The crypto markets have been besieged and acknowledged gradually as a genuine asset class in Space. NFTs that have attracted the interest of performers, superstars, renowned artists, and large investors are typically viewed as the best gateway to a wide range of acceptable cryptocurrencies. Many of what is imaginable can be backed up by these distinct digital assets.
A nonfungible token can be used for any asset, be it digital art, music, real estate, or precious metals – their decentralized lead-board method enables anyone to immortalize an asset on a blockchain. The ability to keep assets in chains as non-fungible tokens is particularly useful for artists and collectors because it provides them with an environment where art can be either purchased or sold without intermediary involvement.
There is clearly a tremendous potential for a decentralized market in art and collectibles, and, therefore, the value Proposal to trade digital assets in a chain was only a matter of time for individuals to realize. Thus, logical evolution was the NFT-centric markets.
The purpose of this article is to explore Binance’s foray into the world of non-fungible tokens and the introduction of Binance NFT.
Table of Contents
Historical Background of Binance NFT
Binance, one of the leading cryptocurrency exchanges, revealed in April 2021 its plans for an NFT platform, known as Binance NFT, to go live on June 24th, 2021, as announced on the Binance Blog. Binance NFT aspires to be a global leader of NFT platforms, striving towards bringing together Cryptophiles, digital artists, music artists, and sports stars from all over the world.
A notable aspect of the launch of Binance NFT is that it comes at a time when the crypto market stagnates and the level of competition on NFT is at an all-time high. Binance NFT, however, has turned out to be quite game-changing not only for Binance but for the entire world of NFTs. With a Binance-native NFT platform in place, this value proposition becomes even more advantageous, as it will provide NFT aficionados with exclusive liquidity, providing Binance with the opportunity to reach broader audiences through its widespread presence and strong network effects.
Based on the significant position Binance holds in the crypto world, its NFT platform aims to increase liquidity to the NFT ecosystem and to underline the potential of non-fungible tokens in collectible and digital art. In addition, Binance NFT aims to revitalize the NFT environment via its unique market and second, strengthen the role of artists and designers in the cryptographic industries with a variety of exclusive NFT offers, leading exhibits, and partnerships.
The Binance NFT toke will also provide users with a minimum fee for exchanging NFT artworks, thereby creating a more democratic and non-fungible token ecosystem that is fairer and easier to use.
Changpeng Zhao, CEO of Binance, said the following:
“Globally, Binance is accessed by millions of users, with some of them having access to the burgeoning NFT market.
To further our commitment to global money freedom and to creating a more open and inclusive ecosystem, Binance NFT is also designed to support small, value-added businesses by enabling the greatest liquidity and lowest fee rates.”
Over the course of the past year, the NFTs have taken the cryptographic world by storm, and NFT has now become an ingrained part of the cryptographic lexicon. Due to the fact that non-fungible tokens are fundamentally redefining value and fundamentally transforming the way we see art, culture, and creativity, non-fungible tokens profoundly alter the way we think about value and what it means.
Binance NFT Marketplace offers a highly advanced design that showcases primarily NFTs connected to the visual arts, sports, music, and play sectors. In terms of its architecture, Binance NFT will use a dual-chain design, which means it will have ties to the Binance Smart Chain (BSC) as well as the Ethereum Network. The design of this dual chain means that Ethereum-based NFTs can be seen on Binance wallets, even though it is planned to predominantly operate within the Binance Smart Chain (BSC) owing to extraordinarily cheap gas prices compared to the ETH Network.
More importantly, Binance NFT will adopt a similar account structure to Binance.com, so participants will be able to interact with the NFT platform in tandem with those offered by the Binance ecosystem. Trade and premium events are the two major facets of the Binance NFT. NFTs can be viewed on the trading market for a 1 percent processing charge and traders receive a portion of the fee. Premium Events, however, are curated showcases of NFTs and exhibits in which Binance NFT will charge a 10% fee to artists and they will receive 90% of the money generated.
The above-mentioned architectural characteristics will follow Binance NFT in its mission to reinvent the nonfungible token market and, over time, make it easier to become an NFT hub and leading edge of the world-class sector.
Premium Binance NFT Events
With Binance NFT’s first NFT launch scheduled for June 24, it will include the first set of ‘Premium Event’ NFT designers. Through the Binance NFT Marketplace, a big community of crypto enthusiasts can connect with high-quality, high-curated NFT exhibitions by utilizing their Binance wallets in order to access the NFT platform without any additional installation.
