The world of cryptocurrencies is here to stay. A new reality unfolds into several components, including the potential to foster the artistic environment and the creation of new forms of monetization and distribution of art. This is the phenomenon of NFT’s.
Based on this premise, Binance, a platform for the exchange of cryptocurrencies and financial assets, announced today (11), the launch of the NFT’s marketplace. This new “market” will debut as early as next June.
In June we will have a new NFT market at Binance
The new marketplace will bring together artists, creators, and crypto-enthusiasts from around the world. It is called Binance NFT and will support exhibitions by top artists, as well as collaborations from NFTs. All on a highly liquid and trustworthy platform.
An NFT is a non-fungible Token
Among the new “goods” and digital assets, we have NFT’s.
We are facing a “non-fungible token” which is a type of cryptographic token on a blockchain, which represents an exclusive asset. They can be fully digital assets or tokenized versions of real assets.
Thus, as NFTs are not interchangeable with each other, they can function as proof of authenticity and ownership in the digital realm.
“Fungibility” Means that the individual units of an asset are interchangeable and essentially indistinguishable from each other. For example, fiat currencies are fungible, because each unit is interchangeable with any other equivalent individual unit.
For example, a ten euro bill is interchangeable with any other genuine ten euro bill. This is a fundamental property for an asset that aims to act as a medium of exchange. An NFT is just the opposite, a non-fungible good.
It is the latest bet from the Binance platform
Binance is currently the world’s largest cryptocurrency exchange. The company announced that it will launch Binance NFT next June, a digital market for NFTs, that is, for non-fungible tokens.
This entity believes in the potential of NFTs and digital collectibles of all types, from visual arts to video games, through music or sports. Thus, it will give users the chance to take advantage of your marketplace.
The objective is to “create the most captivating metaverse, with unique offers and exclusive collaborations, combined with an intuitive digital platform and the perfect design to bring together artists, creators, and crypto-enthusiasts from around the world”, the company announced in a statement.
This new marketplace will share the same account system as Binance.com. Thus, allowing users to access the new digital market with other offers from the same ecosystem.
An NFT platform for artists and content creators
Binance claims to be aware of the impact that creators bring to the growing NFT ecosystem. Therefore, it plans to maximize value for all types of artists and creators. This is the reason why this new platform offers transaction rates that are among the lowest in the industry.
For curated “Premium Event” collections, artists receive 90% of profits from sales. Something that sets a new standard for NFT rewards.
Users will also be able to deposit their NFTs in the “Trading Market” and choose to list them for sale or auction at a minimal cost.
The entity charges a nominal processing fee of 1% – and creators or depositors receive a 1% royalty payment for each subsequent transaction.