Binance, the world’s largest cryptocurrency exchange, is entering the nonfungible token industry by introducing its own NFT platform and marketplace.
The company announced Monday the upcoming launch of Binance NFT, a new NFT platform that is expected to start operating in June.
Based on Binance’s blockchain infrastructure, Binance NFT aims to provide minimum NFT transaction costs, Binance NFT head Helen Hai said.
The new NFT marketplace and offerings will be available to all existing Binance users, as Binance NFT will share the same account system as Binance.com.
According to the announcement, Binance NFT will debut with two main venues including a “Trading Market” allowing everyday users to create NFTs, with Binance charging a 1% processing fee. A “Premium Event” category will target exclusive collaborations and curated collections, with artists receiving 90% of profits from NFT sales. Binance CEO Changpeng Zhao said:
“Binance serves millions of users around the world, many of whom will now be able to access the booming NFT space. In line with our commitment to the freedom of money globally and building an inclusive ecosystem, the Binance NFT marketplace will also support small value creators by providing the highest liquidity and cheapest fees for users.”
NFTs are unique digital collectibles brought online using blockchain, the underlying technology of cryptocurrencies like Bitcoin (BTC) and Ether (ETH). Most NFTs are currently based on the Ethereum blockchain, while other blockchains like Binance’s smart contract blockchain network, Binance Smart Chain, are beginning to enter the space.
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