Cryptocurrency exchange Binance expands the list of services
The cryptocurrency exchange Binance plans to create a marketplace that will trade NFT-tokens. The issuance is scheduled for this summer.
An NFT token is a unique token that is not exchangeable and cannot be exchanged. It serves as proof of ownership of a digital asset. It is currently gaining popularity to sell digitized paintings by contemporary artists at auctions. The buyer receives the NFT along with the work, thus confirming that it is unique and belongs to just one person. Last month, these tokens were sold for $200 million.
Marketplace from the exchange Binance will basically have the same principle of account system, which is used for the platform site itself. Users will gain access to the new marketplace and can trade through a personal account. For newcomers, they will first need to register on the main exchanges site.
According to representatives of Binance, the new platform opens up great opportunities for users. The market of NFT-tokens is actively developing, and more and more people want to become owners of unique digital assets. In addition, the marketplace is fully consistent with the company’s mission to expand the use of digital currency and build a universal ecosystem. Also, Binance takes on the responsibility of providing support and assistance to emerging creators whose works have not yet found great popularity, although they have great potential. NFT-tokens will be sold through the new marketplace with lower commissions than on other similar platforms. At the same time, high liquidity is ensured.Binance provides users with a different range of services. They can create, publish and transfer their works from different blockchains on their own. In addition, it is planned to organize events to showcase artists’ works, organize exhibitions and auctions. In turn, Binance will take a commission of 10% of the cost of services for the sale of works of art at such events, and the rest of the amount is transferred to the author.
In addition, users can transfer their NFT on the platform, where they can be traded after. At the same time Binance processes the transaction, charging a commission of 1%, the authors and depositors receive a regular royalty, which is also 1%.
The cryptocurrency exchange Binance is one of the largest in the world, it was founded in 2017 in Hong Kong. By 2018, the number of users of the site was about 8 million people. Moreover, in January it had to temporarily limit the registration of new clients, as the functionality could not cope with the flow of people. The exchange carries out spot, futures and margin trading operations.