Until now, several institutions have been creating, buying and selling NFTs on marketplaces of other kind of blockchain ventures. Binance, being a unique cryptocurrency exchange with its own blockchain – Binance Smart Chain (BSC) – has created a specialized market place for NFTs.
The BSC has become a major competitor to major blockchains such as Ethereum (ETH) in recent times. The blockchain’s native crypto, Binance Coin (BNB), has gained over 700% in the first-quarter of 2021.
With the inclusion of NFTs, its native token is on course to gain further. Helen Hai, Chief of Binance’s NFT venture, said
“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.”
Binance has turned out to be the next biggest exchange to roll out an NFT market after Gemini rolled out Nifty Gateway. The marketplace has already turned out to be a hit among several popular persona including hip hop artist Eminem and Grimes. Coinbase, which is the main competitor to Gemini, has rolled out a similar NFT marketplace named Coinbase Ventures. The latest NFT to be hosted on Coinbase Ventures platform is Zora.co, which rolled out CEO Brian Armstrong’s electronic music non-fungible tokens (NFTs).
As per data provided by NonFungible.com, sales of NFTs crossed $2 billion. The market hit a record high in February with the sale of Beeple’s digital art for $69 million. The news update on the performance of the platform indicates that there was twice the number of buyers in comparison to sellers in this quarter.
The euphoria in the NFT markets, with respect to high valuation, has already faded. Nevertheless, the market continues to lure some of the well-known names in the entertainment sector and business world. Billionaire Mark Cuban has become a great advocate and investor in popular marketplaces such as Mintable, OpenSea and SuperRare.
The innovative firm Binance has brought about big changes in the DeFi market with unique facilities. The market is having similar expectations with respect to NFT marketplace. So, the forthcoming launch is perceived as a victory for both Binance and cryptocurrency industry in general.
While writing this article, Binance Coin (BNB) is trading at $556.45, up 3% iin the last 24 hours. Notably, the traded price is considerably away from the all-time high of $630 recorded earlier this month. Likewise, its market cap of $86 billion is also roughly 25% that of Ethereum’s $302 billion.