“Binance NFT marketplace just went live. #BNB”
Binance immediately set the ball rolling for the highly anticipated NFT marketplace with a host of artworks and mystery box collectibles already featured on the website. The NFT section which features a sleek, colorful interface has a ‘Trending’ section where the most sought after and popular NFTs are categorized. As one would expect, the NFTs are sold for Binance native coin, BNB, or its fast-growing stable coin, BUSD.
NFT aficionados have likewise wasted no time in hopping on the latest train, as bids are already pouring in for the trending digital collectibles. At press time, the “Ancient Royalty” artwork had already amassed about 5 bids, with the highest at 9.66 BNB.
The marketplace will become a premier destination for NFT enthusiasts to mint and sell digital collectibles. It will also provide exclusive access to events where users can purchase collectibles from globally renowned artists.
A central selling point of the Binance NFT marketplace is the low gas fees on its Binance Smart Chain.
Ethereum has remained at the forefront of the NFT revolution but has recently been subject to criticism due to spikes in transaction fees that have negatively affected growth. Speaking to Cointelegraph late last year, founder of NFT marketplace Cargo, Sean Papanikolas expressed concerns on the stratospheric increase in gas fees and its impact on minting NFTs at scale. He said:
“Now, in 2020, platforms are starting to see the scaling issue now due to the spikes in gas prices. Some platforms have halted minting while gas is high and other platforms see a major decline in activity.”
Amid growing concerns, Binance Smart Chain has proved to be a worthy ‘poster boy’ for the NFT space and a fierce competition for Ethereum. At some point in April, Binance smart chain recorded 200% more transactions than Ethereum.
While Ethereum developers continue working hard to complete a transition to Eth 2.0, which they claim will considerably reduce gas fees, competitors are fast gaining traction and NFT marketplaces are exploring new possibilities.
Head of Binance NFT, Helen Hai shared some words following the announcement late April.
“Our aim is to provide the largest NFT trading platform in the world with the best minting, buying and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community.” She said.
The launch of the Binance NFT marketplace is poised to further accelerate the growth of the digital collectible space. NFT data aggregator, NonFungible shows that NFT sales in the first quarter of the year exceeded $2 billion. In the same period, record purchases swarmed the space as NFT interest hit the roof. Metakovan’s acquisition of ‘Beeple’s Everydays: The First 5000 Days’ for $69 million at Christie’s auction represented the biggest NFT purchase of all time.