- Binance marketplace aims to offer lower fees and greater liquidity for users
- Binance will take a 10% cut of premium sales with the remaining revenue going to the creator.
Binance is introducing its own marketplace for creating and trading non-fungible tokens (NFTs), the world’s largest crypto exchange revealed Tuesday.
The platform, which is scheduled to launch in June, aims to offer lower fees and greater liquidity for users.
Binance said its NFT platform will operate two markets: a “premium” venue and a standard trading market.
The premium sector will be for top creators to show and auction their work. Binance will take a 10% cut of premium sales with the remaining revenue going to the creator.
The standard market will allow any user to mint new tokens or deposit existing NFTs for trading. For the day-to-day market, Binance will collect a 1% processing fee and creators/depositors will receive 1% royalty.
NFTs are a type of digital asset that represent ownership of virtual items. They can be anything from art to tweets, and while they experienced a major surge in popularity earlier this year, interest has started to decline. Total NFT token sales topped $2 billion during the first quarter of 2021, but trading volumes have started to slow, according to data.
Today’s news comes shortly after Binance partnered with Media Publishares, Vogue Singapore’s publisher, to create an NFT platform. Binance will provide technology for the platform, which is set to launch during the third quarter of 2021, the company announced earlier this month.