The much awaited Binance NFT Marketplace is ready for prime time
The epic run that NFTs have been on in recent months looks like it isn’t stopping anytime soon. Many cryptocurrencies projects have created their own NFT platform that allows users, including artists, creators, and crypto enthusiasts, to mint and trade these tokens, resulting in excellent returns for both the artist, user, and the NFT marketplace.
Because of the NFT boom in the market, Binance would not be left behind, and has now launched it’s own market for NFT and digital collectibles that will feature exclusive collectibles and content from some of the worlds best artists and creators. Bringing in so many artists and creators, whether you’re an avid collector, creator, or new to NFT, there’s something for everyone.
The platform employs Binance’s blockchain infrastructure and features various forms of digital and collectible artwork and kicked off with a premium event auction called ‘Genesis’, its first ever ‘Mystery Box’ collection, and the recently launched ‘100 Creators’ program. Binance also announced that it features NFT content from local talents from around the world.
The premium auction features NFTs of two works of art by Andy Warhol and Salvador Dali. An NFT of Andy Warhol’s “Three Self-Portraits” as well as a recently digitized NFT of Salvador Dali’s “Divine Comedy: rebeget”. The auction for the ‘Genesis’ collection began on June 24 at 10 a.m. (UTC +8) and will last for 5 days.
The auction will also feature Binance NFT’s first ever “Mystery Box,” a new way for users to access special NFTs. Each box is guaranteed to contain an NFT, and its contents may vary in rarity. The first Mystery Box collection will feature 16 “tokidoki” characters, which translates to “sometimes” in Japanese, an iconic and internationally recognized lifestyle brand based on the vision of Italian artist Simone Legno, created in 2006.
The “100 creators” program kicks off to highlight local talents from around the world. Users will be able to browse NFT content from launch day, creators who post NFT on the show will periodically release their NFTs on our market. This show debuts as part of the “Marketplace” category, featuring the work of talented artists and everyday creators from around the world. In this regard, Binance NFT offers some of the lowest fees available anywhere, with a nominal processing fee of 1%, while creators and artists will receive a lifetime royalty of 1%, receiving profits from each sale or exchange from NFT on Binance.
NFT purchases are subject to a simple fee structure that supports creators and depositors. Creators who mint NFTs receive a 1% royalty payment from all subsequent trading, as well as those who deposit external NFTs into the Marketplace.
https://www.binance.com/en/support/faq/777d6487fb7b491696571e3cbf3518f7
“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,” according to a company spokesperson.
Without a doubt, this was a genius move by the Binance exchange to promote its commitment to NFT technology and probably the start of a new era for cryptocurrencies in general. To learn more about buying and selling NFT’s please visit the Binance guide to buying and selling NFT’s.