MarketsMarketsMarkets

Binance to Launch NFT Marketplace in June

Binance to Launch NFT Marketplace in June

Binance to Launch NFT Marketplace in June

The marketplace will run on the Binance Smart Chain “mainly,” with the Ethereum network also supported.

The marketplace will run on the Binance Smart Chain “mainly,” with the Ethereum network also supported.

The marketplace will run on the Binance Smart Chain “mainly,” with the Ethereum network also supported.

By Jamie Crawley

Apr 27, 2021, 11:00 AM

Updated Sep 14, 2021, 12:47 PM

Binance CEO Changpeng "CZ" Zhao

Cryptocurrency exchange Binance said it plans to launch a non-fungible token (NFT) marketplace in June.

The marketplace is aimed at creators and traders of collectibles in visual arts, music, games, sports and more, according to an emailed announcement by Binance Tuesday.
It “will run on (mainly) the Binance Smart Chain (BSC) and the Ethereum network will be supported as well,” meaning users will be able to view Ethereum NFTs in their Binance wallet account, a spokesperson for the exchange told CoinDesk.
The platform will be divided into two main parts: premium events and trading market.
Premium events will feature select works and high-end exhibitions, for which Binance will charge a 10% fee with creators receiving 90% of the proceeds.
The trading market will be for users to create and deposit their own NFTs for a processing fee of 1% and will subsequently receive a 1% royalty from proceeds.
With the launch, Binance will join Crypto.com among crypto exchanges with an NFT marketplace. The Hong Kong-based exchange launched its invite-only marketplace in March featuring content from the likes of Snoop Dogg, Lionel Ritchie and Boy George.

STORY CONTINUES BELOW

Recommended for you:

See also: EOS Loses Its ‘Largest’ DeFi Project to Binance Smart Chain

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about

Ethereum Binance NFTs Binance Smart Chain