Premium events will include NFT contents and shops from the world’s leading artists, entertainers, celebrities, and athletes and will highlight Binance’s devotion to building worthwhile relationships with only the most advanced companies. The Binance NFT team announced the launch of the first slate of Premium NFT developers in May 2021. The inaugural premium event is started by Lewis Capaldi, two-time BRIT prize winner, Trevor Jones, Michaels Owen, and Alphonso Davies visionary artist, and ESTARPRO sports and football icons.
NFTs from Lewis Capaldi will be published via Bondlyon Binance NFTs, while Michael Owen NFT’s will be published via TopGoal and eStarPro ESports, respectively, through NFKings Productions.
The second Premium NFT slate has been released by Binance NFT, with artists such as Kyle and Lil Yachty, Jose Maria Gutiérrez Hernandez, world-renowned Frank Holliday painter, and Mighty Jaxx Collectibles’ Nyam Sum Cards.
Lil Yachty and Kyle will offer their NFT collection through Opulous on Binance NFT, while Gutiérrez’s will be offered through TopGoal. Frank Holliday and Mighty Jaxx will offer their NFT collections exclusively through NFKings Production.
The ‘100 Creators’ Binance NFT Trading Market
On June 9th, crypto exchange Binance announced its most recent announcement that it is handpicking 100 artists to sell their NFT artworks for its upcoming NFT marketplace. During the first week following the launch of the marketplace on June 24, only these creators will be able to sell their artworks. NFTs can be resold and purchased directly from Binance with a Binance account.
In its “100 Creators” initiative, Binance NFT aims to attract local talent from around the world. Continuing Binance’s efforts to include diverse perspectives and voices, “100 Creators” will be a part of Binance’s NFT “Trading Marketplace”, displaying local talent and everyday creators.
According to Helen High, Head of Binance NFT:
“The 100 Creators campaign was developed for the purpose of supporting highly creative, regional artists and to introduce them to NFT collectors and enthusiasts worldwide. We look forward to working with these creators and hope they can bring their talents to the forefront of the industry.”
Binance NFT Innovative Creators Program
As Binance prepares for the release of the Binance NFT Marketplace, the platform is looking forward to attracting creators and artists from around the world to be a part of the Binance NFT Program. Upon gaining access to Binance’s NFT Marketplace, registered users will be able to get their works minted and converted into NFTs. The Binance NFT Innovative Creators Program is the best way to turn your artworks and talents into NFTs.
In addition to providing various benefits, the Program offers the following to its invited creators and artists:
It is an exclusive opportunity to list artwork at the Binance NFT marketplace during the first month, so they are displayed in a prominent spot for the NFT collectors.
Promoting artworks from artists on the official Binance social networks.
A minimal fee of only 1 percent is applied to artists, which means that 99 percent of their first sales income is secured by artists and a royalty payment of 1 percent is paid by subsequent NFT trading.
Play-to-Earn Through Binance NFT Marketplace
The inclusion of Binance in NFT space, owing to its easy interface paired with the vast user base, is likely to lead to widespread acceptance. It is anticipated that the NFT connection will help promote play-to-earn, according to Ari Meilich, CEO of Big Time, in which players will be able to utilize cryptocurrency and New World Tokens to generate a return on their gaming investments.
In virtual worlds, in-game assets and non-fungible tokens have a strong market value proposition. As a result of its global reach and network effect, Binance NFT might be able to start a ‘play to earn’ trend that could revolutionize the gaming industry completely.
“Featured by Binance”: A Decentralized NFT Platform From Binance
On June 17, Binance Chain held its first noncustodial NFTS market. As opposed to Binance NFT, the Featured By Binance platform is decentralized and entirely noncustodial.
Featured By Binance may really be considered as the decentralized version of the Binance NFT marketplace and aim to collaborate with great artists and forward-thinking businesses like its centralized other marketplaces. Also on Featured By Binance, its platform allows users to mint and exchange NFTs on a completely decentralized and permission-free basis. Featured By Binance will host Dylan Cole’s NFT Drop in Hollywood and will give its users on June 21st a compilation of over 60 most iconic on-screen moments to its members.
A large number of cryptocurrency enthusiasts have discovered that centralization is seen as a massive infringement in cryptography and Binance has therefore designed two specific NFT markets that meet the needs of all its users, namely the central ecosystem Binance NFT and its non-custodial decentralized variant Featured By Binance.