Binance announces that it plans to introduce its own marketplace for digital items tied to nonfungible tokens, known as NFTs.
This will create more competition to attract creators and investors in the increasingly popular NFT market. NFT marketplaces like OpenSea, Rarible, SuperRare, and Nifty Gateway are flourishing amid the hottest trend in crypto over the past few months.
Binance, the world’s largest cryptocurrency exchange by trading volume, is set to launch its NFT marketplace in June. There will be two main parts of the marketplace: the premium event platform for high-end auctions, where Binance would take a 10% cut from the proceeds, and the trading market, which allows anyone to create or deposit NFTs for sale or auction for a 1% processing fee.
On Binance’s NFT marketplace, NFT creators or depositors will receive a 1% royalty payment for all subsequent trades.
“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,” said Helen Hai, Head of Binance NFT.
Golden State Warriors First Pro Team to Launch NFT
This April, Binance announced a direct investment in an NFT marketplace called Refinable, along with popular YouTuber Mr. Beast. Refinable is the first major NFT marketplace to launch on Binance Smart Chain.
On the other hand, Golden State Warriors has launched a new NFT collection, becoming the first team in U.S. professional sports to release their own officially licensed NFTs.
The news comes after Trevor Lawrence, expected to be the No. 1 pick in the NFL draft, signs an endorsement deal with crypto trading app Blockfolio that will pay him in crypto, as another signal that cryptocurrency is conquering the sports world.
The NFT auction will only accept Ether (ETH) as payment. It is now live and will run through the weekend on GSWNFT.com.
This is not the first NBA appearance in the crypto and NFT realm. The NBA Top Shot marketplace lets basketball fans and collectors buy and sell “moments” from NBA history.
Also, billionaire investor Mark Cuban announced in March that his NBA team, the Dallas Mavericks, will accept meme crypto Dogecoin ($DOGE) for purchases. Cuban recently explained the Dogecoin phenomenon to millions of viewers of Ellen DeGeneres’ daytime talk show, describing Dogecoin as “a whole lot better of an investment than a lottery ticket.”