Binance launched its own NFT marketplace
The world’s largest crypto trading platform, Binance, continues to diversify.
After the Binance Coin and the Binance Smart Chain, there is now the Binance NFT marketplace.
As early as June of this year, the Binance crypto exchange plans to launch its own marketplace for NFT art, the so-called Cryptoart.
The marketplace is to be divided into a premium and a standard offer.
This is reported by the crypto portal Blockworks.
Binance wants to promote mining and storage through low fees
While only particularly high-quality NFTs from well-known manufacturers are to be offered in the premium segment, the standard area will become a marketplace for everyone. Binance wants to get ten percent commission on sales in the premium market. In the standard market, only one percent of the proceeds should be due as a “processing fee”.
With the low fees, Binance wants to give the NFT sector a boost. In the standard segment, users will also be able to mine new tokens and store existing ones. The premium market, on the other hand, is specifically focused on selling or auctioning.
The announcement comes shortly after Binance partnered with Media Publishares, the publisher of Vogue Singapore, to build the NFT platform. Binance is to provide the technology for the platform, which is scheduled to start in the third quarter of 2021. Whether the Binance NFT platform will be based on the same technology is unclear, but likely.