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Friday, September 17, 2021

Binance Is Launching NFT Trading Platform in June

This post was originally published on beincrypto

Crypto exchange Binance has announced plans to launch a new marketplace for creating and selling non-fungible tokens (NFTs).

The platform will offer both a premium place for high-end auctions and a standard trading market for any user to mint tokens. 

Supporting Ethereum and BSC

The largest cryptocurrency exchange is the next in line to step up to bat for NFTs. The marketplace will support both Ethereum (ETH) and Binance Smart Chain (BSC) at launch to give creators, traders, artists, musicians, and others, a place to freely buy and sell non-fungible tokens. 

The platform will function as two sides of the same coin, or auction houses.

The first will feature premium exhibits like high-end art pieces or music from famous musicians. On this level, 90% of the proceeds from major auctions go directly to the artist, with 10% going to the house. 

The flip side of the coin will be the Binance NFT standard trading market. This space will allow users to create and submit their own NFTs. Creators will pay a processing fee of 1%, but also continuously earn 1% royalty from the proceeds.

NFTs continue to ascend in the market

Binance thus joins crypto exchange Coincheck and Crypto.com who each launched their NFT platforms, last month.

Total sales of non-fungible tokens have soared sky high, in the first quarter of 2021. Data shows that sales for NFTs eclipsed $2 billion in the first quarter of the year. That figure represents a 2,627% quarter-over-quarter growth.

Just recently, Eminem became one of many who had already entered the NFT space, with legendary rapper Snoop Dogg having already released his very own NFT series titled “A Journey With The Dogg.” Another notable NFT rapper is Soulja Boy, who sold his tweets as NFTs, over a month back already.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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