Cryptocurrency: Binance set to launch NFT marketplace in June 2021

Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, has announced its plans to launch an NFT marketplace in June this year.

In announcing the decision to launch the NFT market place, the company gave a list of what customers should expect. It says there will be a packed lineup of premier exhibitions and NFT collaborations, along with Binance’s industry-best liquidity—all with minimal fees for users and creators.

The company also said that it aims to create the most compelling metaverse with one-of-a-kind offerings and exclusive collaborations, paired with a seamlessly designed and intuitive digital platform to bring together artists, creators and crypto enthusiasts from around the world.

Binance NFT will share the same account system as Binance.com, allowing users to access the marketplace alongside other ecosystem offerings. Helen Hai, Head of Binance NFT, said:

“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.”

Since it serves many users, it is expected that the new NFT marketplace will be accessible to all these users with lower fees that will also be beneficial to small value creators. New users would have to register on Binance.com to create or trade on the Binance NFT platform.

For curated “Premium Event” collections, artists receive 90% of profits from sales, setting a new benchmark for NFT rewards.

Users can also deposit their NFTs to the “Trading Market” and choose to list them for sale or auction at a minimal cost. Binance charges a nominal 1% processing fee — and creators or depositors receive a 1% royalty payment for all subsequent trades.

CZ” Zhao, CEO of Binance, revealed that the Binance NFT marketplace would support small value creators by providing the highest liquidity and cheapest fees for users. This will be in line with their commitment to building an inclusive ecosystem.

The landing page for the NFT marketplace is already in place, awaiting the launch in June 2021.

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