BNB Gets Another ATH... Is Upcoming Binance NFT Marketplace Responsible?
Evening
BNB sets up a new ATH today at $645, before retreating to current $620. So apparently, BNB is in a very healthy place and perfectly poised for another moon.
Binance announced two days ago that it is launching its own NFT market place. The upcoming NFT market place will work on two tiers. One, a high end service for premium premium auctions and events, and Binance will charge a hefty 10% fees. Second, a general service for common NFT interested folks, with a service fee of just 1%.
Most of the current NFT market place is on Ethereum. But since Binance is pitching its own Binance Smart Chain as a low cost and efficient rival of ethereum, so upcoming Binance NFT marketplace will surely run on Binance Smart Chain.
Ethereum gas fees have been becoming more and more discomforting recently, making network extremely uneconomical for microtransactions. NFTs are no different, a rich guy dealing with $100K worth NFT can sure afford to pay a hundred dollar gas fees, but the situation becomes unfeasible for dealing with penny NFTS. With Binance NFT market place coming, it will be no surprise to see most of the average and low end NFT market moving from Ethereum to Binance Smart Chain(just like defi).
With BNB being the native token of Binance and fueling its Smart Chain, the upcoming NFT marketplace will sure increase the BNB token demand.
Recent BNB surge might be a result of anticipated increase in BNB demand in near future.
Thoughts...
Posted Using LeoFinance Beta