Binance is jumping into the Non-fungible Token trend with its very own trading platform for these digital product tokens. The Binance NFT will be launched in June this year, said an official announcement. Over the last few months, there has been a mushrooming of market places for NFTs, as revealed in the tracking site, Nonfungible.com. The site lists over 120K in monthly sales, and nearly $190B in sales. Observers however note that there has been a 50% decline in sales recently.
The official note from Binance says, “The new marketplace will bring together artists, creators, and crypto enthusiasts from around the world. Expect a packed lineup of premier exhibitions and NFT collaborations, along with Binance’s industry-best liquidity—all with minimal fees for users and creators.”
For those looking to buy cheap digital artwork or collect their favorite popular culture figures, the gas fee in ETH is a party spoiler. There are even free NFTs available to collect, but the gas fee could be surprisingly high. Last week, the gas amount quoted in Metamask was 0.2ETH!
Binance NFT is not merely a peer-to-peer trading place. It intends to host global auctions and exhibitions of digital art. There is no doubt that NFT has opened up or created a new market for artists that they have been seeking for long. That the unexpected solution will come from blockchain and crypto is a huge surprise.
There will be two avenues on Binance: Premium Event category for the most sought-after collaborations and a “Trading Market” that allows everyday users to easily create NFTs at a minimal cost. There will be a 1% fee charged, and the royalty earned by investors will be 1% on all subsequent sales.
Underlying the NFT craze is the concept of “Metaverse” – a reality or realm that is above or beyond the ordinary universe. Binance is aiming to “create the most compelling metaverse…”
Wikipedia offers the most compelling definition of the Metaverse: The Metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the Internet.