Binance, the world’s largest cryptocurrency exchange, will launch a marketplace for non-fungible tokens (NFTs) in June 2021. This new platform will offer the lowest fees in the NFT ecosystem and support multiple blockchains.
Binance launches into the world of NFTs
After having carried out numerous experiments connected with non-fungible tokens (NFTs) during various events, the Binance platform has just announced its intention to launch a marketplace for NFTs. Scheduled to launch in June 2021, Binance aims to create the world’s largest NFT exchange platform.
Binance wants to offer its millions of users around the world a new experience in creating and trading NFTs while ensuring low fees, high liquidity, and high-value collectibles in all forms, like visual arts, music, video games, sports, metaverse, etc.
First and not least, Binance will allow users to create and deposit NFTs from different blockchains. This feature confirms that Binance aims to offer a multi-chain platform and opens the doors to a hub bringing together all of the NFTs in the blockchain industry.
Binance’s NFT platform will natively support Binance Smart Chain and Ethereum. But the latter could also support Tron, Flow, Wax, and other blockchains soon after launch, a Binance spokesperson told The Block.
“Our goal is to provide the world’s largest NFT platform with the best creation, buy, and trade experience, leveraging the fastest and cheapest solutions powered by blockchain infrastructure and community of Binance,” said Helen Hai, head of the company’s NFT project.
To facilitate the integration of this marketplace into the Binance ecosystem, it will share the same account system as Binance.com. Thus, current Binance users will access NFT’s platform and use its many features with the funds they hold in their wallets.
A real ecosystem for NFTs
Binance’s NFT marketplace will consist of two main components: a premium event and an exchange market. The premium events will present users with pre-selected works in leading exhibitions and auctions. In such sales, Binance will charge a competitive fee of 10%, while 90% of the proceeds from the sale will go to the creators of the NFTs.
On the exchange market, any creator will be able to create their own NFTs, and users outside the platform will also be able to deposit their NFTs there in order to sell them or organize an auction.
Binance will charge a 1% processing fee regarding platform usage fees, and creators will receive a 1% royalty on an ongoing basis, although Binance has not specified the frequency of this fee. However, this mechanism should encourage creators to offer higher quality NFTs to obtain more royalties.
“Binance serves millions of users around the world, many of whom will now be able to access the burgeoning world of NFTs. In keeping with our commitment to free money in the world and building an inclusive ecosystem, Binance’s NFTs marketplace will also support modest value creators by providing the highest liquidity and lowest fees for users,” said Changpeng Zhao, CEO of Binance.
