Binance announced today its plans to launch a non-fungible tokens (NFTs) marketplace in June

Cryptocurrency exchange Binance has announced plans to introduce its own marketplace where users can create, buy and sell digital collector’s items known as NFTs.

An NFT is a unique, non-interchangeable (non-fungible) digital asset whose authenticity and true ownership is tracked on a blockchain.

Binance announced today its plans to launch a non-fungible tokens (NFTs) marketplace in June

The Binance NFT marketplace will enable the creation or mint of NFT, trading and presenting selected works through premium exhibitions and global auctions. Users will also be able to create, mint, and submit artwork from different chains.

Helen Hai, head of Binance’s NFT project, stated:

“Our goal is to make Binance NFT platform the largest NFT trading platform in the world, in terms of trading volume, user base, and variety of works.”

Hai added:

“Just as importantly, we want creators to experience the best minting, buying, and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community,” Hai added. “For the short term, we will support Binance Smart Chain (mainly) and Ethereum network. Through our development, we might support more blockchain networks such as Tron, Flow, Wax, etc.”

Binance’s NFT has followed similar announcements by other crypto exchanges in recent months. Japanese cryptocurrency exchanges Coincheck and Hong Kong-based Crypto.com launched their NFT platform in March, and the Hong Kong Digital Asset Exchange (HKD.com) is expected to launch its NFT exchange in quarter III this year.

The NFT market is growing with the increasing use of NFT in digital arts, music, games, sports, and metaverses. NFTs generated more than $ 1.5 billion in trading volume in the first three months of 2021, with a whopping 2.627 percent growth from the previous quarter, according to data from DappRadar. The three biggest players in the NFT economy — the NBA Top Shot sports collectibles, the crypto art CryptoPunks and the NFT OpenSea marketplace – account for 73% of the total trading volume.

While there is still a small fraction of the size of the DeFi market and despite the softening of the NFT market in recent days, NFTs are more likely here to stay as big auction houses, established labels, and publications jumped on the NFT bandwagon. So it’s no surprise that Binance, which has more than 50 million global users compared to Coinbase’s 40 million, is also moving into the NFT business.

The Binance NFT marketplace will share the same account system as Binance.com, which means that Binance users will be able to access the NFT marketplace with their Binance accounts. Mobile versions of the marketplace for iOS and Android will be launched later.

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