The cryptocurrency exchange Binance has announced plans to launch a new market for the creation and sale of non-exchangeable tokens(NFT).
The platform will offer both a high-end premium auction space and a standard trading market for each user to issue tokens.
Ultimate Support for Ethereum and BSC
The largest cryptocurrency exchange is next in line to stand in the battle for the NFT. At launch, the market will support both Ethereum (ETH) and Binance Smart Chain (BSC) to give creators, traders, artists, musicians, and others a place to freely buy and sell non-exchangeable tokens.
The platform will function as two sides of the same coin, or as auction houses.
The first one will feature high-end exhibits, such as works of art or music from famous musicians. At this level, 90% of the proceeds from major auctions go directly to the artist and 10% to the auction house.
The flip side of the coin will be the Binance NFT standard trading market. This space will allow users to create and submit their own NFT. Creators will pay a 1% processing fee, but also constantly earn 1% royalties from the proceeds.
The NFT continues to climb the market
Binance thus joins the Coincheck and Crypto.com cryptocurrency exchanges, each of which launched their NFT platforms last month.
Total sales of non-exchangeable tokens soared in the first quarter of 2021. The data shows that NFT sales exceeded $ 2 billion in the first quarter of this year. This figure represents an increase of 2,627% on a quarterly basis.
Recently, Eminem has become one of many to have entered the NFT space, and legendary rapper Snoop Dogg has already released his own NFT series called "A Journey With The Dogg". Another notable NFT rapper is Soulja Boy, who sold his tweets as NFT more than a month ago.
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