Binance to Launch NFT Market Place This June

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Over the past year the NFT market has exploded with some selling for outrageous millions of dollars. NFTs are cryptographically-unique tokens representing digital stuff like art, music, photos or even videos etc. minted on a blockchain ensuring their authenticity and proof of ownership.

So it is natural for the biggest crypto exchange Binance to want a piece of the booming NFT market. As per announcement, Binance is planning to launch a NFT trading platform for minting, trading and exchanging NFTs this June.

Helen Hai, the head of Binance NFT Project said:

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 Binance NFT platform will be offering two main features; one Premium events and The trading.
Premium events like the name suggests will target high end NFT market. It will host select works through high-end exhibitions e.g. NFT drops from famous artist or celebrities. It will charge a whooping 10% fee for all NFT sales or auctions.

The Trading feature on the other hand, will be for common folks like us. It will allow creators, artists or collectors to mint, buy, deposit their existing NFTs and put them up for sale or auction. Only 1% fees will be charged from final sale price of NFT.

The Binance NFT platform will run on Binance Smart Chain(BSC) and also support NFTs from Ethereum Blockchain. This means famous Ethereum-based NFTs like CryptoPunks and Hashmaks can be transferred to the platform. Support for other blockchain NFTs like Tron, Wax, Flow etc. will be added latter.

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Binance Smart Chain is already outperforming Ethereum in terms of daily number of transactions and total value locked across DEFI platform built upon it. And all of this can be attributed to BCS low transaction fees, allowing feasible micro transactions. Introduction of NFT platform on Binance Smart Chain seems like an optimistic move.

As per Dappradar data, recent NFT trades, activity and volume is on decline, compared to its peak in February this year.
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As far as average NFT creators, buyers, sellers and collectors are concerned, the upcoming Binance NFT platform is expected to be success, as exodus of NFTs from costly Ethereum platforms will be a driving factor.
Whereas for high end NFT market, only time will determine the success of Binance NFT platform.

See You On The Moon...

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