Binance Is Launching New NFT Platform on Binance Smart Chain

Global crypto exchange Binance is introducing its own non-fungible token (NFT) platform, which will go live on Binance Start Chain (BSC).

The NFT platform called ‘Featured by Binance’ will focus on working with Binance brand partners to mint, display and sell NFTs, Binance announced in a recent blog post.

This year, the NFT mania swept across the cryptoverse. The demand for unique digital assets skyrocketed with iconic digital artist Beeple selling a piece that exists on the Ethereum blockchain for a whopping $69.3 million. NFTs have unique cryptographic properties, which means that a blockchain can verify the originality and ownership of such digital assets, which include artworks, parcels of virtual lands and collectibles.

Binance’s post stated,

“We want to apply our deep experience in launching tokens and creating markets to the NFT space. At launch, the platform will focus on helping our brand partners launch NFT assets with strong unique narratives, a marketplace to trade those assets, and creator tools to mint, sell and showcase their NFT creations.”

The hype surrounding NFTs has calmed down since Beeple sold his expensive piece, with NFT-related crypto assets far down off their highs as well. As an example, top NFT project SuperFarm is down 85% off its all-time high of $4.74.

Binance is committed to the notion that NFTs are not a “flash in the pan” and will have longevity in the crypto world. The exchange asserts that digital goods will only face increased demand as a new tech-savvy generation develops.

“Digital goods have been used successfully in a multitude of ways to engage fans and monetize IP (intellectual properties). GenZs, who grew up in the era of app stores, are primary drivers of this trend as there is an increasing number of younger consumers entering credit-worthy age.

We believe that the next evolution of digital goods will be on the blockchain and NFTs are the first step towards that transformation.”