Despite the declining NFT market, Binance is launching its NFT marketplace.
Binance; the single largest crypto exchange, announced on Tuesday, the launch of the Binance smart chain backed NFT platform.
It is rather notable that the NFT market, in the past couple of weeks, has declined significantly. As per the data, NFTs’ weekly trading volume decreased by some margin since it recorded all time high during February. In addition to that, the market’s daily transaction volume has also seen a drop.
According to the exchange, the platform would be launched by June. The Binance’s spokesperson said:
“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,”
Further, the spokesperson, stated because the Binance is faithful to the “fundamental value and potential of NFT application in the long run.”, the launch of the NFT marketplace is a “strategic move” by the exchange.
He noted that as Binance has a broad user base, extended to over 180 countries, it could attract “millions of potential NFT collectors in the world.”
Platforms’ Distinctive features:
According to the exchange, its NFT platform would be offering two distinctive features; “Premium events” and trading.
Through “Premium events” the creators would be able to exhibit and auction off their created NFTs on the platform, upon which the exchange would charge 10% as a fee and the remaining 90% of the earning would be earned by creators as profit.
While, for the trading feature, together with depositing their already created NFTs for sale, the creators would also be enabled to create or mint NFTs, using the platform.
For that trading feature, Binance would charge 1% as a fee and a further 1% would be earned by the depositors or creators as royalty, on monthly basis.
The spokesperson also mentioned that initially, the platform will support Binance smart chain and Ethereum based NFTs. Whereas in the future, as the platform grows, it could support others too.
Lastly, for now, as the mobile version of the platform is still to be launched, the exchange is inviting creators for collaboration.