Thumbnail Source: https://www.binance.com/en/blog/421499824684901995/Introducing-Binance-NFT-A-Groundbreaking-NFT-Marketplace-Launching-June-2021
The world's biggest and leading crypto exchange claims to launch an NFT marketplace in June with "minimal fees, high liquidity, and high-value collectibles" as the NFT market continues to gain popularity.
Binance's NFT Marketplace Services
The announcement made by Binance mentions that there will be two ways to buy/sell NFTs called premium events and a trading market. Not only will the Binance NFT marketplace allow users to create and mint artworks, but deposit other NFTs from different blockchains.
Premium events are held for "select works through a high-end exhibition," essentially meaning NFT drops from famous artists on different NFT marketplaces. The sales done within premium events will be charged a 10% fee by Binance, the remaining 90% of the sale going back to the creator.
The trading market would be a more democratic and public NFT place. Any user can create their own NFTs to then put them up for sale or auction. Binance charges a 1% fee for the offering, then the NFT creators and depositors get a 1% royalty of the following sales of the NFT.
Extracts
Changpeng "CZ" Zhao, the CEO of Binance, summarises the Binance NFT marketplace as follows:
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.
Helen Hai, the Head of Binance NFT, goes through the aims of the Binance NFT marketplace:
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
For the announcement of Binance's NFT marketplace, click here.
For Binance's NFT marketplace launch page, click here.
To subscribe to Binance NFT for the latest updates on this project, click here.