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•Binance to launch the largest NFT platform.
•Sales of NFTs soared up to $2 billion in Q1 of 2021.
•Binance will operate two types of market – premium and standard.
According to CoinDesk, Binance, the current largest cryptocurrency exchange in the world, announced its plan to launch its very own marketplace where users can sell or buy NFTs or non-fungible tokens.
A kind of digital asset, non-fungible tokens represent the possession of rare virtual items such as artwork or rare souvenirs and collectibles from any sports team. The Binance NFT marketplace is set up to launch in June. As per NonFungible.com, a website that tracks NFTs, the sale of these NFTs amounted to a massive $2 billion. That, too, in the first quarter of 2021.
90% of the Premium Marketplace Will be Given to the Artists
The cryptocurrency exchange announced that it would be operating two types of markets. The first will be a premium marketplace that will deal specifically with auctions and sales of exhibitions.
A total of 10% of the premium marketplace will be accounted to Binance. At the same time, the artists are entitled to the rest 90%. The day-to-day trading market fees are set at 1%, while on the other hand, artists will be awarded 1% royalty. Secondly, a standard marketplace that would allow the customers to mine new tokens.
The Land page has Already been Launched for Contact Purposes
Helen Hai, the head of Binance’s NFT project, said that the exchange plans on launching the largest NFT platform in the world. Binance’s blockchain infrastructure would be leveraged to provide customers the best minting, buying, and exchange experience. Expected to roll out by June, the exchange has already launched a landing page that will allow artists to get in touch with the company.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
