TL;DR Breakdown
- World largest exchange to open own NFT market.
- What Binance NFT market could potentially bring to the NFT community.
The world’s largest crypto exchange, Binance, has announced that it plans to open its non-Fungible token (NFT) market by June. This is according to a blog post by the exchange, today, Tuesday.
The Binance NFT marketplace undoubtedly would serve as a boost for the burgeoning NFT space as the exchange would allow the creation or minting of NFTs, trading, and feature certain works through premium exhibitions and global auctions. Users of the exchange NFT market would also be able to create, mint, and deposit artworks from different chains, the exchange NFT boss said.
Hai noted that the goal of the exchange is to make their NFT platform the largest NFT trading platform in the world in terms of trading volume, user base, and variety of works. He said they also want creators to experience the best minting, buying, and exchanging experience through the exchange’s blockchain.
What Binance NFT market would bring to the space
Considering the kind of influence the exchange has on the crypto world as the largest exchange globally, opening a NFT market is a boost for the NFT space. The value of NFT could double after more than 50 million users worldwide begin to trade, auction, and collect non-Fungibles.
The world’s largest exchange joins Japanese exchange Coincheck, and Hong Kong-based Crypto.com launched their NFT platforms in March. Hong Kong Digital Asset Exchange (HKD.com) is also scheduled to unveil its NFT trading platform in the third quarter of 2021.
The Binance NFT marketplace will share the same account system as Binance.com, which means that users will be able to access the NFT marketplace with their Binance accounts. Mobile versions of the market for iOS and Android will be launched later.
The exchange has prepared an NFT website for artists and creators to get in touch for collaborations.
