Major Crypto Exchange, Binance Prepares to Launch its NFT Marketplace

One of the largest cryptocurrency exchanges, Binance, is planning to launch a Non-Fungible Token (NFT) marketplace amid the growing interest of creators and crypto enthusiasts in the market. The crypto exchange wants to build “the world’s leading NFT marketplace and trading platform”, according to their announcement.

Binance NFT to launch in June 2021

The NFT marketplace known as Binance NFT is slated to launch in the next two months, bringing together global content creators to make NFT contents and digital collectibles at minimal fees. The marketplace will support content from diverse spaces, including visual arts, gaming, music, and sports.

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.

Helen Hai, Head of Binance NFT

Binance wants its NFT marketplace to launch as the cheapest platform for creators to mint and auction their contents with high liquidity. As announced, Binance NFT will debut with two trading venues, namely Premium Event and Trading Market.

Under “Premium Event”, which is dedicated to the most sought-after collaborations, creators will receive about 90 percent of profits from sales. “Trading Market” instead is designed for everyday artists – the creators will only have to pay a nominal one percent processing fee.

Binance serves millions of users around the world, many of whom will now be able to access the booming NFT space. 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.

Changpeng “CZ” Zhao, CEO of Binance

Major Crypto Firms are Joining NFT

Binance’s announcement today indicates how active and big the NFT market is growing. Crypto.com and Gemini are two other major crypto companies already involved in the NFT market.