Over the course of the past year, non-fungible tokens have caused quite a commotion in the cryptocurrency markets, and they are gradually gaining acceptance as a promising asset class in the field. Many people believe that non-fungible tokens, or NFTs, are the final doorway to the widespread adoption of cryptocurrencies, and they are absolutely correct in this assessment. NFTs have attracted the interest of celebrities, athletes, world-famous artists, and even institutional investors.
The proprietors of these one-of-a-kind digital assets are able to produce proof of authenticity for virtually anything they can think of using this evidence. Because the blockchain uses a decentralized ledger system, non-fungible tokens make it possible for anybody to make an item immutable on the blockchain. This is true regardless of whether the asset in question is digital art, music, real estate, or precious metals.
In addition, the capability of storing valuables on-chain as non-fungible tokens is proving to be particularly beneficial for artists and collectors. This is because it creates a new environment in which they are able to buy and sell their art pieces that does not require permission and is disintermediated.
As a result, it was only a matter of time until people caught on to the value proposition of exchanging these digital assets on-chain. The financial potential of a decentralized art and collectibles market is obviously enormous. Consequently, marketplaces centered on NFTs were an inevitable next step.
There are now a number of NFT marketplaces in operation, the most noteworthy of which being OpenSea, Ethernity Chain, SuperRare, GhostMarket, and Rarible, amongst many more. This is despite the fact that there are many other NFT marketplaces in operation. However, in this post, we will cover the entry of cryptocurrency powerhouse Binance into the realm of non-fungible tokens and the launch of its much anticipated Binance NFT platform. Both of these events will take place in this article.
A Presentation on the Binance NFT
Binance NFT has the ambition of becoming the world’s leading NFT marketplace and trading platform, and it also has the goal of bringing together crypto aficionados from all over the world, as well as digital art makers, collectors, musicians, and sporting figures.
It is interesting to note that the debut of Binance NFT takes place at a time when the market is relatively unmoving and the level of competition in the space of NFTs is really fierce. However, the Binance NFT is truly a revolutionary step forward not only for Binance but also for the entire field of non-fiat currencies in general. Because it will provide the NFT ecosystem with some of the best liquidity in the crypto industry and will allow Binance to reach greater audiences of NFT aficionados by leveraging its extensive user base and powerful network effect, the value proposition that comes with a Binance-native NFT platform is in fact a compelling one. In fact, the value proposition that comes with a Binance-native NFT platform is indeed a compelling one.
Binance’s native NFT platform aims to bring extra liquidity to the ecosystem of non-fungible tokens (NFTs) and highlight the strength of non-fungible tokens in the collectibles and digital art sectors. This is made possible by Binance’s significant status in the cryptocurrency market. Furthermore, Binance NFT aims to first revitalize the NFT environment through its innovative marketplace, and secondly, it aims to strengthen the role of artists and creators in the cryptocurrency industry by displaying a selection of one-of-a-kind NFT offerings, premier exhibitions, and collaborations. These goals will be accomplished by displaying a selection of one-of-a-kind NFT offerings, premier exhibitions, and collaborations.
In addition to this, Binance NFT will guarantee minimal fees for its users, which will lower the barrier of entry for creators and collectors to trade NFT art pieces on its marketplace. This will ultimately result in the creation of a non-fungible token ecosystem that is more equitable and democratic.
Binance is a global platform that serves millions of users, many of whom will now have access to the rapidly expanding non-fiat currency area. The Binance NFT marketplace will encourage small value creators by providing the best liquidity and the cheapest fees for users. This is in accordance with our commitment to the global freedom of money and to establishing an inclusive ecosystem. — Changpeng “CZ” Zhao, the Chief Executive Officer of Binance.
Having said that, before delving into the platform’s architecture, collections, and exclusive artist lineups, it is beneficial to briefly discuss the incentive for industry giant Binance to launch its NFT marketplace and contextualize the value of non-fungible tokens, as well as the value of NFT artists in general, in the new digital domains that they are spearheading. This will allow for a more in-depth examination of the platform’s architecture, collections, and exclusive artist lineups.
NFTs and the Emergence of the New Digital Norm
Over the course of the past year, non-fungible tokens (NFTs) have single-handedly won over the hearts and minds of everyone involved in the cryptocurrency industry, and the term “NFT” has become firmly established as a part of the lexicon of crypto-related popular culture. This is due to the fact that non-fungible tokens are eventually changing the concept of value and are profoundly transforming the manner in which we understand art, culture, and innovation.
