Binance, the biggest cryptocurrency exchange, is launching its platform and market for tokens that can’t be used to buy or sell anything else.
On Monday, the business stated that in June it would launch Binance NFT, a new NFT platform.
Helen Hai, who is in charge of Binance NFT, has said that the company’s goal is to offer the lowest NFT transaction fees possible by using the blockchain infrastructure that Binance already has.
Since Binance NFT will use the same account infrastructure as Binance.com, all current Binance users will have access to the new NFT marketplace and its offers.
The release says that Binance NFT will launch with two main venues, one of which is a “trading market” where regular users can set up NFTs for a 1% processing fee. Artists will keep 90% of the proceeds from NFT sales made in the “Premium Event” category, which will feature unique collaborations and curated collections.
When blockchain, the technology behind cryptocurrencies like Bitcoin and Ether, is used to create NFTs, a new type of digital collectable is born. The Ethereum blockchain is now the most popular foundation for NFTs, although competition from other blockchains like Binance’s smart contract blockchain network, Binance Smart Chain, is growing.