other will be a standard trading venue (dubbed “Trading Market”) that every user can use to mint new tokens.
Additionally, the new NFT marketplace makes use of the same account system as Binance.com. Therefore, users will be able to access the marketplace while enjoying the existing features of the ecosystem.
The announcement notes that the Binance NFT marketplace seeks to become the foremost destination for digital collectibles and NFTs from a wide array of mediums, such as music, visual arts, and sports. The platform also seeks to create a compelling metaverse with exclusive collaborations and one-of-a-kind offerings.
More Features of the New NFT Platform
In an attempt to maximize the value for creators, the platform will be offering low fees for transactions. The “Premium Event” collections result in the artists receiving 90% of profits from sales, which is one of the highest rewards for NFT creators in the marketplace.
Besides, there is the opportunity for users to deposit their NFTs to the “Trading Market” and also decide if they are for sale or for auction for a very small fee. The platform charges a 1% processing fee, and creators or depositors get a 1% royalty payment on every subsequent trade of the NFT.
Changpeng “CZ” Zhao, the CEO of Binance, said, “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.”
Helen Hai, the head of Binance’s NFT project, added, “Our aim is to provide the largest NFT trading platform in the world with the best minting, buying and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community.”
The Binance NFT platform will reportedly commence in June. The company has also created a landing page for artists to get in touch with them about potential partnerships.
About Non-Fungible Tokens (NFTs)
A non-fungible token is a unique token created on blockchain technology, representing some other data, like an image, video, in-game item, or even a tweet. Being unique, NFTs are not interchangeable with each other. NFTs can be inexpensive or command millions of dollars in a sale.
Needless to say, the growth of NFTs has been explosive. NonFungible.com, a website that tracks data on NFTs, reported that the total sales of these tokens soared above $2 billion in Q1 2021.
Before now, Theta Labs, a decentralized video delivery network, and World Poker Tour (WPT), the premier name in live poker entertainment, revealed plans to partner and launch the world’s first real-time NFT marketplace.
As of the time of publication, Binance Coin price was $$634.18 with a 24-hour trading volume of $6,781,606,797. BNB price also rose by 6.6% over the last 24 hours. Besides, it has a circulating supply of 154.5 million BNB coins and also a max supply of 170.5 million. Binance is the current most active market trading BNB.