Cryptocurrency exchange Binance has announced that it is set to introduce its own NFT marketplace with the aim of becoming the leading platform for NFTs and digital collectibles.
Currently the world’s largest cryptocurrency exchange, Binance has decided to move into the NFT market, which has proved highly lucrative for popular NFT marketplaces such as Rarible, NBA TopShot, and OpenSea.
Binance CEO, Changpeng “CZ” Zhao, commented on the Binance marketplace which is set to debut in June:
“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”
In the statement, released on the Binance website, the exchange revealed that their existing exchange would share the same webspace as their NFT marketplace, allowing users to access their other ecosystem offerings.
The announcement disclosed a number of features that their ‘creator first’ platform would have, including Premium Event collections that will enable artists to receive 90% of profits from their sales. As well as high profit margins for their artists, Binance NFT will offer low transaction fees, and allow users to access their trading market where artists will be charged a minimal 1% processing fee.
The new head of Binance NFT, Helen Hai, was previously the lead of Binance’s Blockchain Charity Foundation. She commented on the vision of Binance NFT:
“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”
With a number of existing NFT marketplaces, the competition posed by popular exchange Binance will likely be significant. The move will open up new business possibilities for Binance, and allow the company to extend its reach and continue to cement itself as a key player in blockchain and crypto.
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