On June 24th, Binance will be launching its own NFT marketplace & in an effort to attract more users it is also launching a “100 Creators Campaign” to bring in different types of artists, celebrities & athletes into the platform.
Some of the content & artworks expected to arrive on the marketplace will be from Misha Most, a Russian street & contemporary artist, singer-songwriter Lewis Capaldi, South African composer Trevor Jones, Professional football stars Michael Owen & Alphonso Davies & EStar Pro, a Chinese League of Legends eSports Team.
Lily Lee, Binance PR Manager said in an interview, “100 Creators Campaign is one of the campaigns prepared by Binance NFT, and it is to support and promote innovative creators from around the world and spotlight NFT pieces from different cultures.”
NFTs or Non-Fungible Tokens, which are uniquely verifiable assets on the blockchain were first created & experimented on May 3, 2014 by Kevin McCoy & Anil Dash at the Seven on Seven conference on New Museum in New York City. In 2020, the NFT scene experienced a boom that continues today though most of the activities around NFT are being done on the Ethereum blockchain.
WHICH IS MUCH BETTER? ETHEREUM OR BINANCE?
Binance identified “minting fees” as its key differentiator versus competing platforms. Minting — the process of putting the digital asset into the blockchain to become an NFT — is as important as creating the digital asset itself. One of the things that artists consider before creating NFT is the minting fees.
SuperCryptoNews conducted an experiment in creating NFTs on Rarible & Opensea, both of which are Ethereum-based NFT marketplaces.
The two NFT marketplaces have different procedures in initial creation before the NFT can be publicly seen by other NFT collectors. Based on the publication’s experiment, Rarible cost them $677+ from creating a collection of NFT Token & for OpenSea it cost them around $100. This amount is a considerable ask especially for beginners just trying to explore the NFT space. Note that the experiment took place at a time when transaction fees cost a lot on the Ethereum blockchain.
In comparison, Binance Smart Chain is promising a fee of 0.01 BNB ($3+) when artists create their NFTs on its platform. This is the major reason why Binance Smart Chain being used for NFT is gaining a lot of interest not just from crypto investors but from different artists as well.
Based on Google Trends, the search interest for NFTs in the Philippines and the United States has declined a bit in recent days.
But it is not surprising that NFTs have gained traction in the Philippines, as many Filipino artists are now making a living through creating NFTs.
Filipino artist Luis Buenaventura recently collaborated with Argentinian artist Jose Delbo for the NFT named “Satoshi The Creator – Genesis” which had a total of 222 editions, sold for $1,999 each on Nifty Gateway last March 28. It ended up as possibly the highest NFT sale of Filipino artist this year.
Last May 24, Black Eyed Peas-member and artist Apl.de.Ap collaborated with CG artist Tom Coben & Filipino artist AJ Dimarucot to launch a total of four NFTs on Portion.io platform.
Some of the developments in the NFT scene started in the Philippines as well; The First Mint Fund by the Narra Gallery helps artists mint their first NFTs by covering the gas fees required for doing so. APL has promised to put a portion of his NFT proceeds to this fund.
This article is published on BitPinas: Binance NFT 100 Creators Campaign: Who are the Artist Joining the Upcoming Marketplace