DeFi Today, the newsletter created in collaboration with The Cryptonomist, interviewed the Binance team to understand more about their upcoming NFT platform set to be released in June.
When did you start to work on the NFT platform?
The Binance NFT platform has been part of the Binance strategy blueprint for a period of time. We launched the landing page in April, and the marketplace itself will be launched in June.
What will be the differences between your NFT marketplace and others?
The NFT market in its current form has some shortcomings:
- The barriers to entry are still high for the general population.
- The NFT transaction fees are high on certain chains like Ethereum.
- For some NFT sites, users cannot withdraw their purchased NFTs outside of the platform.
- The liquidity for NFTs is low for the majority of the market.
Binance has the largest user base in the crypto world, with users in over 180 countries and regions. Based on the number of users, the Binance NFT platform could attract millions of potential NFT collectors in the world, and Binance will aim to provide the highest liquidity and minimal fees for the users. Binance has the best resources in the crypto world and we have the best technical support to solve such problems.
The transaction fees will be very competitive in the market and at the same time we provide royalty payments for creators so that they get benefit from each subsequent transaction. Users will be able to deposit and withdraw their NFTs freely on our platform, which means they have full ownership. The most critical part is that Binance has the best and largest trading users who will contribute huge liquidity to the Binance NFT marketplace.
Our goal is to make Binance NFT the largest NFT trading platform in the world, in terms of trading volume, user base, and variety of works. Just as importantly, we want creators to experience the best minting, buying and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community.
How many artists will you have in June at the moment of the launch? Will they be exclusive with you?
We will bring onboard many top profile artists upon launch, as we aim to be the largest NFT marketplace. There will be artists collaborating with us at the moment of the launch, and we plan to launch more NFTs which will cover every category. Not all artists are collaborating exclusively with us.
Will it be possible to buy NFTs with credit cards or with all the crypto assets you have on Binance?
Yes, we will support credit cards and more cryptocurrencies to buy NFTs in the future.
Are you working on your own NFTs?
Yes, we are working on our own NFTs.