Binance to Launch NFT Marketplace this June

Key Takeaways

  • Binance is unveiling an NFT marketplace this June.
  • The platform will host a market for premium auctions and exhibitions, and a regular day trading market.
  • It will initially support Binance Smart Chain and Ethereum.

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It looks like Binance wants in on the NFT hype. 

Binance Eyes NFT Market 

Binance is about to open its own NFT marketplace. 

The cryptocurrency exchange announced its plans to launch a new platform for trading non-fungible tokens on Tuesday. It’s set to launch this June. 

The platform will host two main markets: one for premium auctions and exhibitions and another for regular day-to-day trading. 

Binance will charge a 10% fee for sales in the premium market, with the remainder going to the creators. Meanwhile, the trading market will take a 1% processing fee on every sale, and the creator will earn a 1% royalty on every trade of their respective NFT. 

Helen Hai, who will be leading the project, told CNBC

“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.

Binance’s step into the NFT space won’t likely come as a surprise to anyone who’s been following the cryptocurrency space closely over the last few months. The exchange’s blockchain project, Binance Smart Chain, has found enormous success by replicating elements of the second blockchain by market cap and home of the NFT boom, Ethereum. Binance’s BNB coin has jumped to the third biggest cryptocurrency by market cap this year; it’s worth over $88 billion at publication. 

Many apps running on Binance Smart Chain offer a similar experience to DeFi on Ethereum, only without the exorbitant gas fees. Some have described Binance Smart Chain as “CeDeFi” as it’s a more centralized offering than Ethereum itself. Changpeng Zhao, Binance Smart Chain founder and…

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