The world's largest cryptocurrency exchange Binance today, Tuesday, revealed plans to introduce its own marketplace where users can create, buy and sell digital currency tokens known as NFT.
NFT, or non-exchangeable token is a type of digital asset designed to represent ownership of rare virtual items, which can be anything from artwork to sports trading cards.
Total sales of these tokens rose to more than $ 2 billion in the first quarter, and that figure excludes the record $ 69 million for NFT tokens that digital artist Mike Winkleman Beeple sold in March.
Binance, the largest crypto exchange in the world by trading volumes, explained that the platform is divided into two main parts:
Distinguished Events: It features selected works and fine exhibitions.
Trading Market: Anyone can use it to create new symbols
Binance explained that the premium market takes 10 percent of the proceeds from major auctions, and 90 percent goes to artists. While the day trading market charges 1 percent in the form of processing fees, innovators consistently get 1 percent equity.
Binance's NFT Markets should debut in June, and the company is now launching a page allowing artists to contact the company about potential partnerships.
Binance's NFT Project Manager said, our goal is to provide the world's largest NFT trading platform with the best securing, buying, and exchanging experience, by leveraging the fastest and cheapest solutions that are supported by the infrastructure and the Binance blockchain community.
The move is a challenge to the cryptocurrency platform Gemini that runs its NFT marketplace called Nifty Gateway, which has hosted auctions from big names like Eminem and Grimes.
The NFT project is bringing new money to Binance's revenue, which has benefited greatly from the growing interest in Bitcoin and other digital currencies. Bitcoin, the world's most popular digital currency, rose to an all-time high of $ 65,000 earlier this month but is down nearly 16 percent from that level now.