Binance, the world’s largest cryptocurrency exchange, is entering the non-tradable token (NFT) sector by launching its own NFT platform and marketplace.
In the announcement made on Monday, the exchange announced the new NFT platform Binance NFT, which is planned to start operating in June.
Binance NFT, which will use Binance’s blockchain infrastructure, aims to keep NFT transaction fees at a minimum, according to Binance NFT Chairman Helen Hai.
The new NFT marketplace and offers will be made available to all existing Binance users. Binance NFT will use the same account system as Binance.com.
According to the announcement, Binance NFT will be launched in two separate categories, the “Trading Market”, which allows normal users to create NFT with a 1 percent transaction fee, and the “Distinguished Event”, which targets special collaborations and will receive 90 percent of the profits from NFT sales. Binance CEO Changpeng Zhao explained:
“Binance serves millions of users around the world, and these users will now have access to the NFT space that has been booming in recent months. The Binance NFT marketplace will also support small producers with high liquidity and low transaction fees, in line with our commitment to monetary freedom and building an inclusive ecosystem around the world. ”