The analysis of data suggests that the NFT frenzy period may have reached its peak in May of 2021; yet, it appears that interest and hunger for non-fungible tokens are currently at an all-time high. Indeed, there appears to be an insatiable desire among artists, musicians, athletes, and crypto veterans to be a part of the new, virtual domain that non-fungible tokens are synthesizing, as well as an inherent aspiration to participate in the new, unprecedented value propositions that the NFT ecosystem is pioneering. In addition, there appears to be an inherent aspiration to be a part of the new, virtual domain that non-fungible tokens are synthesizing.
People have become more accustomed to the concept of engaging in day-to-day commercial activities and socializing in virtual contexts as a result of the global events that will take place in 2020 and 2021. This is particularly true in light of the fact that the year 2020 will host the Olympic Games and 2021 will host the World Cup.
More than forty percent of a rise in billings and sales of digital products and services was attributed to the ecosystem of the App Store in the year 2020. – An Overview of the Apple App Store Ecosystem from a Global Perspective
Therefore, it should not come as a surprise that non-traditional trading strategies have achieved such great success over the course of the previous year. This is primarily attributable to the fact that NFTs have the capacity to produce new social, economic, and artistic experiences for pretty much anyone who has access to an internet connection, and that they are leading the way in the development of new technological horizons not only in the crypto sphere but also in our day-to-day lives.
It should therefore not come as a surprise that industry heavyweights such as Binance have tapped into NFT technology and that it has opted to develop its own native NFT marketplace. This decision, once again, merely confirms that NFTs are not going anywhere any time soon.
Architecture of the Binance NFT
The Binance NFT marketplace will largely concentrate on showcasing curated NFTs in the verticals of visual arts, sports, music, and gaming. The Binance NFT marketplace will also propose a relatively cutting-edge design.
In terms of its design, the Binance New Financial Token (Binance NFT) will function as a dual chain system. This indicates that it will incorporate both the Binance Smart Chain (BSC) and the Ethereum Network into its underlying architecture. This dual chain architecture will allow users of Binance to view Ethereum-based NFTs within their Binance wallets, despite the fact that it is programmed to primarily run on the Binance Smart Chain (BSC) due to the exceptionally low gas fees when compared to the ETH Network. These fees are significantly lower than those on the ETH Network.
Participants will be able to interact with the NFT platform alongside the other offerings in the Binance ecosystem because the Binance NFT marketplace will share the same account system as Binance.com. This will allow participants to trade on the NFT platform alongside the other offerings in the Binance ecosystem.
The Trading Market and Premium Events will each become independent pillars of the Binance NFT ecosystem. Trading Market will charge users a one percent processing fee in order for them to exhibit their own NFTs, and in exchange, Trading Market will earn a one percent royalty from the proceeds. Binance NFT will charge a 10% fee and reward creators with 90% of the proceeds from Premium Events, which will feature a selection of curated NFTs and special exhibitions. Premium Events will feature a selection of curated NFTs and exclusive exhibitions.
Binance NFT will be accompanied on its mission to reinvent the market for non-fungible tokens by the architectural elements that have been discussed above, and over time, these features will make it easier for Binance NFT to become a world-class NFT hub and a trailblazer in the industry.
Premium Events for the Binance NFT Exchange
On the 24th of June, Binance NFT will debut its main marketplace for NFTs and digital collectibles. At the same time, it will provide its audience with the first lineup of creator NFTs that are associated with a “Premium Event.” The Binance NFT marketplace will connect one of the largest crypto communities in the world with its curated and one-of-a-kind NFT exhibitions. Users will be able to access the NFT platform through their current Binance wallets without having to perform any additional setup.
Premium Events will showcase the dedication of the Binance-native platform to creating valuable partnerships with only the highest quality individuals and the most cutting-edge brands by featuring content and boutique NFT exhibitions from the world’s top artists, musicians, celebrities, and athletes. Premium Events will also highlight the world’s top artists, musicians, celebrities, and athletes.
Binance NFT made the announcement during the end of May 2021 regarding the first slate of Premium NFT producers whose work will be accessible upon launch. It has been announced that two-time BRIT Award winner Lewis Capaldi, visual artist Trevor Jones, eSports team eStarPro, and footballing stars Michael Owen and Alphonso Davies would be among the guests at the inaugural Premium Event.
The NFT collection belonging to Lewis Capaldi will be made accessible through Bondly on Binance NFT. On the other hand, the NFTs belonging to Michael Owen will be made available through TopGoal, while the NFTs belonging to eStarPro ESports will be made available through NFKings Productions.
Binance NFT made the announcement on June 1 that its second slate of Premium NFT creators would include the musicians Kyle and Lil Yachty, the legendary painter Frank Holliday, the Spanish football idol José Mara Gutiérrez Hernándes, and the collectible ‘Nyammy Treats: The Nyam Sum Cards’ created by Mighty Jaxx.
