Binance to Launch NFT Marketplace (April 28, 2021)

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Good morning. Welcome to the Binance Edition of BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad the new announcement from Binance today.      

Market Price as of April 28, 2021:

Bitcoin$55,069+1.88%
Ethereum$2,666+5.29%
BNB$568+6.17%
XRP$1.40+2.94%
DOGE$0.27+0%
SLP$0.057+46.2%


Bitcoin closed April 27, 2021, at $55,069 per BTC. We’re down 1.3% in the last 7 days and up 91% since the year began. This is also 15% below the all-time high of $64,804, which was hit on April 14, 2021.

Bitcoin’s market capitalization stands today at $1,039,003,158,972 which is 47.46% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $2,190,594,100,411   (+5.4%).

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Binance

Binance Launches NFT Marketplace

Cryptocurrency exchange Binance announces its plans to launch its own NFT marketplace on June 2021. The exchange said in a press release that it aims to create an NFT platform with minimal fees, high liquidity, and featuring high value collectibles in all forms, such as art, music, games, sports, and metaverses.

For a primer on Non-Fungible Tokens, check out our article: Non-Fungible Tokens – NFT 101 – Why People are Spending Millions of Dollars for Crypto Art and Digital Items

The landing page is already up, allowing artists and creators to get in touch now. Binance plans to launch a mobile version of its NFT marketplace soon. 

Users already on Binance will not have trouble accessing the NFT marketplace because it will have the same account system as Binance.com. That means if you are already on the exchange platform, you are able to access the NFT marketplace and trade with your current funds on Binance.com. 

“Binance NFT Marketplace will consist of two main parts; a premium event and trading market, and will give users the ability to create, mint and deposit artworks from different chains. Premium events will feature select works through high-end exhibitions and global auctions. For sales at premium events, Binance will charge a competitive 10% fee and 90% of the proceeds as profit will go to the creators,” The company said in a statement.

Helen Hai, Head of Binance NFT said in a statement:

Our aim is 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, BinanCe NFT

Much of the work in the NFT space, such as digital art, in-game assets, and music, and even Decentralized Finance (DeFi) are being done on the Ethereum blockchain, or atleast in a layer 2 solution on top of Ethereum. At the moment, many users are concerned high gas fees to the point that it’s not economically feasible to send small transactions. 

It’s the problem that Binance NFT is trying to solve. Changpeng “CZ” Zhao, CEO of Binance said the new marketplace will allow the millions of  Binance users around the world to access the booming NFT space.

In line with our commitment to the freedom of money globally and building an inclusive ecosystem, the Binance NFT marketplace will also support small value creators by providing the highest liquidity and cheapest fees for users.

Changpeng Zhao, Binance

Fees is also another segment that Binance wants to be competitive on. 10% as fee for every sale is the standard at the moment at many NFT marketplaces. For users who will deposit their NFTs to Binance NFT platform for sale or auction, the exchange will charge 1% as processing fee and creators and depositors will continuously receive 1% royalty; Binance said this will incentivize creators to mint premium and valuable NFTS and obtain more royalty fees.

Read More: This Collab Art is Possibly the Highest NFT Sale by a Filipino Artist

NFT

Volume and Users Dropping on NFT Platforms

Binance’s foray into NFT comes at a time when some metrics are not within all-time high levels for the booming NFT industry. Data from Dapp Radar, compiled by The Block shows weekly trade volume of NFTs dropping since it peaked in February this year.

But despite the decrease, it appears the average NFT transaction value has increased as of late. This suggests that sales are being consolidated to few high value NFTs.

As to whether there will be a shift in volume, it should be noted how volume on PancakeSwap, the leading decentralized exchange on the Binance Smartchain has now eclipsed that of Uniswap acccording to this data:

What else is happening

  • Binance Smart Chain: Q1 2021 Overview
  • Brian Brooks plots ambitious path to take Binance.US out of Asian crypto giant’s shadow
  • Goldman Sachs Says Blockchain Stocks on Average Outperform S&P 500 (But Not Bitcoin)
  • Polygon’s Ethereum Scaling Project Is Never Complete: Sandeep Nailwal

This article is published on BitPinas: Binance to Launch NFT Marketplace (April 28, 2021)

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]