As the non-fungible tokens continue to remain popular among digital artists, the world’s biggest crypto exchange, Binance, revealed its plan to launch an NFT platform in June this year.
The new NFT platform aims to enable the minting and selling of crypto coins and feature premium artwork in exhibitions and auctions. Interestingly, the company announced that the users would mint and deposit NFT from different exchanges.
NFTs and its Growing Acceptance
Unlike cryptocurrencies, an NFT is a non-fungible token, and its authenticity and true ownership is tracked on the blockchain. Since the beginning of this year, NFTs exploded in popularity and grew as major crypto exchanges announced their platforms. Binance’s announcement follows several announcements from global trading platforms in recent months.
In March this year, two popular Asian exchanges, Crypto.com and Coincheck, launched their non-fungible tokens trading platforms. Meanwhile, another popular trading platform, HKD.com, also plans to unveil its NFT trading platform later this year.
In gaming, digital art, and sports, the NFTs remain the most popular, with reports suggesting that they generated a total of $1.5 billion of transaction volume in the first quarter of 2021. The three most prominent platforms, including OpenSea, NBA Top Shot, and CryptoPunks, accounted for more than seventy percent of transactions.
Although the future of cryptocurrencies remains uncertain, experts suggest that as the big auction houses jump on the NFT bandwagon, it is likely to stay here. And now, Binance, which already has more than 50 million traders from across the world, is launching its own platform.