The Gutiérrez collection will be made available through TopGoal, the Lil Yachty and Kyle NFT collections will be made available through Opulous on Binance NFT, and the Frank Holliday and Mighty Jaxx NFTs will be made available through NFKings Productions.
The Binance NFT Trading Market Features “100 Creators”
Binance NFT made the announcement on June 9 that they would be hosting an event called “100 Creators” as a part of their “Trading Market” platform. This event’s goal is to highlight creative individuals from the surrounding area as well as a wide variety of artworks from all over the world. At launch, collections that are part of the ‘100 Creators’ event will make their debut alongside Premium Event NFTs. These collections will focus mostly on commonplace digital artists.
“The 100 Producers initiative was developed to encourage inventive creators who are based in regional areas and to showcase those creators to NFT collectors and aficionados all around the world. It gives us great pleasure to collaborate with these creators, and we have high hopes of establishing them as leaders in their field. Binance NFT’s Head of Operations, Helen Hai
Program for Innovative Creators at the NFT
Binance NFT will provide crypto artists the opportunity to monetise their work by listing their NFTs on Binance’s marketplace during the first month after the platform’s launch. Artists will receive 99% of the proceeds from the sale of their NFTs in addition to 1% royalty payments from subsequent NFT transactions if they participate in the NFT Innovative Creators Program, which is a component of the Binance NFT Trading Market. This event will take place in one month, and there are a limited number of spots available.
All of the selected works of art will be posted in the NFT marketplace and shared on Binance’s various social media platforms. This will provide members of one of the most active cryptocurrency communities in the world the opportunity to take a look at the NFT art pieces.
Big Time Studios, a firm whose mission is to deliver crypto-oriented gaming to a wider audience, recently made public its intention to sell NFTs through the NFT marketplace operated by Binance. The business is working on building its own version of the ‘play to earn’ model, which will provide players with the ability to earn money by participating in crypto-enabled video games.
Ari Meilich, the Chief Executive Officer of Big Time, asserts that there is a robust value proposition and a growing demand for non-fungible tokens and in-game assets in virtual worlds. Binance NFT has the ability to launch an unprecedented ‘play to earn’ NFT-based trend, and as a result, it has a good possibility of entirely revolutionizing the gaming business. Binance NFT’s worldwide reach and network impact give it this potential.
Now, every gaming firm that I have a conversation with is looking into NFTs. They are all trying to figure out how this is going to affect the industry that they work in. CoinDesk’s interview with Ari Meilich
Binance, a Decentralized Networked Financial Transaction Platform, Featured
On June 17th, a brand new non-custodial NFT marketplace was made available to users on the Binance Chain. This particular NFT platform, which goes by the name ‘Featured By Binance,’ is fully non-custodial and decentralized, in contrast to the Binance NFT platform.
Featured By Binance can in fact be considered as the decentralized version of the Binance NFT marketplace. And much like its centralised counterpart, it aspires to partner with high-quality innovators and companies who think ahead of the curve. In addition, Featured By Binance will make creator toolkits available to its users, allowing them to mint and trade NFTs on a platform that is totally decentralized and does not require permission.
On June 21st, as the first offering of its kind, Featured By Binance will host the NFT Drop of Hollywood star Dylan Cole and provide users of the platform with a selection of more than sixty of his most famous on-screen moments.
Binance has designed two distinct NFT marketplaces that cater to the needs of all of its users. Binance NFT is the centralised ecosystem, while Featured By Binance is the non-custodial, decentralized variant of Binance’s NFT marketplace. Many digital asset enthusiasts have come to view centralization as a major hindrance in the cryptocurrency industry.
Conclusion
Industry heavyweight Binance is finally delving into the technology of non-fungible tokens (NFTs) with the introduction of the Binance NFT marketplace on June 24. The company’s goal is to become the dominant marketplace in the ecosystem for non-fungible tokens. Binance NFT aims to bring more liquidity to the world of non-fungible tokens with its dual chain architecture. It also aims to broaden the reach of both regional and well-established artists through its network effect and vast user base.
Users will be able to interact with the Binance NFT marketplace through their Binance wallet account, without any additional set-ups, and will be able to view Ethereum-based NFTs on the Binance NFT marketplace. Binance NFT will use the same network as Binance.com, and users will be able to view these types of NFTs on Binance.com as well.
It bridges the gap between two entirely separate chains with the intention of maximizing NFT utility and use case while prioritizing the value of creators in the digital asset ecosystem. This is quite an interesting development in both the cryptocurrency and the non-fungible token (NFT) space, and it represents a significant step forward for both industries.
