October 17, 2021

Binance Set to Launch NFT Marketplace in June

Binance has just announced that they will be launching their own NFT marketplace in June. The new marketplace will bring together artists, creators, and crypto enthusiasts from around the world. Expect a packed lineup of premier exhibitions and NFT collaborations, along with Binance’s industry-best liquidity—all with minimal fees for users and creators. 

As per their website…

We aim to create the most compelling metaverse with one-of-a-kind offerings and exclusive collaborations, paired with a seamlessly designed and intuitive digital platform to bring together artists, creators and crypto enthusiasts from around the world. Furthermore, Binance NFT will share the same account system as Binance.com, allowing users to access the marketplace alongside our other ecosystem offerings. 

Binance Blog.

How The Marketplace Will Work

For curated “Premium Event” collections, artists receive 90%of profits from sales setting a new benchmark for NFT rewards. 

Users can also deposit their NFTs to the “Trading Market” and choose to list them for sale or for auction, at minimal cost. Binance charges a nominal 1% processing fee—and creators or depositors receive a 1% royalty payment for all subsequent trades. 

“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,” said Changpeng “CZ” Zhao, CEO of Binance. 

Highlights

  • The marketplace is aimed at creators and traders of collectibles in visual arts, music, games, sports and more, according to an emailed announcement by Binance Tuesday.
  • It “will run on (mainly) the Binance Smart Chain (BSC) and the Ethereum network will be supported as well,” meaning users will be able to view Ethereum NFTs in their Binance wallet account, a spokesperson for the exchange told CoinDesk.
  • The platform will be divided into two main parts: premium events and trading market.
  • Premium events will feature select works and high-end exhibitions for which Binance will charge a 10% fee with creators receiving 90% of the proceeds.
  • The trading market will be for users to create and deposit their own NFTs for a processing fee of 1% and will subsequently receive a 1% royalty from proceeds.

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Oren Todoros

Founder of NiftyX NFT industry news, BIGINTRO a content strategy agency servicing emerging industries, and the proud father of 3 beautiful girls.

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