![]() So it shouldn’t come as a surprise that Binance, which has over 50 million users globally compared to Coinbase’s over 40 million, is also moving into the NFT business. While still a fraction of the size of the decentralized finance (DeFi) market and notwithstanding the softening of the NFT market in recent days, NFTs are likely here to stay as major auction houses, established brands, and publications jump onto the NFT bandwagon. The three biggest players in the NFT economy- sports collectibles NBA Top Shot, crypto art CryptoPunks and NFT marketplace OpenSea - account for 73% of total transaction volume. NFTs generated more than US$1.5 billion in transaction volume in the first three months of 2021, with a massive 2,627% quarter-over-quarter growth, according to data from DappRadar. NFT marketplaces are proliferating along with the increasingly popular use of NFTs in digital art, music, gaming, sports and metaverses. Japanese cryptocurrency exchange Coincheck and Hong Kong-based launched their NFT platforms in March, and Hong Kong Digital Asset Exchange (HKD.com) is scheduled to unveil its NFT trading platform in the third quarter of this year. NFTs have exploded in popularity this year and Binance’s NFT marketplace plans follow similar announcements by other cryptocurrency exchanges in recent months. ![]() See related article: Guide to tokens and NFTs: what is ‘tokenization’ and how does it work? Through our development, we might support more blockchain networks such as Tron, Flow, Wax, etc.” “For the short term, we will support Binance Smart Chain (mainly) and Ethereum network. “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. “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,” Helen Hai, head of Binance’s NFT project, told Forkast.News in an email. ![]() An NFT is a unique, non-interchangeable (non-fungible) digital asset whose authenticity and true ownership is tracked on a blockchain. Users will also be able to create, mint and deposit artworks from different chains, according to Binance. The Binance NFT marketplace will enable the creation, or “minting” of NFTs, trading and feature select works through premium exhibitions and global auctions. Binance, the world’s largest cryptocurrency exchange by market value announced today its plans to launch a non-fungible token (NFT) marketplace in June. ![]()
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