Binance NFT Brings Exchange Giant to the Party

Binance has announced plans to join the NFT party with its own NFT marketplace. Binance NFT, which the company hails as “groundbreaking”, will launch in June and will “bring together artists, creators and crypto enthusiasts” as well as offering the cheapest user experience seen so far in the space. The platform will also likely address the issues of energy consumption that many have levied at the NFT space given that Binance won’t rely on a proof-of-work model to run its blockchain.

Two Tier System

Binance announced Binance NFT yesterday, with the press release stating that the company aimed to create a “metaverse” with “one-of-a-kind offerings and exclusive collaborations”, all presumably carried out on the Binance Smart Chain, although this wasn’t confirmed. Binance NFT will launch with two main “venues” — a Premium Event category for in-demand collaborations and a Trading Market for everyday Binance users who want to create and list NFTs.

Binance NFT will be run by Helen Hai, former head of the Binance Charity Foundation, who summarized the goal of the new platform in the press release:

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.

Artists who are part of the Premium Event category will receive 90% of the profits from work sold through Binance NFT, which is the highest in the space, which Binance will charge a nominal 1% processing fee.

Binance NFT No Surprise

With NFTs coming out of nowhere to become such a huge part of the crypto space it is no surprise to see a player like Binance jumping on board, and with the Binance Smart Chain offering considerably lower fees and higher commission there will be a huge temptation for artists to use the platform.
While decentralization is a legitimate concern for those in the currency space, decentralization in the NFT world is not as critical, potentially giving Binance NFT an edge over Ethereum-based outlets.

Originally published at https://fullycrypto.com on April 28, 2021.

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