It all starts in June: Binance is launching its own NFT marketplace
NFT -Marketplace starts in June. (Image: Shutterstock / Grey82)
Already want in June of this year the crypto exchange Binance is launching its own marketplace for NFT art, the so-called Cryptoart. The marketplace is to be divided into a premium and a standard offer. This is reported by the crypto portal Blockworks.
Binance wants to promote mining and saving through low fees
While in the premium segment only particularly high-quality NFTs from well-known manufacturers are to be offered, the standard area will become a marketplace for everyone. Binance wants to get ten percent commission on sales in the premium market. In the standard market, only one percent of the proceeds should be due as a “processing fee”.
With the low fees, Binance wants to give the NFT sector a boost. In the standard segment, users will also be able to mine new tokens and store existing ones. The premium market, on the other hand, is specifically focused on selling or auctioning.
The announcement comes shortly after Binance entered into a partnership with Media Publishares, the publisher of Vogue Singapore , for the establishment of the NFT platform. Binance is to provide the technology for the platform, which is scheduled to start in the third quarter of 2021. Whether the Binance NFT platform will be based on the same technology is unclear, but likely.
These are NFT
Excerpt from Everydays: The First 5,000 Days (2021) by Beeple (Source: Christie’s)
NFT, the non-fungible tokens, are enjoying an unprecedented hype in the crypto world. Non-fungible, i.e. non-exchangeable tokens – unlike a crypto-coin, for example – represent a very specific asset and are therefore unique. They only have the technology of storage on the blockchain in common with currency tokens.
NFTs are ideal for assets of which there is only one or a few there. These are currently digital trading cards, game characters, virtual stretches of land in virtual worlds or so-called crypto art. But ID cards, vaccination passports or other important documents could also be saved and secured via the blockchain vividly the auction of an NFT work of art by the digital artist Beeple (Mike Winkelmann), which the venerable British auction house Christie’s held in March 2021. The work “Everydays: The First 5,000 Days” achieved auction proceeds of 69 million US dollars and was therefore one of the top 3 most expensive works of art ever sold – as a pure digital file.
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