- The Binance cryptocurrency exchange will be launching a new on-chain NFT platform called “Featured by Binance”
- Cryptocurrency exchanges like Binance and FTX are now trying to compete against NFT-native platforms like OpenSea and Nifty Gateway
- The popularity of NFTs reached a peak in late March, but the market has been winding down since
Binance unveils new NFT platform “Featured by Binance”
Established cryptocurrency exchanges are now looking to compete in the NFT space against NFT-native platforms like OpenSea and Nifty Gateway.
Cryptocurrency exchange Binance is among the players that are making their entrance into the NFT space, announcing the Binance NFT marketplace in May. Now, the exchange has also revealed an on-chain platform for NFTs called Featured by Binance.
Non-fungible tokens are tokens with unique identifiers that are stored on a blockchain. They are typically used to represent ownership of digital and physical objects. NFTs are easily verified as unique, and the transparent design of blockchains like Ethereum and Binance Smart Chain allows users to easily see the entire trail of their minting and ownership history.
According to Binance, it will be partnering with brands to issue NFTs that will be tradeable on the Featured by Binance marketplace. The platform will also contain functionality that will allow creators to mint their own NFTs and make them available on the market. Binance doesn’t provide a date for when we can expect the Featured by Binance platform to go live.
Its other NFT initiative, the Binance NFT marketplace, is going to launch about two weeks from now, on June 24. Alongside the Binance NFT platform’s launch, the exchange will be running the 100 Creators program, featuring 100 artists and content creators.
With its NFT push, Binance is betting that NFTs will have staying power and weren’t just a temporary fad that accompanied skyrocketing prices in the cryptocurrency market.
According to NonFungible.com, the number of NFT sales peaked towards the end of March, and has been in a steady decline since. The number of active wallets on NFT marketplaces is displaying a similar trend, although it’s worth noting that it’s still considerably higher than it was in 2019 and 2020.
Number of active addresses in the NFT markets tracked by NonFungible. Image source: NonFungible.com
FTX, another big cryptocurrency exchange, is now also involved with NFTs. Earlier in June, the exchange launched its NFT Marketplace featuring branded merchandise and NFTs that can be redeemed for different rewards (for example, a 30-minute Zoom meeting with the exchange’s CEO Sam Bankman-Fried).
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