Binance, a cryptocurrency exchange that provides a platform for trading various cryptocurrencies, has announced the launch of an NFT marketplace and trading platform, Binance NFT, in June 2021.
The new marketplace is expected to become the premier destination for NFTs and digital collectibles across mediums, from visual arts and gaming to music and sports. It will bring together artists, creators and crypto enthusiasts from around the world
Binance in a blog post, says that “it aims to create the most compelling metaverse with one-of-a-kind offerings and exclusive collaborations, paired with a seamlessly designed and intuitive digital platform to bring together artists, creators and crypto enthusiasts from around the world.”
Binance NFT marketplace will debut with two main venues: a “Premium Event” category for the most sought-after collaborations and a “Trading Market” that allows everyday users to easily create NFTs at minimal cost.
“Our aim is 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.
The statistics about Binance show that it is expected to build the platform with the Artists and Creators in mind. It plans to maximize value for creators of all stripes and that is why it plans to offer some of the lowest transaction fees in the industry.
For curated “Premium Event” collections, artists receive 90% of profits from sales setting a new benchmark for NFT rewards.
Users can also deposit their NFTs to the “Trading Market” and choose to list them for sale or for auction, at minimal cost. Binance charges a nominal 1% processing fee—and creators or depositors receive a 1% royalty payment for all subsequent trades.
“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,” said Changpeng “CZ” Zhao, CEO of Binance.
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