Binance, the world’s largest cryptocurrency exchange, enters the indispensable tokens industry by introducing its NFT platform and market.
On Monday, the company announced the upcoming launch of its Binance NFT platform, a new NFT platform expected to be launched in June.
Building on Binance’s blockchain infrastructure, Binance NFT aims to ensure the lowest NFT transaction costs, according to Helen Hay, CEO of Binance NFT.
The new market offers and NFT offers will be available to all existing Binance users as Binance NFT will use the same account system as Binance.com.
According to the announcement, Binance NFT will be featured with capitalists, including a “trading market” that allows users to create NFTs, as Binance requires a 1% processing fee. The premium event category will focus on exclusive collaborations and handpicked collections, with artists taking 90% of NFT’s sales revenue. Changpeng Zhao, CEO of Binance, said:
Binance serves millions of users worldwide, many of whom are now enjoying access to the burgeoning NFT space. In line with our commitment to global financial freedom and building an inclusive ecosystem, Binance NFT Market will also support low-value innovators by providing users with the highest liquidity and the lowest fees. ”
NFTs are unique digital acquisitions brought online using the blockchain, the technology behind cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). Most of the NFTs are currently based on the Ethereum blockchain, while other blockchain chains such as Binance’s smart contract network, the Binance smart chain, are starting to enter the room.