Binance started as a crypto exchange platform and later on introduced its personalized token BNN. A few months ago, Binance successfully launched a native blockchain named Binance Smart Chain (BSC) and migrated the BNN token from Ethereum. The conquests of Binance have enabled it to claim the third-largest cryptocurrency in the world.
Now the crypto corporation is ready to introduce another major project. Binance announced the official news on Tuesday that a new NFT marketplace is going to be launched in June. The announcement also stated that the users of the Binance exchange could benefit from higher liquidity, improved user interface, and lower transaction fees.
The crypto data analytics service The Block published a report about NFTs trade volume tracks. The tracking history shows that NFT trading volume has been on a downward spiral since February 2021. It seems that the Binance launch of the NFT platform would contribute to giving the slow market a boost. The users of the blockchain would be able to mint their artwork and sell it on Ethereum and BSC platforms.
The Binance NFT market would attract NFT art collectors and fans from every corner of the world. The spokesperson for the crypto enterprise told the media in a briefing. The spokesperson also added that in a market environment where weekly active users and NFT platform transactions are dropping by the day, the launch of the Binance NFT market is a strategic move.
Investors are Enthusiastic about the Binance NFT Market
Other than a wide range of participants (about 180 countries and 100 million registered users), many unique features make the Binance NFT market a sought-after project for crypto enthusiasts. The users would be charged a mere 1% processing fee for the minting and exhibiting their NFTs. Meanwhile, they would also qualify for a 1% royalty. It should be noted that the originator of the NFT artwork keeps getting a profit percentage as the artwork keeps moving from one owner to another.
In addition to conventional NFT trading, the users would be able to take part in premium events. These premium events would enable the artists to host a formal virtual NFT exhibition and invite bidders from all parts of the world. According to the official briefing of Binance, the exhibition of the premium event would charge no more than 10% of the sales revenue and allow 90% of the NFT sales to go to the creators.
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