Over the last year, non-fungible assets have dominated the crypto market and are increasingly being accepted as an asset class that is promising. NFTs attract the attention and investment of many, including celebrities, professional athletes, top artists, and institutions.
They are unique digital assets that provide proof of ownership for anything you can imagine. The blockchain’s decentralised ledger allows anyone to immortalise a digital asset such as music, art, or real estate.
The ability to store non-fungible tokens of value on the chain is also proving to be a great benefit to artists and collectors, as this creates an environment that allows them to sell and buy their artworks without any intermediaries.
Decentralised markets for art, collectibles, and other digital goods have a huge financial potential. As a result, people are catching up to the benefits of trading them on-chain. NFT-centric markets were therefore a natural evolution.
There are several NFT markets in existence, and some of the more notable include OpenSea (also known as Ethernity Chain), SuperRare (also known as GhostMarket), Rarible and SuperRare. We will, in this article, discuss Binance’s entry into the world non-fungible tokens, and the launch its Binance NFT platforms.
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Binance NFT – Introducing it to the Market
Binance NFT is ready to be deployed on the 24th of June 2021. This was announced by Binance in April 2021.
Binance NFT is a trading and marketplace for NFTs. It aims to be the leading NFT platform in the world.
Binance NFT’s launch is interesting because it comes during a period of stagnation in the NFT market and intense competition. Binance NFT has the potential to be a major game changer, not just for Binance but also for NFTs in general. Binance’s native NFT is a very compelling value proposition, because it gives the NFT community some of the highest liquidity levels in the industry, and also allows Binance reach a wider audience of NFT enthusiasts through its large user base.
Binance NFT’s native platform aims to leverage Binance’s prominence in the crypto world to provide additional liquidity for the NFT community and to highlight the value of non fungible tokens within the collectibles, digital art and other spheres. Binance NFT also aims to revitalize the NFT ecosystem through its innovative market, and to strengthen the role of creators and artists in the crypto space.
Binance NFT, in addition, will offer minimal fees to its users, which will reduce the barriers to entry for collectors and creators who wish to sell NFT artwork on their marketplace. This will create an ecosystem of non-fungible, fair and democratic tokens.
Binance is a global company that serves many millions of customers. Many of them will be able now to gain access to the rapidly growing NFT market. Binance NFT will support the small value creators in line with Binance’s commitment to freedom of money and creating an inclusive ecosystem. This is done by offering the best liquidity for the users and the lowest fees.” – Changpeng “CZ” Zhao, former CEO of Binance.
That being said, before diving into the platform’s architecture, collections and exclusive artist lineups, it is constructive to briefly discuss the incentive for industry giant Binance to launch its NFT marketplace and contextualise the value of non-fungible tokens, and NFT artists alike, in the new digital domains that they are spearheading.
If you want to dive deeper into what Binance has to offer, you may find our following articles helpful:
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- Binance vs Binance US: An In-Depth Look
- BNB Coin: The Utility Coin for Binance
- How to Buy Bitcoin on Binance
- A Guide to Trading on Binance
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NFTs And The New Digital Normal
In the past year, NFTs have completely captivated the imagination of the crypto space and the word ‘NFT’ has become firmly ingrained in the vernacular of crypto popular culture. This is because non-fungible tokens are ultimately reshaping the concept of value and are deeply transforming the way we perceive art, culture and creativity.
While data analytics suggest that the NFT mania phase may have peaked in May of 2021, the interest and appetite for the non-fungible tokens actually seems to be at an all-time-high. Indeed, there appears to be an insatiable desire from artists, musicians, athletes and crypto veterans to be a part of the new, virtual domain that non-fungible tokens are synthesising as well as an inherent aspiration to participate in the new, unprecedented value propositions that the NFT ecosystem is pioneering.
Given the world-scale events of 2020 and 2021, people have grown increasingly comfortable with the idea of socialising in virtual contexts, expressing their creativity in digital format and engaging in everyday commercial activities through online mediums.
‘In 2020, billings and sales of digital goods and services facilitated by the App Store ecosystem increased by more than 40%.’ – A Global Perspective on the Apple App Store Ecosystem
Therefore, it should come as no surprise that NFTs have enjoyed such incredible success over the past year. This is essentially due to the fact that NFTs have the ability to create new social, economic and artistic experiences for pretty much anyone who has access to an internet connection and are spearheading new technological horizons in not only the crypto sphere but in our everyday lives.
It therefore should also come as no surprise that industry heavyweights such as Binance have tapped into NFT technology and it has decided to launch its own native NFT marketplace which, once again, just proves that NFTs are not going anywhere any time soon.
Binance NFT Architecture
The Binance NFT marketplace proposes a rather cutting-edge design and will primarily focus on displaying curated NFTs in the visual arts, sports, music and gaming verticals.
With regards to its architecture, Binance NFT will operate as a dual chain system, meaning that it will integrate both the Binance Smart Chain (BSC) and the Ethereum Network within its infrastructure. While it is programmed to mainly run on the Binance Smart Chain (BSC) due to the exceptionally low gas fees when compared to the ETH Network, this dual chain architecture will enable users to view Ethereum-based NFTs in their Binance wallets.
Moreover, the Binance NFT marketplace will share the same account system as Binance.com which will allow participants to interact with the NFT platform alongside the other offerings in the Binance ecosystem.
Binance NFT will be split into two main components: Trading Market and Premium Events. Trading Market will allow users to display their own NFTs for a processing fee of 1% and will receive 1% royalty from the proceeds. Premium Events, on the other hand, will feature a selection of curated NFTs and exclusive exhibitions for which Binance NFT will charge a 10% fee and reward creators with 90% of the proceeds.
