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Binance to launch its own non-fungible token market (NFT)


The exchange Binance announced today that it is working on its own market for non-fungible tokens (NFT), which can be accessed at nft.binance.com starting at 1:00 p.m. Today's CET, April 27, 2021.

The platform will start selling NFTs in June 2021, so we still have to wait a few months to get the full platform and see which artists will be listed on the Binance market.

In the press release, we read that the marketplace will aim to become the benchmark for the entire industry, thanks to a wide variety of works of art and not only, as well as high volumes, low fees and liquidity.

The NFTs offered for sale on the Binance platform will include not only works of art, but also those related to e-sports, gaming, etc., as NFTs can be applied to different sectors.

Binance wants to create the largest NFT market in the world.

Helen Hai, head of the Binance NFT project, said.

"Our goal is to provide the world's largest NFT trading platform with the best minting, buying and trading experience, leveraging the fastest and cheapest solutions powered by Binance's blockchain community and infrastructure."

What's being announced today, in addition to the news of the June release, is that artists can now start submitting their applications to join. Binance NFT. The market will also be available via an app on iOS and Android, but there is no specific release date for this particular app yet.

Those who have an account on Binance.com will be able to use the same account to enter the NFT market and use their balance to purchase them.

Changpeng Zhao, CEO of Binance, explained:

“Binance serves millions of users around the world, many of whom will now be able to access the booming space of NFT. In line with our commitment to global money freedom 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. "

The marketplace will allow users to mine and deposit NFTs from different chains, as well as auction and gain exposure to Binance's millions of users. The fees will be 10% on sales and 1% to put your NFTs for sale in this market. In addition, 1% will be applied as a royalty rate for NFT artists and creators.

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