Cryptocurrency exchange Binance launching NFT marketplace. Binance announces on Tuesday to introduce its own NFT marketplace in June. Users can create, buy and sell digital collectors’ items known as NFTs. Binance plans to launch it in June. It added that the platform offers users low fees, high liquidity, and a better user experience.
“Our aim is to provide the largest NFT trading platform in the world with the best mining, buying and exchanging experience, by leveraging the fastest and cheapest solution powered by Binance blockchain infrastructure and community,” said Helen Hai, head of Binance NFT project.
Marketplace aims for creators and traders of collectibles in visual arts, music, games, sports, and more, according to an announcement.
“Binance serves millions of users around the world, many of whom will now be able to access the booming NFT space,” said Binance CEO Changpeng Zhao. He added that “The Binance NFT marketplace will also support small value creators by providing the highest liquidity and cheapest fees for users.”
Key Features Of Binance NFT Platform
The Binance NFT platform will offer two main features “Premium Event” and “Trading Market”. Premium events will features “select work and high-end exhibitions,” akin to “drops” from famous artists on other NFT marketplaces.
Binance will charge 10% fees for these events, and 90% of the proceeds will go to creators as profit. The trading market will allow users to create and deposit their own NFTs. For that creators have to pay 1% as a processing fee and will subsequently receive a 1% royalty from proceeds.
It “will run mainly on the Binance smart chain (BSC) and the Ethereum network will be supported as well,” users will be able to view Ethereum NFTs and their Binance wallet account.
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The NFT platform is now inviting artists and creators for collaboration through its website. Mobile versions of the platform, both iOs and Android, will be available later, said Binance.
NFTs are cryptographically unique tokens that represent digital art, music, tweet, and many more. It functions as a certificate of authenticity or ownership that can’t be replaced. Over the past year, the NFT market has boomed with high volume and generating an outrageous amount of money.
