Crypto exchange platform Binance has revealed plans to launch its own NFT marketplace. Binance’s decision came amid the growing expansion of the sector as more crypto and non-crypto entities enter the NFT space. Several athletes and celebrities have also joined the trend.
As a result of the expansion, NFT marketplaces like NBA TopShot, OpenSea, Raible, and Nifty Gateway have been lucrative.
According to the announcement, the Binance marketplace will be live in June. Binance CEO Zhao Changpeng 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.”
The new Binance NFT platform will feature two primary services- Premium Events and trading. Creators can use the Premium Events feature to display and auction their work on the platform. Creators will be rewarded with 90% of the total proceeds, while the remaining 10% will go to Binance as fees.
Additionally, creators will be able to mint NFTs with the trading feature. Users will also be able to deposit their existing NFTs on the Binance NFT marketplace.
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