Binance, the world’s largest cryptocurrency exchange, enters the non-fungible token industry by launching its own NFT platform and marketplace.
The company announced the upcoming launch of Binance NFT on Monday, a new NFT platform expected to go live in June 2021.
Based on Binance’s blockchain infrastructure Binance NFT aims to provide minimal NFT transaction costssaid the head of Binance NFT, Helen Hai.
The new market and NFT offerings are available to all existing Binance users as Binance NFT uses the same account system as Binance.com.
According to the ad, Binance NFT will debut with two main venues including a “trading market” where everyday users can create NFTs, and Binance will charge a 1% processing feeA category of “Premium Event” focuses on exclusive collaborations and selected collectionsand artists receive 90% of proceeds from NFT sales. Binance CEO Changpeng ZhaoSaid:
Binance serves millions of users around the world, many of whom can now access the booming space of NFTs. In line with our commitment to global free money and building a binary NFT marketplace from an inclusive ecosystem, we will also support small value creators by offering users the highest levels of liquidity and the cheapest fees. “
NFTs are unique digital collectibles that are brought online using blockchain technology, the underlying technology of cryptocurrencies like Bitcoin (BTC) and Ether (ETH).Most of the NFTs are currently based on the Ethereum blockchain network, while other blockchains such as Binance’s Smart Contract Blockchain Network, Binance Smart Chain or BSC are entering the room.