Binance launches its own NFT marketplace

The exchange Binance announced today that it is working on its own non-fungible token (NFT) marketplace, which can be reached at nft.binance.com from 1:00 PM CET today, 27 April 2021.

The platform will start selling NFTs in June 2021, so we still have to wait a few months to get the full platform and to see which artists will be included in the Binance marketplace roster.

In the press release, we read that the marketplace will aim to become the reference point of the entire industry, thanks to a high variety of artworks and not only, as well as high volumes, low fees and liquidity.

The NFTs offered for sale on the Binance platform will include not only artworks but also those related to eSports, gaming, and so on, as NFTs can be applied to different sectors.

Binance wants to create the largest NFT marketplace

Helen Hai, head of the Binance NFT project, said.

“Our aim is to provide the largest NFT trading platform in the world with the best minting, buying and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community.” 

What is being announced today, in addition to the news of the June launch, is that artists can now start submitting their applications to join Binance NFT. The marketplace will also be available via an app on iOS and Android, but there is no specific release date for this particular app yet.

Those who have an account on Binance.com will be able to use the same account to enter the NFT marketplace and use their balance to buy them.

Changpeng Zhao, CEO of Binance, explained:

“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 marketplace will allow users to both mine and deposit NFTs from different chains, as well as auction and gain exposure to Binance’s millions of users. The fees will be 10% on sales and 1% fee to put your NFTs up for sale on this marketplace. In addition, 1% will be applied as a royalty fee for artists and NFT creators.