With every known crypto platform joining the NFT revolution, it comes as no surprise that one of the largest crypto exchange platforms in the world enters the race. Binance plans to launch its NFT Marketplace to create and trade NFTs revealed the country earlier this week.
The company plans to launch this marketplace in June this year and will reportedly offer lower fees and higher liquidity to its users. To cater to a larger audience, Binance will operate two different markets, a premium venue, and a standard trading market.
The premium venue will majorly cater to top creators and auction their work. For every sale, Binance will take a 10% fee for facilitating the transaction, and the remaining will be transferred to the artist.
Whereas the standard market will be more open and allow users to either mint new tokens or deposit existing NFTs to trade. For this day-to-day market, the company plans to charge 1% processing fees, and the NFT depositors or creators will receive a royalty of 1%.
Binance NFT Marketplace Key Points
- Binance NFT Marketplace will cater to creators and traders of digital and physical collectibles in different industries such as music, arts, sports, games, etc.
- This platform will majorly run on Binance Smart Chain and the Ethereum Network.
- Binance NFT Marketplace will be divided into two parts: Premium Events and Trading Market.
- Premium Event will feature high-end exhibitions for select works. The platform plans to charge 10% for the transaction fee, while the remaining will go to the creators.
- However, the trading market will be open to everyone to create or deposit existing NFTs for trading. Binance will charge 1%, and the creators or depositors will receive a royalty of 1% from proceeds.
- This launch will add Binance to a list of a handful of crypto exchanges offering the NFT marketplace.
- Earlier this year, Binance launched its invite-only marketplace that featured content from celebrities such as Lionel Ritchie, Snoop Dogg, and Boy George.
NFTs or Non-fungible tokens represent ownership of virtual items and are immutable. Several industries globally have started using NFTs to sell their artworks, pictures, videos, collectibles, etc. In the first quarter of 2021, NFT token sales saw a peak high of $2 Billion, which is expected to only rise with time.