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Thursday, June 30, 2022

Binance Cryptocurrency Exchange to Launch a New NFT Platform

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The Binance cryptocurrency exchange will be introducing a new on-chain NFT platform called “Featured by Binance”. Cryptocurrency exchange Binance is joining the race of other players in the NFT space. Earlier, it has disclosed the rollout of the Binance NFT marketplace in May.  Now, the exchange has also disclosed an on-chain platform for NFTs called Featured by Binance.

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As per Binance, it will be joining hands with brands to issue NFTs that will be tradeable on the Featured by Binance marketplace. The platform will also include features that will enable creators to produce their own NFTs and make them available in the marketplace. Binance does not present a date yet for when it can anticipate the Featured by Binance platform to go live.

Furthermore, its other NFT project, the Binance NFT marketplace, is ready to start about two weeks from now, on June 24. In parallel with the Binance NFT platform’s unveiling, the exchange is going to run the 100 Creators program, including 100 artists and content creators.

In addition to this, Binance is betting with its NFT push that NFTs will have living power and weren’t merely a temporary trend that complemented surging prices in the cryptocurrency market. Moreover, the NonFungible.com, the number of NFT sales topped towards the end of March.

Furthermore, the sales have been in a steady drop since. The number of active wallets on NFT marketplaces is showing a similar trend, although it is worth pointing out that it’s still significantly higher than it was in 2019 and 2020.

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