Binance, the world’s largest cryptocurrency exchange, has announced that it will launch its own is nonfungible token (NFT) platform and marketplace in June 2021.
It has been reported that based on Binance’s blockchain infrastructure, Binance NFT head Helen Hai said that the NFT aims to provide minimum NFT transaction costs.
However, the new NFT marketplace and offerings will be available to all existing Binance users, as Binance NFT will share the same account system as Binance.com. Binance NFT will debut with two main venues including a “Trading Market” allowing everyday users to create NFTs, with Binance charging a 1% processing fee. A “Premium Event” category will target exclusive collaborations and curated collections, with artists receiving 90% of profits from NFT sales.
Changpeng Zhao (CZ), the CEO of 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.”
Thus, 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.