Binance crypto exchange to launch its own NFT platform
The world’s largest cryptocurrency exchange, Binance announced to introduce its own NFT platform and marketplace.
Binance announced via a blog, about the upcoming launch of Binance NFT, a new NFT platform that is expected to start operating in June. The platform will be based on Binance’s blockchain infrastructure and aim to provide minimum NFT transaction costs.
According to the announcement, Binance NFT will debut with two main venues including a “Trading Market” which will allow users to create NFTs and Binance will charge 1% processing fee. Whereas the “Premium Event” category will include exclusive collaborations and curated collections, from which artists will receive 90% of profits from NFT sales.
Changpeng Zhao, aka CZ Binance, the CEO of the Binance said:
“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.”
NFTs are unique digital collectibles brought online on the blockchain. Most NFTs are currently based on the Ethereum blockchain, while other blockchains like Binance’s smart contract blockchain network, Binance Smart Chain, are beginning to enter the space.