Cryptocurrency exchange Binance today announced plans to launch an NFT marketplace.
Set to open in June, the NFT trading platform will be offering a full creator and trader user experience with minimal fees, high liquidity, and high-value collectibles in all forms, such as visual art, music, games, sports, and metaverse.
The Binance NFT marketplace will share the same account system as Binance.com. Existing Binance users will be able to access the NFT marketplace and trade with their current Binance accounts. New users will have to register on Binance.com to create or trade on the Binance NFT platform.
Binance’s CEO, Changpeng ‘CZ’ Zhao, said the move would open up access to NFTs for more people.
“Binance serves millions of users around the world, many of whom will now be able to access the booming NFT space,” he said.
“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.”
Binance NFT marketplace will consist of two main parts; a premium event and trading market, and will give users the ability to create, mint and deposit artworks from different chains.
Premium events will feature select works through high-end exhibitions and global auctions. For sales at premium events, Binance will charge a 10 per cent fee and 90 per cent of the proceeds as profit will go to the creators.
“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,” said Helen Hai, head of Binance’s NFT project.
In the trading market, every user can be a creator and craft their own NFTs at minimal cost. Users can also deposit their NFTs to the Binance NFT platform for sale or auction. Binance will charge one per cent as the processing fee and creators or depositors will continuously receive one per cent royalty as an incentive for creators to mint premium and valuable NFTs and obtain more royalty fees.