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Binance to Launch Its Own NFT Marketplace

Binance (Courtesy: Twitter)
Binance (Courtesy: Twitter)

Leading crypto exchange, Binance, has unveiled its intentions to launch a new marketplace for selling and creating NFTs. On Monday, the company announced the forthcoming launch of Binance NFT, a new NFT platform expected to begin operating in June. The platform will provide a premium place for high-end auctions and a standard trading market for any user to issue tokens. Additionally, the platform will offer users low fees, high liquidity, and a better user experience. The Binance NFT will be accessible to all prevailing Binance users, as Binance NFT will share the same account system as

As per the declaration, Binance NFT will launch with two main venues. It involves a Trading Market and a Premium Event. The Trading Market allows users to develop NFTs. Binance will charge a 1% fee for this offering, with NFT creators and depositors receiving a 1% royalty on consequent sales of their work. A “Premium Event” category will target exclusive collaborations and curated compilations. Moreover, Binance will charge a 10% fee for these sales, while 90% of the earnings will go towards the creators. 

Binance NFT to be Available on iOS and Android in Future

As their name refers, Premium events will be reserved for “select works through high-end exhibitions,” similar to “drops” from well-known artists on other NFT marketplaces. The trading market, contrarily, will be more democratic and welcoming to everybody. Moreover, every user will be capable of creating their own NFTs and put them up for sale or auction. Furthermore, the Binance NFT marketplace will Ethereum (ETH) and BSC (Binance Smart Chain) at launch to offer traders, creators, artists, musicians, and others, a place to purchase and sell NFTs (Non-fungible tokens) easily. 

Initially, the new service will be accessible only via the Binance desktop site, with assistance for iOS and Android coming “at a later date.” Binance joins crypto exchange Coincheck and who introduced their NFT platforms last month. Earlier this month, Binance also collaborated with Media Publishares, the publisher of Vogue Singapore, to help them develop an NFT platform. It focuses on the fashion, art, and music industries. 

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