Binance, a well-established crypto exchange platform, is on the way to enter the NFT marketplace. The company revealed its detailed NFT plan on Tuesday, and it will allow the relevant clients to create, sell, reserve and buy digital collector’s items.
Not many exchange platforms are as well-set as Binance in the crypto market as it retains the top position of the world’s largest cryptocurrency exchange by trading volume.
Non-Fungible Token (NFT) remains one hot cake among crypto enthusiasts, it’s an exclusive category of current crypto assets in the market. However, NFT explicitly represents absolute or partnered ownership of rare virtual components.
The coverage can count literally anything – from sports trading cards to computerized artworks.
Journey of the planned marketplace is set to debut in June 2021. The platform already opened an online landing page. It should help the interested artists to make contact on mutual partnerships.
Binance would like to control its operation in two different markets – premium venue and standard market. The venue will accommodate specific exhibitions and top auctions on the assets, meanwhile the trading market will accompany anyone to utilize new tokens for minting.
The premium section would cut 10% from the auction processing, allowing 90% for the artists. But the rules are slightly different for its proposed day-to-day trading market.
Standard processing will charge a mere 1% ‘Processing Fee’ with another 1% loyalty fee for its creators.
Helen Hai, the current head of Binance’s NFT section, publicly talked on the issue.
Binance’s blockchain facilities with its community can leverage fast, cost-effective and viable solutions.
It aims at creating the largest NFT platform in the world, “the marketplace should feature the absolute best buying, minting and exchanging options” – he said.
Surging interest in major crypto tokens managed to induce considerable profits for the company, and the introduction of Binance’s NFT marketplace can open up a new revenue stream for itself.
The move is sure to mark a challenge for Gemini’s NFT marketplace, Nifty Gateway, which already hosted multiple big auctions from names like Eminem, Grimes, and others.
As it looks, Gemini and Binance will have to attend an NFT marketplace competition from June.