Binance NFT Marketplace is Live

Binance NFTs Marketplace Go Live

As we reported back in April, the biggest crypto exchange Binance has launched its NFT marketplace yesterday. Binance users can now mint new NFTs and buy, sell, or trade NFTs using the marketplace. Most NFTs will be on the Binance Smart Chain, and Ethereum NFTs can also be viewed by users in their Binance Wallets.

Binance NFT marketplace started off with its first high-end auction event “Genesis” featuring “Divine Comedy: rebeget.” by famous Spanish surrealist artist Salvador Dali and another digitized artwork “Three-Self Portraits” by Pop Art movement icon Andy Warhol. The Genesis auction will be ending on June 29.

All users on Binance who purchase an NFT from the ‘Genesis’ auction will share a prize pool of $200,000.

The first collection of “Mystery Boxes” – each containing a token with ultra-rare or common contents depending on luck – has also been launched on the marketplace. 

The “tokidoki” X Binance NFT All-Stars Mystery Box Series 1 includes 16 unique designs, featuring three Binance-branded characters which can not be bought elsewhere. Golden Binance Dragon Unicorno NFT will be given to 10 lucky winners who have collected 15 different editions of ‘tokidoki’ NFTs.

Currently, users can buy NFTs from 100 selected artists on the Binance NFT Marketplace. The “100 Creators” program aims to give a chance to everyday artists from all around the world to bring their art into the spotlight. To facilitate new creators, Binance is using a “creator-first approach” – charging only a 1% processing fee and giving creators a lifetime royalty to receive 1% from each sale or trade of the NFT.

Though the NFT market boomed at the start of this year, we have seen the NFTs trading volume go down recently. The biggest crypto exchange Binance’s entry into the NFT space might bring a transforming change and a piece of good news for NFT enthusiasts.

Existing users can use the same Binance account to access the NFT marketplace. If you are new to Binance, sign up for a new account here.

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