Binance, the world’s biggest crypto exchange, is entering the non-fungible token sector by introducing its in-house NFT platform and marketplace. The exchange announced on April 26 the upcoming launch of Binance NFT. That is a new NFT platform that is expected to begin operating in June. Notably, it will share the same account system as Binance.com.
Based on Binance’s blockchain network, Binance NFT strives to offer minimum NFT transaction costs, according to Helen Hai, the Binance NFT head. The new product will be made available to all existing Binance users.
Binance NFT will debut with two key venues including a “Trading Market” enabling daily users to create NFTs, with Binance charging just 1% as the processing fee. A “Premium Event” category is set to target exclusive collaborations and curated collections. Artists will receive 90% of profits from NFT sales.
Binance CEO Changpeng Zhao highlighted:
“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.”
NFTs are unique digital collectibles that are brought online using blockchain, which is the underlying technology of cryptos like Ether (ETH) and Bitcoin (BTC). A majority of NFTs are today based on the Ethereum blockchain, while the other blockchains like Binance’s smart contract blockchain network, Binance Smart Chain, are starting to join the space.