In just 2 short months from now Binance will launch it's very own NFT Marketplace operating mainly on the Binance Smart Chain. It's happening!
I think many of us who are following the NFT space closely knew it was only a matter of time before Binance made a move into NFT's.
Binance NFT Marketplace & Premium Services
Binance announced today that in June of this year they'll not only be launching an NFT marketplace but a "Premium Events" service.
From the sounds of it the Premium Services division will be focused on attracting NFT exhibitors will existing followings and brand equity. It makes sense that they would want to focus on attracting some big names to publish on the platform right out of the gate. It's good for the Binance brand and in helping them get established quickly in the NFT space and attract more casual every day artists.
Premium events will feature select works and high-end exhibitions for which Binance will charge a 10% fee with creators receiving 90% of the proceeds.
Looks like they even have their fee's set and ready to go, and I think 10% is fair. There are certainly art dealers out there that charge considerably more to exhibit and sell your art.
The Worlds Leading Marketplace?
I thought this was a bit funny but hey why not aim high right.
In June, Binance will launch Binance NFT, the world’s leading NFT marketplace and trading platform.
But how's it the words leading NFT platform if it's not already launched? I don't doubt that it will compete with other markets and take some of their market share away to proclaim that on launch the platform will be world leading is a big grandiose for me..
Visit Binance NFT
What Will It Cost To Publish?
Binance has announced their fee schedule for the regular trading market and as of now it will cost 1% on deposited or freshly minted NFT's.
Binance charges a nominal 1% processing fee—and creators or depositors receive a 1% royalty payment for all subsequent trades.
Royalties will be paid out at 1% for every subsequent NFT sale which is relatively low in my opinion. I think I would prefer the ability to choose your royalty, anywhere between 0 and 15% like you can with Opensea or HIVE's NFTShowroom, two of my favourite platforms.
Just last week I wrote about publishing NFT's on Binance Smart Chain.
In that post I talked about a new NFT platform https://app.airnfts.com/ that just launched on the BSC and assumed that there would be more to follow. Little did I know Binance has their own plans!
Alight, so there you have it! Now go forth and publish NFT on HIVE, ETH, BSC, WAX on every blockchain you can.
Ciao for now,
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