Binance cryptocurrency platform on Tuesday announced their plans to introduce a marketplace that allows consumers to publish, buy and sell digital goods known as NFT.
Blockchain technology is also not just limited to financial systems. Based on the same technology, blockchain allows us to buy and sell digital artwork such as paintings, songs, videos and items in video games. This is called NFT.
NFT is a non -transferable digital token, unique and exclusive to its owner only. Based on data from NonFungible.com, total sales of these tokens increased to more than $ 2 billion in the first quarter.
Binance, which is the world’s largest crypto exchange by volume, says that its platform will open up two NFT markets, one premium market and another standard market. The permiun market will focus on auctions and exhibitions, while the standard market is more to those looking to issue new tokens.
The premium segment will take 10% of the main auction proceeds, Binance said, with 90% given to artists. The day-to-day trading market will charge a 1%“processing fee,” while creators “will continue to receive a 1%royalty,” according to Binance.
NFT Binance is expected to launch this June. According to Binance, “Our goal is to provide the world’s largest NFT trading platform that enables the issuance, purchase and exchange of tokens powered by Binance’s blockchain infrastructure and community,”.
