Binance to Launch ‘Creator-First’ NFT Marketplace
- Once launched, Binance NFT will provide minimum NFT transaction costs to creators and traders of collectibles.
- The platform will be divided into two main venues, each targeting different creators, the “Trading Market” and “Premium Events”.
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Leading cryptocurrency exchange Binance is planning to enter the non-fungible token (NFT) space in June with a new NFT marketplace, the company said in a blog post on 27 April.
According to the announcement, the “Binance NFT” platform will provide minimum NFT transaction costs to creators and traders of collectibles. Once launched, the new NFT marketplace will be available to all Binance users, as it will be sharing the same account system as Binance.com. The platform will mainly run on the Binance Smart Chain, but will also support Ethereum, enabling users to view their Ethereum NFTs through their Binance wallet. The Head of Binance NFT, Helen Hai, said in a statement:
“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.”
The CEO of Binance, Changpeng Zhao, said the platform was designed to be “creator-first”, and will support small value creators by providing the “highest liquidity and cheapest fees” to users. Once launched the platform will be divided into two main venues, each targeting different creators.
The “Premium Event” primarily targets exclusive collaborations and curated collections, and will feature selected works and high-end exhibitions., for which Binance will charge a 10% fee, with artists receiving 90% of the profits. The “Trading Market”, on the other hand, is for everyday users to create and deposit their own NFTs for a 1% processing fee, and also earn a 1% royalty from for all subsequent trades.
Binance is not the only cryptocurrency exchange to launch its own NFT marketplace. Last month Crypto.com also announced the launch of an invite-only marketplace, which will feature content from artists like Snoop Dogg, Lionel Ritchie and Boy George.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.