Binance is launching a digital art marketplace as the world's largest crypto exchange taps into the NFT craze

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Binance is launching a digital art marketplace as the world's largest crypto exchange taps into the NFT craze
Business Insider
  • Cryptocurrency exchange Binance said Tuesday will open a marketplace for digital artwork.
  • Binance NFT will launch in June and offer 'one-of-a-kind offerings and exclusive collaborations.'
  • Artists with "Premium Event" collections will receive 90% of profits from sales with Binance NFT.

Cryptocurrency exchange Binance said Tuesday it's launching a marketplace for digital artwork known as non-fungible tokens or NFTs, a move to tap into the growing interest in owning virtual art tied to the blockchain.

Binance NFT will launch in June and will allow people to buy, sell and trade NFTs. Non-fungible tokens are unique digital assets such as videos and images that are stored on blockchain technology. NFTs have recently jumped in popularity, highlighted in part by the $69 million sale of digital artwork by Mike Winkelmann, better known as Beeple.

Binance NFT said its marketplace will bring together artists, creators and crypto enthusiasts and will feature premier exhibitions and collaborations and "industry-best liquidity" with minimal fees for users and creators.

The company said for curated "Premium Event" collections, artists receive 90% of profits from sales, setting a "new benchmark" for NFT rewards. It also said users can deposit their NFTs to the "Trading Market" and choose to list them for sale or for auction. Binance said it will charge a nominal 1% processing fee and creators or depositors will receive a 1% royalty payment for all subsequent trades.

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"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," said Helen Hai, head of Binance NFT, in a statement.

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