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.