Binance is Launching an NFT Marketplace with 'Some of Lowest Fees in the Industry'
Market Musings

Binance is Launching an NFT Marketplace with 'Some of Lowest Fees in the Industry'

Binance NFT will sell and resell crypto collectibles and aims to build a big community with creator-friendly practices.

Binance is Launching an NFT Marketplace with 'Some of Lowest Fees in the Industry'

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Given the booming market for NFT collectibles ranging from art to gaming items to sports memorabilia, it’s no surprise that the world’s largest cryptocurrency exchange decided to get in on the action.
Binance today announced the launch of Binance NFT, a global marketplace to sell and resell non-fungible tokens and digital collectibles.
Binance NFT — which the company describes as “the world’s leading NFT marketplace and trading platform” — will offer a trading market for both new sales by creators and resales by NFT owners, as well as a Premium Event category for high-end sales. Like, presumably, the Beeple collage that sold for nearly $70 million at Christie’s recently. The head of Binance NFT, Helen Hai, said:
“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.”

The NFT Craze Continues

The hottest NFTs are NBA Top Shot tokens, which creator Dapper Labs says have attracted more than $500 million in sales. Celebrities from Mark Cuban to actress Lindsay Lohan have sold NFTs, while Kings of Leon recently released an album on an NFT, offering some wild perks.

Binance promised “a packed lineup of premier exhibitions and NFT collaborations, along with Binance’s industry-best liquidity” that will “bring together artists, creators and crypto enthusiasts from around the world.”

Positioning Binance NFT as a creator-centric platform, the company said it will offer artists and creators “some of the lowest transaction fees in the industry.” 

Both creators and resellers of NFTs on the trading market will be charged a 1% transaction fee, while receiving a 1% royalty fee for subsequent trades. Premium event artists will receive 90% of sales profits.

Binance’s CEO, Changpeng “CZ” Zhao, said:

“Binance serves millions of users around the world, many of whom will now be able to access the booming NFT space. In line with our commitment to the freedom of money globally and building an inclusive ecosystem, the Binance NFT marketplace will also support small value creators by providing the highest liquidity and cheapest fees for users.”
The exchange has a Telegram group dedicated to its NFT offerings.