Binance Crypto Exchange Launches NFT Trading Marketplace
Binance, which is the world’s largest cryptocurrency exchange by trading volume, said its marketplace will operate in two markets: a premium venue for leading auctions and exhibitions, as well as a standard trading market that anyone can use to mint new non-fungible tokens.
Binance representatives said, the platform’s fee in the premium section will be 10% of the proceeds of large auctions, and 90% will be given to authors. The day-to-day trading market will charge a 1% processing comission, while creators always will gain 1% royalties.
Binance’s NFT marketplace will debut in June. At the moment, the company has launched a landing page that allows you to contact the exchange about potential partnerships.
The goal of the company is to provide the largest NFT trading platform. Which promises the best history of buying, exchanging and mining, with the fastest solutions and providing cheap transactions, since it is based on the infrastructure of the Binance blockchain.
This project challenges the Gemini cryptocurrency exchange founded by Tyler and Cameron Winklevoss. Gemini operates its own NFT marketplace called Nifty Gateway, which hosts auctions for major companies such as Eminems and Grimes. It will also open up a new revenue stream for Binance, which has benefited greatly from the growing interest in bitcoin and other digital currencies.
However, there are also serious concerns about the formation of bubbles in the digital token market. Some compare the NFT boom with the rise of ICOs in late 2017 and early 2018. During this period the ICO craze led to a lot of scams and many projects were ultimately abandoned.
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