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Binance Plans To Launch NFT Marketplace In June – Exclusive.

Renowned cryptocurrency exchange Binance revealed that it plans to launch NFT [Non-Fungible Token] marketplace later in June this year.

The marketplace is aimed towards creators and traders of collectibles in visual arts, music, games, sports, and more, consistent with an official announcement by Binance today.

It “will run on [mainly] the BSC [Binance Smart Chain] and therefore the Ethereum network is going to be supported also,” meaning users will now be able to view Ethereum NFTs in their Binance wallet account, a spokesperson for the exchange revealed.

The platform is going to be divided into two main parts: premium events & the trading market.

Premium events will feature select works and high-end exhibitions that Binance will charge a 10x fee with creators receiving 90% of the proceeds.

The trading market will be for users to make and deposit their own NFTs for a processing fee of 1% and can subsequently receive a 1% royalty from proceeds.

With the launch, Binance will join Crypto.com among cryptocurrency exchanges with an NFT marketplace. The Hong Kong-based exchange launched its invite-only marketplace earlier in March featuring content from the likes of Snoop Dogg, Lionel Ritchie, and Boy George.

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