Binance will integrate a centralized and decentralized NFT marketplace with its trading platform.
Key facts
- Binance will have both a decentralized and a centralized marketplace for its NFTs.
- The first official collection of the decentralized market comes out this Monday, June 21.
Binance is betting big on its entry into the world of nonfungible tokens (NFT). In just one week, the exchange will open two markets for this type of token that has become fashionable among collectors, cryptocurrency enthusiasts, and investors.
The exchange will not only have the centralized market that it had announced a few weeks ago. It has also opened a decentralized platform (DEX) for NFT based on its blockchain, the Binance Smart Chain (BSC).
Through a statement, Binance announced this Thursday, June 17, the creation of Featured by Binance. On the new platform, the exchange aims to “provide users with an innovative new way to interact with NFT and digital collectibles.”
On Featured, users will have control of their tokens, which will not be under the custody of Binance. Users must connect to the platform any wallet that allows managing these tokens in the Binance Smart Chain, such as Binance Chain Wallet, Torus, Metamask, or TrustWallet.
Although the platform already has a wide range of NFTs from early access creators, the first official collection launched by Binance will go live this Monday, June 21, the press release states. The collection will feature a selection of NFTs created by Dylan Cole, an artist with a two-decade career in film, television, and video games. Cole is credited with creating environments for films such as The Lord of the Rings, Avatar, or Tron Legacy.
Binance makes a strong entry into the NFT world.
Featured by Binance adds to another marketplace for NFTs previously announced by the world’s largest trading volume exchange. In the case of its centralized platform, where NFTs are under the custody of the exchange, it will begin operations next Thursday, June 24.
Binance’s NFT platform will create a campaign of 100 creators from various areas offering their collectibles to the public. Any Binance customer will log in using the same account in this centralized marketplace with no new registrations.
NFTs have been gaining popularity in recent months. Artists, writers, major brands, auction sites, and even the world of sports are all in this wave, with millions of dollars moving in various markets daily today, despite a sharp drop in trading volumes at the beginning of June.