Binance launches NFT marketplace

by in Cryptocurrency News

Binance

Bitcoin exchange Binance will launch an NFT marketplace in June.

Existing users of the exchange will have access to the new service. They will be able to create tokens and trade them through their Binance accounts.

“Users will be able to create, release and transfer works of art from various blockchains. During exclusive events, selected works will be exhibited at prestigious exhibitions and auctions,” Binance said.

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The platform commission for the sale of works at exclusive events will be 10%. Authors will receive the rest of the funds. Binance's transaction processing fee will be 1%.

"Authors and contributors will be paid 1% of royalties on an ongoing basis, which should contribute to the creation of new and valuable NFT tokens and the receipt of additional royalties for authors," the company explained.

On the Binance NFT project page, artists and authors will be able to contact the Binance team for collaboration.