Binance has released a statement confirming the launch of an NFT market as the largest exchange struggles to keep up with the latest fad.
The exchange hopes to launch the platform in June and offer low fees, high liquidity, and a better user experience.
The world’s largest cryptocurrency exchange will launch an NFT market in June. In it, users will be able to create, sell and buy non-fungible tokens (NFT). Binance becomes the latest major institution to get involved in the market. Until now, most institutions have been creating, selling or buying with marketplaces launched largely by blockchain projects. But with that said, Binance is a special exchange as it has its own blockchain, the Binance Smart Chain (BSC).
The blockchain has rivaled mainstream blockchains such as Ethereum in recent months. Binance Coin (BNB), its native token, has benefited from this, gaining more than 700% in the first quarter of the year.
With the addition of NFTs, you are poised to continue your approach to the top. Binance NFT Project Director Helen Hai states,
Binance became the next major exchange to launch an NFT market after Gemini launched the Nifty Gateway. As we previously reported, the market has embraced several key figures including hip hop sensation Eminem and Grimes. The closest its main rival, Coinbase, has come is with backing NFT projects through Coinbase Ventures. One of them is Zora.co, which recently launched CEO Brian Armstrong’s electronic music non-fungible tokens (NFTs).
Binance can rekindle enthusiasm for NFTs
According to Home, NFT’s sales exceeded $ 2 billion. The market peaked in February when the record sale was Beeple’s digital art of $ 69 million. It was confirmed that in this quarter there were twice as many buyers as there were sellers.
The excitement in the NFT markets, at least when it comes to pricing, has waned in recent weeks. However, the market continues to attract some of the biggest names from both the business world and the entertainment industry. Billionaire Mark Cuban has backed the space by investing heavily in markets like OpenSea, super rare, and Mintable.
Binance is a dynamic and innovative company, its blockchain has already revolutionized the Defi market with exciting new features. The same is expected of your NFT market. This makes the upcoming launch not only a win for Binance users, but for the cryptocurrency space as a whole.
BNB price update
At press time, Binance Coin (BNB) is up 5%. Priced at $ 570, the altcoin is still far from its high of $ 630, reached earlier in the month. Its market capitalization is also a long way from surpassing Ethereum, at just under $ 90 billion.