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Binance NFT Marketplace Will Launch in June - Going To The Next Level

avatar of @regenerette
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Binance is launching a separate market for the creation and trading of NFTs.

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The launch event is scheduled to take place in June, according to today's Binance announcement. The most important exchange added that the platform will offer users low commissions, high liquidity, and a better user experience. The news comes at a time when activity in the NFT field is declining. Weekly NFT trading volumes have fallen significantly since their peak in February, according to The Block. NFT platform users and weekly transactions also declined. Binance thinks this is a "strategic move" for their exchange, as they believe in "the core values and potential of long-term NFT applications", as one of their spokesmen told Press.

The two main features

The Binance NFT platform will offer two main features: premium events and trading. Premium events will allow creators to display and bid on their work on the platform. Binance said it will charge a 10% fee for these events, and 90% of the proceeds will go to the creators as a profit.

In terms of the trading feature, the platform will allow creators to create their NFT, as well as allow users to present their existing NFT on the platform for sale or auction. Binance said it would charge a 1% processing fee, and the creator or sender would "continuously receive 1% royalties."

According to the spokesperson, the Binance NFT platform will support "primarily" the Binance Smart Chain and Ethereum. However, "through our development, we will probably support blockchain networks such as Tron, Flow, Wax, etc."

The platform currently invites artists and creators to collaborate through its website. Binance said that mobile versions of the platform (both iOS and Android) will be released soon.

Earlier this month, Binance also collaborated with Media Publishers, the publisher of Vogue Singapore, to help them build an NFT platform to focus on the fashion, art, and music industries.

I believe that expanding their focus is a good strategic move.

I'll be curious to see how this goes.

What do you think?

Thank you for reading!

With respect and research, @regenerette

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