Blockchain News

Binance set to launch its groundbreaking NFT Marketplace.

Industry leader Binance, owners of the biggest exchange in the world in terms of volume, market cap, and user base (Binance Exchange) just announced the planned launch of its official NFT marketplace, coming June 2021.

Binance NFT Marketplace

According to the officially released blog, the Marketplace, which is expected to become the biggest in the space, will be a creator first NFT platform in the metaverse.

NFT Marketplace Coming June 2021

The platform, which was just announced a few hours ago as at the time of this report via its official blog medium and the Tweet from its official handle, is planned to be creator-focused with the lowest fees in the NFT Marketplace landscape.  The Marketplace will aggregate content from Arts, Music, Games, Sports, to anything that can have an NFT application.

Binance users and NFTs enthusiasts can expect a diverse lineup of NFTs on its Marketplace along with enormous liquidity on the exchange ecosystem, the Binance industry-leading liquidity, all with minimal fees for users and creators.

Exclusive Collaborations and Hype Worthy Exhibitions

Fans should expect a thrilling line up of hype-worthy exhibitions from top artists all around the world. Globally, the Marketplace will debut two main events;

  • A “Premium Event” category for the most sought collaborations
  • A “Trading Market” that allows everyday users to create NFTs at a minimal cost easily. 

The NFT Binance Dedicated webpage

The platform’s dedication will offer a creator-first and focused platform and some of the lowest NFT transaction fees in crypto. 

We aim to provide the largest NFT trading platform in the world with the best minting, buying, and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community,” said Helen Hai, Head of Binance NFT and former Head of Charity for the company.

How Will the Marketplace Function?

The NFT Marketplace will share resources with the main Binance website to tap from its high liquidity. On the platform, users keen on owning NFTs can follow all of the live updates leading to the main launch in June.  Users can subscribe by entering their email address on the “Subscribe” space to get all of the upcoming launch news and events.

Binance NFT Marketplace Subscription

For the curated “Premium Event” collections, artists will receive 90% of profits from sales, which will set a new benchmark for NFT rewards and one of the highest margins for creators in the industry. 

Users can also deposit their NFTs to the “Trading Market” and choose to list them for sale or auction at a minimal cost. A nominal 1% processing fee and creators or depositors receive a 1% royalty payment for all future trades will be charged. 

Binance Chief CZ

Reacting to the news of the new NFT Marketplace, the Binance CEO has this to say;

Binance serves millions of users around the world, many of whom will now be able to access the booming NFT space. In line with our commitment to the freedom of money globally and building an inclusive ecosystem, the Binance NFT Marketplace will also support small value creators by providing the highest liquidity and cheapest fees for users” - Changpeng “CZ” Zhao, CEO of Binance. 


Final Thoughts

Expect Binance involvement and domination of an evolving market with the introduction of their NFT marketplace. It is the same for the DeFi sector, where its young chain, BSC, has managed to dominate other chains and has surpassed the Ethereum chain in the number of daily addresses and unique wallets. Replicating the same effort in the new NFT Marketplace will be the goal for Binance moving forward, and they seem to be poised to do so with this project.

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