The architectural features mentioned above will accompany Binance NFT on its quest of redesigning the non-fungible token market and, with time, will facilitate the process of becoming a world class NFT hub and trailblazer in the space.
Binance NFT Premium Events
On June 24th, Binance NFT will launch its premier marketplace for NFTs and digital collectibles and will be offering the first lineup of ‘Premium Event’ creator NFTs to its audience. The Binance NFT marketplace will connect one of the largest crypto communities on the globe with its curated, unique NFT exhibitions by allowing users to access the NFT platform through their existing Binance wallets without any further set-up required.
Premium Events will feature content and boutique NFT exhibitions from the world’s top artists, musicians, celebrities and athletes and will showcase the dedication of the Binance-native platform to creating valuable partnerships with only the highest quality individuals and the most avant-garde brands.
In late May 2021, Binance NFT announced the first slate of Premium NFT creators whose work will be available at launch. The first Premium Event will star two-time BRIT Award winner Lewis Capaldi, visual artist Trevor Jones, ESports team eStarPro and footballing legends Michael Owen and Alphonso Davies.
Lewis Capaldi’s NFT collection will be made available through Bondly on Binance NFT, whereas the Michael Owen NFTs will be made available through TopGoal and eStarPro ESports NFTs through NFKings Productions.
On June 1st, Binance NFT announced its second slate Premium NFT creators featuring musician Kyle and Lil Yachty, Spanish football idol José María Gutiérrez Hernándes, iconic painter Frank Holliday and ‘Nyammy Treats: The Nyam Sum Cards’ collectibles by Mighty Jaxx.
The Lil Yachty and Kyle NFT collections will be available through Opulous on Binance NFT, the Gutiérrez collection through TopGoal, Frank Holliday and Mighty Jaxx NFTs through NFKings Productions.
Binance NFT’s Trading Market: ‘100 Creators’
On June 9th, Binance NFT announced the ‘100 Creators’ event as part of the platform’s ‘Trading Market’. The purpose of this event is to showcase innovative regional talent and diverse artworks from around the world. Collections from the ‘100 Creators’ event will debut alongside Premium Event NFTs at launch and will mainly star everyday digital artists.
“The campaign 100 Creators was launched to promote innovative, regional NFT creators to collectors and NFT fans around the world. The 100 Creators campaign is a great opportunity to empower regional creators, and introduce them to NFT collectors around the world.” Helen Hai, Head of Binance NFT
NFT Innovative Creators Program
During the first month of launch, Binance NFT will allow crypto artists to list their NFTs on its marketplace and monetise their work. The NFT Innovative Creators Program is part of Binance NFT’s Trading Market and will give artists 99% of the proceeds from the sale of their NFTs in addition to 1% royalty payment from subsequent NFT trades. The timeline for this event is 1 month and spaces are limited.
All selected artworks will be listed on the NFT marketplace and will be shared on Binance’s social media platforms, allowing NFT art pieces to be eyeballed by one of the largest crypto communities in the world.
Play To Earn With Binance NFT
Big Time Studios, a company focused on bringing crypto-oriented gaming to mainstream audiences, has announced its plan to sell NFTs via the Binance NFT marketplace. The company is developing its own ‘play to earn’ concept that will give gamers an opportunity to generate revenue by playing crypto-enabled video games.
According to Big Time’s CEO Ari Meilich, there’s a strong value proposition and growing demand for in-game assets and non-fungible tokens in virtual worlds. With its global reach and network effect, Binance NFT could potentially initiate an unprecedented ‘play to earn’ NFT-based trend and it thus stands a good chance to completely revolutionise the gaming industry.
Every gaming company that I speak with now is researching NFTs. They are all figuring out how this is going to disrupt their industry.” Ari Meilich on CoinDesk
Binance Featured: Decentralised Network Financial Technology Platform
Binance Chain launched a non-custodial NFT market on June 17th. Called ‘Featured By Binance’, this is an NFT platform that, unlike Binance NFT, is decentralised and completely non-custodial.
Binance NFT Marketplace can be seen as a decentralised version. Like its centralised counterpart, Featured By Binance seeks to form partnerships with forward-thinking brands and high-quality creators. Featured By Binance also provides its users with toolkits for minting and trading NFTs through its permissionless, fully-decentralised platform.
As its inaugural offering, Featured By Binance is hosting Hollywood star Dylan Cole’s NFT drop and will offer a compilation of his 60+ in-film iconic moments to users of its platform on the 21st June.
Binance NFT, Binance’s centralised NFT ecosystem, and its decentralised, non-custodial variant, Featured By Binance, are two NFT platforms that address the specific needs of each of its users.
The conclusion of the article is:
Binance NFT launched its marketplace on June 24, allowing the heavyweight of the cryptocurrency industry to finally tap into NFT technology. It aims at becoming the leader marketplace for the non-fungible coin ecosystem. Binance NFT, with its dual chain structure, aims to provide additional liquidity for the world of non fungible tokens. It also aims to extend the reach of regional and established artists by leveraging its massive user base and network effect.
Binance NFT is based on the same Binance.com platform. This means that users can interact with Binance NFT through Binance.com, using their Binance wallet accounts, without the need for any other set-up. Additionally, they will be allowed to see Ethereum-based NFTs listed in the Binance NFT Marketplace.
The development is quite interesting in that it bridges two completely separate chains, with the aim of maximising NFT use cases and utility while prioritising creators’ value in the digital assets ecosystem.
Binance NFT aims to create a marketplace for digital art, collectibles and other forms of digital artwork by partnering with individuals who are high-quality and innovative.
