Crypto News

Binance Jumps On The NFT Bandwagon; Binance NFT To Go Live In June

NFTs have caused an uproar in the crypto market, and Binance has not backed down. The world’s largest cryptocurrency revealed its enthusiasm for nonfungible tokens [NFT] by announcing the launch of its own NFT platform.

NFTs are nothing but digital collectibles that one can purchase online. However, this innovation uses blockchain technology and is bought with cryptocurrencies.

Binance earned its way to the top by making timely upgrades and releases. The crypto platform has managed to garner a large user base across the globe. The exchange had made sure to stay on par with the ongoing trends. Once again, with Binance NFT, the platform has proved that it would retain itself in the first place for quite a while.

Binance NFT To Start Operating From June 2021

In a recent press release, the crypto exchange revealed that it would be soon launching a platform exclusively for NFTs. With this platform, Changpeng Zhao’s exchange intends to provide minimum NFT transaction costs by employing the Binance blockchain.

Users would reportedly be able to use this imminent platform without any hassle of creating a new account. Users would be able to use their existing account as they share the same system.

Speaking about the exchange’s latest venture, its CEO Changpeng Zhao aka CZ asserted,

“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.”

Furthermore, the platform revealed that with Binance NFT, users, with a processing fee of 1%, would be allowed to create NFTs. While this falls under the “Trading Market” category, the “Premium Event” section enables users to carry out collaborations as well as curated collections further allowing artists to garner about 90% gains from the sale of NFTs.

Additionally, Helen Hai was appointed as the Head of the exchange’s NFT wing. Elaborating on the prospects of the NFT platform, Hai added,

“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 the blockchain infrastructure and community.”

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