Binance Introduces New NFT Marketplace

Recently, even the world’s largest crypto exchange by volume, Binance, announced plans to launch a brand new marketplace for new digital assets, naming it Binance NFT.

Binance Expanding Operations

Of course, I would hardly call this surprising, given that Binance has jumped on every trend ever. It was among the first to list SushiSwap, even when everyone else thought it might be a scam, it launched an entirely new blockchain for DeFi, and it actually started the IEO trend back in early 2019.

Now, the exchange is planning to launch Binance NFT in early June, noting that its goal is to bring together artists, creators, and crypto enthusiasts, and allow them to conduct premier art exhibitions, collaborate with other global NFT creators, and more. It seems to me that Binance really plans to go big with this new marketplace, and become a go-to place for collectibles and token-backed art.

Naturally, the whole point of the Binance ecosystem is to function as a network, so the exchange will also connect Binance NFT to the same account system as Binance.com, thus allowing users to access the marketplace alongside other offerings of its ecosystem.

Competitive NFT Marketplace

On top of that, the exchange promised that it would have the lowest NFT trading fees in the industry, and for users to enjoy this benefit, they will have to use BNB for paying the fees. This will bring a brand new use case for the exchange’s native token, which is already the third-largest cryptocurrency, right behind Ethereum and Bitcoin.

As for NFTs themselves, many believe that they are not yet an established sector, but only a very hyped trend that is currently popular, and might disappear tomorrow. I believe that this is not going to happen, since NFTs do offer a very convenient and cheap way for artists to get exposure, and for celebrities to offer their merchandise to fans. Plus, there are gaming collectibles, and it goes without saying that artwork collecting is one of the world’s oldest hobbies.

Even so, that is still only my opinion, and to see what will actually happen with NFTs, we will all have to wait and watch.

Would you be interested in buying NFTs within Binance’s ecosystem?

  • Yes, I am a Binance user and I like trying out new things in crypto
  • I use Binance but I’m not interested in NFTs
  • I am interested in NFTs, but I don’t use Binance
  • I don’t use Binance nor do I intend to buy NFTs
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