Binance is launching its own marketplace where users can create, buy and sell NFTs. The launch is scheduled for June.
April 27, 2021 | AtoZ Markets – Binance cryptocurrency exchange has announced plans to launch its own non-fungible tokens (NFT) marketplace in June 2021. The marketplace will offer users functionality for issuing and trading NFTs, minimal commissions, high liquidity, and unique collectible tokens from the world of art, music, games, sports, virtual universes, and many others.
“Our goal is to create the world’s largest NFT marketplace with cutting-edge capabilities for issuing, buying and exchanging NFT tokens using the fastest and most affordable solutions based on the Binance blockchain infrastructure with the support of our community,” says Helen Hai, Project Manager Binance NFT.
Using Binance NFT marketplace
The exchange launched a separate page on its website for the Binance NFT project, through which artists and authors can contact the Binance team for cooperation. The mobile version of the marketplace (for iOS and Android) will be available later.
Read also: What is NFT and How Does it Work?
Binance’s NFT marketplace will use the same account system as Binance.com. Existing users of the crypto exchange will be able to access the NFT marketplace and trade through their accounts. To create and trade tokens on the Binance NFT platform, new users simply need to register on Binance.com.
“Binance provides services to millions of users around the world. Many of them will now be able to access the rapidly growing NFT token market. In line with our mission to expand the freedom of money globally and develop an inclusive ecosystem, Binance’s NFT Marketplace will also support lesser-known creators with the highest liquidity and lowest user fees,” said Exchange CEO Changpeng Zhao (CZ).
In addition to trading tokens, users will be able to create, release and transfer works of art from various blockchains on the Binance NFT marketplace. In addition, the platform will host exclusive events such as exhibitions and auctions. The commission for the sale of works at such events will be 10%, and the rest of the proceeds (90%) will be received by the authors.
The marketplace will allow anyone to create their own NFT tokens with minimal costs. Users will also be able to transfer their own NFTs to the Binance NFT platform for further sale or auction. The exchange commission for processing the transaction will be 1%, and authors and contributors will be paid 1% royalties on an ongoing basis, which should help create new and valuable NFT tokens and receive additional royalties for authors.
The boom of NFT marketplaces continues
Binance cryptocurrency exchange is not the first company to launch its NFT marketplace. In November 2020, the KuCoin crypto exchange announced the launch of its own marketplace for non-fungible tokens (NFT). The first NFT-supported asset became a token of the project Dego.Finance. Dego.Finance is a standalone NFT ecosystem where users can issue their own NFTs, initiate mining, auctioning, trading, etc. Users can already deposit Dego tokens.
Most recently, the CoinGecko team presented their own NFT Spotlight platform. The site contains collections of non-fungible tokens, as well as the main news of the NFT market. So far, the site contains only a few tokens from the Doctor Who, Veve, R-Planet, and others collection.
In March of this year, Crypto.com cryptocurrency exchange launched a platform for selling NFT tokens. However, unlike other similar sites, the company plans to work only with well-known brands and celebrities from the world of show business, art, sports, cinema, etc. Companies and stars such as Aston Martin Cognizant Formula One, Axel Mansoor, Bag Raiders, BossLogic, Boy George, Jonathan Monaghan, and Nathan Evans, KLOUD, Mr. Brainwash, OPUS, Snoop Dogg, and many more.
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