Binance, the world’s largest cryptocurrency exchange, is entering the non-fungible token industry with the launch of its own NFT platform and marketplace.
The company announced on Monday the impending launch of Binance NFT, a new NFT platform that is expected to go live in June.
Based on Binance’s blockchain infrastructure, Binance NFT aims to provide minimal NFT transaction costs, said Helen Hai, head of Binance NFT.
The new NFT marketplace and offerings are available to all existing Binance users as Binance NFT uses the same account system as Binance.com.
According to the announcement, Binance NFT will debut with two main venues including a “merchant market” where everyday users can create NFTs. Binance charges a processing fee of 1%. A “Premium Event” category is aimed at exclusive collaborations and curated collections, with artists receiving 90% of profits from NFT sales. Changpeng Zhao, CEO of Binance, said:
“Binance serves millions of users around the world, many of whom can now access the booming NFT space. In line with our commitment to worldwide free money and building an inclusive ecosystem, the Binance NFT marketplace will also support small value creators by providing users with the highest levels of liquidity and the cheapest fees. “
NFTs are unique digital collectibles that are brought online using blockchain, the underlying technology of cryptocurrencies like Bitcoin (BTC) and Ether (ETH). Most NFTs are currently based on the Ethereum blockchain, while other blockchains such as Binance’s smart contract blockchain network Binance Smart Chain are entering the room.