Binance, the world’s largest crypto exchange by trading volume, has announced plans to launch its own NFT marketplace as early as June. NFTs (non-fungible tokens) are unique tokens designed to prove ownership of various types of digital items, such as art or collectibles. An NFT can only have one official owner at a time and the ownership is secured on the blockchain. They are non-fungible because they hold unique properties and are not worth a fixed price. They are worth what a buyer is willing to pay for it.

There were already ‘rumors’ that plans were underway for Binance to launch an NFT marketplace during the weekend when the exchange’s CEO, Changpeng Zhao (CZ), responded classically to an inquiry on Twitter. CZ’s response of ‘be careful what you wish for’ has always been a precursor to the launching of new projects or programs by the world’s largest crypto exchange. But the clearest indications that plans were at an advanced stage came from Binance’s head of NFT project, Helen Hai: “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 aims to provide an NFT marketplace that is better, safer, and cheaper. The marketplace will run on the Binance Smart Chain (BSC) and will support the Ethereum platform as well. This is important because most current NFT trading operates on the Ethereum network. Binance’s NFT trading platform will feature two markets: premium events and a standard trading market. Premium events will feature top auctions and exhibitions, and Binance will charge a 10% fee, with creators receiving 90% of the proceeds. The standard trading market will allow users to create and deposit their own NFTs for a fee of 1% and they will receive a 1% royalty from proceeds.

As a major player in the blockchain scene, the move to creating a NFT trading platform was only a logical next step for Binance. NFT trading was literally growing fast and furious. According to Enjin, an NFT blockchain developer, NFT trading volumes surged from $20 million in December 2020 to over $500 million in March 2021. Exclusive and limited edition items, such as digital artworks, music, and other collectibles, have already fetched astronomical prices. On March 11^th, 2021, a work done by an artist Beeple was sold for a price of $69 million. With Binance entering the NFT space, no one can bet against that amazing record being broken real soon.