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Crypto-exchange Binance To Roll Out NFT Marketplace In June

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Binance, the world's largest cryptocurrency exchange by trading volume, is set to roll out an exclusive Non-Fungible Token or NFT marketplace and trading platform in June. Binance NFT will be a global marketplace for NFTs and digital collectibles across mediums, from visual arts and gaming to music and sports.

The NFT marketplace will bring together artists, creators and crypto enthusiasts from around the world, all with minimal fees for users and creators.

The Binance NFT marketplace will debut two main venues - a "Trading Market" that allows everyday users to easily create NFTs at minimal cost and a "Premium Event" category for the most sought-after auctions, featuring content from top artists and in-demand content.

For curated "Premium Event" collections, artists will receive 90 percent of profits from sales, setting a new benchmark for NFT rewards. Users can also deposit their NFTs to the "Trading Market" and choose to list them for sale or for auction, at minimal cost. Binance will charge a nominal 1 percent processing fee.

The Binance NFT marketplace will also support small value creators by providing the highest liquidity and cheapest fees for users.

The Binance NFT market place will be powered by by Binance blockchain infrastructure and community. All Binance.com users will be allowed access to the NFT marketplace, alongside the other ecosystem offerings, using the same account system as for Binance.com.

NFTs are currently the hottest product in the digital asset space, with celebrities launching NFTs for their art and music collections as another revenue stream for their work. When a person buys an NFT of a collectibles and rare items of art and music, he receives a token containing the same only and does not get ownership rights.

NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. This type of token is gaining popularity among artists and content creators as this can protect their pieces of art like painting, songs, videos, tweets, etc.

NFTs are pieces of tokenized content that are verifiably unique, with the authenticity, rarity, and scarcity secured on blockchain. The NFT transaction is executed on blockchain using smart contracts to store and record their unique information using the blockchain's digital ledger to provide irrefutable proof of authenticity and ownership.

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