Binance is planning to roll out an NFT marketplace “Binance NFT”. The exchange revealed this news via a blog post on April 27, noting that Binance NFT would serve as a hub for artists, content creators, and crypto enthusiasts across the globe. The launch is slated for June this year, and the platform will share the same account as Binance.com for accessibility.
According to the blog post, Binance NFT will deliver a robust lineup of exhibitions and global auctions that feature top artists and highly demanded content. The marketplace will go live in two categories. The first is a Premium Event category, which will include highly sought-after collaborations. The second category is a Trading Market, which will let users create NFTs seamlessly at affordable costs.
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Per Helen Hai, the Head of Binance NFT, Binance seeks to offer its creators and artists the largest NFT trading platform in the world. She went on to note that the marketplace would deliver the best minting, buying, and exchanging experience. This is because it will use the fastest and cheapest solutions that the Binance blockchain and community have to offer.
A platform designed to accommodate artists and content creators
In the publication, Binance noted that creators are a significant force that is continuously helping the NFT ecosystem grow. As such, Binance NFT’s design seeks to help maximize value for all types of content creators. The exchange further cited that this creator-first approach is the reason behind why its marketplace will offer the lowest fees in the industry.
Breaking down the reward system of its marketplace, Binance said that the artists of curated Premium Event collections will get 90% of the profits from the sale of their work. Other users of the platform can deposit their NFTs to the Trading Market and choose whether they want to sell them or list them for auction. For such users, Binance will only charge a 1% processing fee. Once their NFT is listed, the creators will get a 1% royalty for the trades that follow.