Crypto News

Global crypto exchange Binance launches NFT marketplace

Binance, Global crypto exchange Binance launches NFT marketplace
Binance Launches NFT Marketplace
  • Crypto Exchange giant launches long-awaited NFT Platform
  • Works of famous personalities like Andy Warhol and Salvador Dali feature on the platform
  • NFTs on the platform get $2.5 million in bids
  • First Platform to launch Surprise box in NFTs in the market

Yerevan (CoinChapter.com) — Crypto exchange giant Binance launched its non-fungible token (NFT) marketplace on Thursday, Funder and CEO Changpeng Zhao informed in a Tweet. The much-anticipated platform features unique and premium artworks, including NFTs of works by Andy Warhol and Salvador Dali.

The newly-launched platform is divided into two categories. The first category features premium NFTs. In addition, there is also a trading market for regular tokens.

The premium events will feature only select works. Binance has set a 10% fee on all sales. The remaining 90% will directly go to creators. In contrast, the regular trading market will charge a 1% “processing fee” Creators will continuously receive 1% royalty, the company has announced.

The premium auction is titled “Genesis.” According to a press release by the company, Binance aims to usher in “a new wave of Renaissance with NFTs” through the Genesis auction.

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An NFT Platform With a Twist

Unlike other NFT platforms, the Binance NFT marketplace comes with an interesting twist.

The platform features the first-ever Binance NFT “Mystery Box,” a new and innovative way for users to access special NFTs. Each mystery box contains one NFT. The first collection features 16 “tokidoki” characters from the Japanese-inspired lifestyle brand created by Italian artist Simone Legno. 

“We aim to provide the largest NFT trading platform in the world with the best minting, buying and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community.”

Helen Hai, head of Binance’s NFT project, said in a press statement.

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A big hit

As soon as the Binance NFT launched, it quickly became a hit. A bidding war commenced on the platform as the NFT of Andy Warhol’s Three Self-Portraits crossed $2.5 Million in bids within minutes of launching.

The news was reported by APENFT on Twitter.

“Cool, the NFT of Andy Warhol’s Three Self-Portraits hits a bid price of 2520000 BUSD !!!”, the platform tweeted.

The first Binance mystery box collection of tokidoki was also soled within seconds of the launch. 

With the successful launch, Binance joins Crypto.com among crypto exchanges that have launched their NFT marketplace. Crypto.com launched its marketplace in March, featuring celebrity content from Snoop Dogg, Lionel Ritchie, and Boy George.

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BNB Prices Surges

Binance, Global crypto exchange Binance launches NFT marketplace
BND recorded a healthy rise on the charts following the launch of the NFT platform. Credit: TradigView

Following the announcement of the launch of the NFT platform, prices of BNB recorded a positive rise on the charts. This can be interpreted as an indication that the market has reacted positively to the launch.

Whether the token will maintain the moment, however, remains to be seen.

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Karen Mkrtchyan

Yerevan-based Editor and writer focusing on topics about politics and international relations. Having completed his Bachelors and Masters degrees from Delhi's Jawaharlal Nehru University, he currently works as a Projects Coordinator at Indo-Armenian Friendship NGO and the Indian Cultural Centre, Armenia. He regularly writes articles for Armenian media platforms and is the English language Editor of Keghart, a reputed Armenian Diaspora news platform based in Canada. As a young activist, he was awarded "The Best Active Youth International Award" by the Afghanistan Youth Parliament. He is also the Media in charge of the Youth Wing of Bright Armenia Party, the third-largest political party in the Armenian Parliament.

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