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Binance to Launch NFT Marketplace in June

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The to-be-launched Binance NFT platform will offer two major services: Premium events and trading.

Cryptocurrency exchange platform Binance has revealed plans to launch its own non-fungible token (NFT) marketplace. Binance users will be able to create and trade NFTs on the new platform. The exchange platform announced the launch of the NFTs marketplace on the 27th of April.

The NFT market has been expanding over the past months. Celebrities, athletes, and companies have ventured into the sector, thereby fuelling the adoption of non-fungible tokens. Now, Binance marketplace may come as a rival to the popular marketplace Nifty Gateway. Notably, Nifty Gateway is the most used platform artists use in offering their NFTs to interested buyers. Already, a lot of people have shown their NFTs on the well-known marketplace. 

In the announcement, Binance stated that the marketplace for NFTs will be launched in June.

Despite its speedy expansion lately, the NFTs activity is currently on a decline. According to data provided by The Block, the weekly trading volume of NFTs has plunged after reaching its peak in February. Back in February, there was a fuzz around the NFTs space, resulting in a spike in trading volumes. However, the data compiled by The Block stated that there is a drop in weekly users and transactions on NFTs platforms.

Binance launching its marketplace during a period of decline has raised questions in the NFTs marketplace. Speaking to The Block, a Binance spokesperson referred to the decision as a “strategic move.” He added that the exchange believes in the “fundamental value and potential of NFTs applications in the long run.” 

Speaking further, the spokesman added:

“We aim to build the largest NFTs trading platform in the world by leveraging the fastest, cheapest, and most secure NFT solutions powered by Binance blockchain infrastructure and community.”

According to the spokesman, Binance is confident that its large user base could help its NFT platform attract “millions of potential NFT collectors in the world.” The exchange platform boasts millions of users across 180 countries and regions.

Features of Binance NFT Marketplace

The to-be-launched Binance NFT platform will offer two major services: Premium events and trading. Creators will be able to display and auction their work on the Binance NFT platform using premium events. The creators’ profit will be 90% of the proceeds while the remaining 10% goes to Binance. The 10% profit allocated to Binance represents the platform’s fees for these events.

With the trading feature, creators will be able to mint their NFTs. In addition, the trading feature will allow users to deposit their existing NFTs for sales or auctions. Binance will charge creators and depositors 1% as the processing fee, and they will continuously receive 1% royalty. 

Also, the spokesperson said the Binance NFT platform would mainly support the Binance Smart Chain. He added that the platform might support Blockchain networks, including Flow and Tron, in the future.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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Price analysis 5/5: BTC, ETH, BNB, DOGE, XRP, ADA, DOT, LTC, BCH, UNI

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Bitcoin is trying to stage a comeback in order to catch up with the spectacular price action seen in Ethereum and other altcoins.



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Bitcoin back above $57K as ‘hundreds’ of US banks prepare to HODL for clients

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Bitcoin (BTC) staged a characteristic comeback on May 5 as a day of losses turned around in a flash.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

BTC price nears $58,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $57,000 again during Wednesday trading, with daily gains knocking on 5%.

The move marks Bitcoin’s second such “comeback” in a week. While the bearish trend reset, analysts were keen to see how much fuel Bitcoin had accumulated after dipping to near $53,000 overnight.

For Philip Swift, co-founder of trading suite Decentrader, fundamental indicators still pointed to a continuation of the longer-term bull market.

“I continue to think that Bitcoin will not crash and is more likely to range before breaking out to the upside,” part of a series of tweets read on the day.

“Many other indicators suggest $BTC has much more upside and the cycle is not over.”

Swift specifically noted that one tool, the Pi Cycle Top indicator, had “nailed” Bitcoin’s most recent all-time high of $64,500 in April. As Cointelegraph reported, Pi has become increasingly popular for those tracking BTC price trends over successive years.

At the time of writing, BTC/USD circled $57,200, ruminating after reaching local highs of $57,400.

No plain sailing for altcoin bagholders

Hodlers thus received a welcome response from the largest cryptocurrency, which had spent much of the week being humiliated at the hands of a surging altcoin market.

Among the astonishing movers were tokens such as Dogecoin (DOGE) and Ethereum Classic (ETC), the latter having laid dormant for much of the past three years since the end of the previous broad “alt season.”

Words of caution, veiled or not, were nonetheless not in short supply, as Bitcoin proponents warned about the fickle nature of such parabolic altcoin moves.

Acting in Bitcoin’s favor meanwhile was news that it would be supported by “hundreds” of banks in the United States in 2021, along with investment giant Grayscale becoming a sponsor of NFL team the New York Giants. 

“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationship,” said Patrick Sells, head of bank solutions at crypto custody firm NYDIG, which is behind the scheme, revealing the scale of the rollout to CNBC.