Binance, one of the largest cryptocurrency exchanges in the world, is about to launch a non-fungible token, or NFT, marketplace. The bitcoin (BTC) exchange announced this on April 27.
The launch of the new NFT marketplace is scheduled for June and will focus on the trade of unique digital collectibles from "a variety of media, from fine arts and gaming to music and sports." Read more about what NFTs are here.
The NFT marketplace will run “primarily” on the Binance Smart Chain (BSC), but will also support the Ethereum (ETH) network. Ethereum is currently by far the most popular network for NFTs and, according to the press release, you can also view your Ethereum NFTs from your Binance wallet. More networks, such as Tron (TRX), may be supported in the future.
The marketplace will consist of two parts. The first is for “premium events,” this is where the most sought-after and most expensive NFTs will be auctioned. Binance takes 10% of the sale and 90% goes to the original maker.
In addition, a more regular trading market will be available where people can sell their NFTs themselves. Binance charges 1% for administration fees here and takes 1% of the proceeds. Helen Hai, Head of Binance NFT, says:
">We aim to build the largest NFT trading platform in the world by leveraging the fastest, cheapest and most secure NFT solutions powered by Binance blockchain infrastructure and community."
More and more crypto exchanges are opening an NFT marketplace. Rival Crypto.com already launched one earlier this year. Gemini, the Winklevoss twins’ crypto exchange, already acquired Nifty Gateway in 2019.