Cryptocurrency exchange Binance said it plans to launch a non-fungible token (NFT) marketplace in June. The marketplace is aimed at creators and traders of collectibles in visual arts, music, games, sports and more, according to an emailed announcement by Binance Tuesday.
It “will run on (mainly) the Binance Smart Chain (BSC) and the Ethereum network will be supported as well,” meaning users will be able to view Ethereum NFTs in their Binance wallet account, a spokesperson for the exchange commented to FortuneZ.
Introducing #Binance NFT!
Binance NFT aims to become the premier destination for NFTs and digital collectibles, from visual arts and gaming to music and sports.https://t.co/VH0rp1ezsj
— Binance (@binance) April 27, 2021
The platform will be divided into two main parts: premium events and trading market.
Premium events will feature select works and high-end exhibitions, for which Binance will charge a 10% fee with creators receiving 90% of the proceeds.
The trading market will be for users to create and deposit their own NFTs for a processing fee of 1% and will subsequently receive a 1% royalty from proceeds.
With the launch, Binance will join Crypto.com among crypto exchanges with an NFT marketplace. The Hong Kong-based exchange launched its invite-only marketplace in March featuring content from the likes of Snoop Dogg, Lionel Ritchie and Boy George.