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BINANCE NFT MARKETPLACE, WHAT IS IT ALL ABOUT?

BINANCE NFT MARKETPLACE OVERVIEW

May 8, 2021 | 

1261 Views | 

JOHN K MWANIKI | 

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NFTs (Nonfungible Tokens) are a form of digital assets created on a blockchain to represent ownership of rare or unique virtual items, including art, games, music, and sport trading cards. A non-fungible token usually has a unique identification code and metadata that differentiates it from others on the market. That means they cannot be traded at equivalency like cryptocurrencies which are identical to each other. 

Tokenizing the real-world tangible assets allows users to buy, sell and trade them efficiently while minimizing fraud. NFTs can also be used in representing people's identities and property rights. The NFT market has been in existence for many years since the blockchain came to be only that it recently attracted the attention of mainstream investors when some high-profile collectibles sold at record-breaking prices.

According to nonfungible.com, the overall sales of NFTs hiked to more than $2billion during the first quarter of 2021. That represents more than 20times the sale volume of the previous quarter. Plus, that figure doesn't include the record-breaking NFT worth $69million that digital artist Mike Winkelmann also known as Beeple, sold at Christie's in March 2021.

Balance set to open its NFTs marketplace in June

Binance, one of the global crypto exchanges, is set to launch its own NFTs marketplace in June that will operate in two markets. One is the standard venue for any user who wants to mint new tokens and a premium venue for exhibitions and top auctions. These two venues will allow traders and artists to create, buy and sell digital assets.

The premium event platform- specifically meant for high-end auctions and exhibitions, Binance will take a 10% cut from the major auction proceeds.

The standard trading market- the standard venue for day-to-day trading- will charge a 1% processing fee as creators continually get 1% royalty for all subsequent trades.

In the NFT trading platform, every user is free to be a creator and craft their own NFTs at a low cost. They can also deposit their NFTs at the Binance NFT marketplace for auction or sale.

Binance NFT marketplace will use the same account as Binance.com. That means existing users will be able to access the NFT venues and trade with their Binance accounts. However, new users will be required to register on Binance.com to trade or create on the Binance NFT marketplace

The announcement comes when everyone is talking about NFTs, with many newbies getting to learn more about the new form of ownership and trading. According to Binance, the landing page for the marketplace is already live, and creators and artists can contact them for collaborations.

What is the Binance NFT marketplace all about?

According to Helen Hai, head of Binance's NFT project, their goal is to offer the best NFT trading platform globally with the best creating and trading experience. That will be possible by taking advantage of the cheapest and fastest solutions backed up by the famous Binance blockchain infrastructure and its community.

Changpeng ''CZ'' Zhao, CEO of finance, affirmed that Binance serves millions of crypto users globally who will be able to access the booming NFT market now. He further stated that in line with Binance's commitment to the freedom of money worldwide and building an inclusive ecosystem, the new NFT marketplace would support small value creators by offering the cheapest fees and highest liquidity for users.

The significant move by Binance crypto exchange marks a major competition to Gemini, a crypto exchange attributed to Tyler and Cameron Winklevoss as the founders. Gemini is famous for operating its own NFT marketplace with previously hosted auctions from well-known names, including Eminem and Grimes. 

Binance is the latest crypto exchange to develop its own NFT marketplace following the likes of crypto.com that opened its invite-only NFT marketplace in March, which features content from notable names such as Lionel Richie, Snoop Dog, and Boy George. Other marketplaces include Foundation and Super Rare.

What that means for the crypto market

Many crypto exchanges have benefitted from the hiking bitcoin prices and the increasing investor interest in cryptocurrencies. For instance, Coinbase, one of the largest crypto exchanges in the United States, went public earlier this month, revealing that its shares are trading at almost $300, which is around 20% high from the $250 reference value set by Nasdaq prior to the stock making its trading debut. Bitcoin, the widely used virtual currency, hiked to an all-time high of almost $65,000 before Coinbase's trading debut.

Binance's NFT marketplace will open a new income stream for Binance, which has considerably benefited from the surging value of bitcoin and other cryptocurrencies. However, investors and artists will likely become more selective about the exchanges they use with time as more NFT marketplaces become accessible.

However, there have been concerns in the market. Some analysts have compared the current NFT boom to the rise of initial coin offerings during the end of 2017 and early 2018. Initial coin offerings obsession lead to the emergence of several scams, which lead to the abandonment of many projects.

Looking at the trading volumes and standard prices, the NFT hype in the market has been decreasing in the past weeks from its significant surge earlier this year. Its trading volume has declined by around 50% from the peak in mid-March, but it is still high compared to several months ago. According to data on nonfungible.com, the average price of NFTs hiked to around $4000 in February 2021. But it has fallen to about $1500 currently. The promising allure is that the current price is still 10times higher than where it was around six months ago.

CONCLUSION

Binance NFT marketplace is expected to provide the best user experience in creating and trading, high liquidity, low fees, and high-value collectibles in the form of art, music, games, sports, etc.

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