The helium of NFTs hot air bubble just got pumped up a little higher with the decision of the world’s largest crypto trading platform, Binance to come onboard the NFT ring.
Binance, on Tuesday, announced its plans to roll out a dedicated NFT platform dubbed Binance NFT, to be powered by the Binance Smart Chain (BSC) and compatible with widely accepted Ethereum Blockchain, in two months.
The latest development would see Binance join the likes of Crypto.com in offering its customers a native trading and hosting platform for NFTs, six months after the frenzy became widespread across the art community.
The crypto platform which has tripled its growth since exiting China in 2017 is looking to capitalize on its large customer base to draw in new entrants that will stratify its NFT marketplace to accommodate exclusive listings and everyday new entrant trading. BinanceNFT will split all sales proceeds with creators in the ratio 1:9 respectively.
There is also the feature of royalty rewards to be run on BinanceNFT that would see creators gifted a lifetime 1% of all subsequent second-hand sales of their works on the platform.
Remind me what NFT is again…
NFT which stands for Non-Fungible Token is a blockchain-based digital method of verifying original digital creations like Artwork, Digital images, Music, Games, and Sports, etc. Stemming out of the love for art and the limitations of art –lovers to collect art during the pandemic period, NFT has now grown and fast becoming an acceptable method of verifying authenticity within the digital space rumored to eventually overtake traditional curetting, collections, and exhibitions in physical galleries.
Mike Winkelmann still holds the world record for the highest NFT sale grossing a whopping $69.3million from his digital mosaic piece titled “Everyday: The First 5000 Days.”