Binance to open NFT marketplace

A marketplace for NFT sounds cool.

Binance has unveiled a plan to roll out its own marketplace for its users to create, buy or even sell digital collector items known as non-fungible tokens or NFTs.

An NFT is a classification of digital assets designed to represent ownership of rare virtual items. It could be anything, from works of art to sporting trading cards like the ones sold at the collectibles platform NBA Top Shot.

For the first quarter of the year, the total sales for these tokens totaled more than $2 billion, as reflected by the website NonFungible.com that tracks data on NFTs. What’s even more impressive is the fact that the amount is exclusive of the nearly $70 million NFT sold by digital artist Mike Winkelmann (Beeple).

Binance offers two markets

In line with this, Binance — the world’s largest crypto exchange — will have its platform operate two markets.

The first one is a premium venue for top auctions and exhibitions, while the second one is a standard trading market that can be used by anyone to introduce new tokens.

Binance also revealed that the premium segment would take a 10% cut from the earnings of major auctions, and the remaining 90% goes to the artists. On the other hand, the day-to-day market will charge a processing fee of 1%, with the creators continually getting 1% royalty.

What Binance aims for

Cited by CNBC, Binance’s NFT project head Helen Hai said their objective 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.”

The NFT feature of the crypto exchange heavyweight is set to debut this June.

For the moment, the company has set up a landing page that will enable artists to contact the company for potential partnerships.

 

Image courtesy of Cointelegraph News/YouTube

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