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Binance is planning to launch its NFT marketplace in June

Binance Is Interested in the NFT Market

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Binance is preparing to launch its own NFT exchange.

On Tuesday, the cryptocurrency exchange revealed its plans to launch Binance NFT, a new forum for trading non-fungible tokens. It will be released in June.

Two key markets will be available on the platform: one for premium auctions and exhibits and another for day-to-day trading.

Binance would take a 10% commission on premium market purchases, with the rest going to the developers. Meanwhile, the trading market will charge a 1% transaction fee for each deal, and the creator will receive a 1% royalty on each exchange of their respective NFT.

Helen Hai, the project’s executive director, said:

“By leveraging the quickest and cheapest solutions driven by Binance blockchain technology and community, we plan to provide the world’s largest NFT trading platform with the best minting, purchasing, and exchanging experience.”

Anyone who has been watching the cryptocurrency space closely over the last few months will not be surprised by Binance’s entry into the NFT space. Binance Smart Chain, the exchange’s blockchain project, has had tremendous success by replicating elements of Ethereum, the second largest blockchain by market cap and the birthplace of the NFT boom. Binance’s BNB coin has risen to third place in terms of market capitalization this year, with a market cap of over $88 billion as of publication.

Many Binance Smart Chain apps have a similar experience to DeFi on Ethereum, but without the astronomical gas fees. Binance Smart Chain has been dubbed “CeDeFi” by some because it is a more centralized offering than Ethereum itself. Changpeng Zhao, the founder and CEO of Binance Smart Chain, has been open about his thoughts on Ethereum.

NFT Boom

Though DeFi continues to expand, the NFT space is arguably taking over the crypto spotlight in 2021. According to NonFungible.com, NFTs reported over $2 billion in revenue in the first quarter of this year. With Binance charging a transaction fee for any trade, it’s easy to see why establishing a stronghold in the market would be attractive. Binance introduced stock trading earlier this month, which has been common in DeFi communities like Mirror and Synthetix.

Binance Smart Chain and Ethereum will be supported by Binance’s NFT platform at first. While most NFTs are currently issued on Ethereum, they can also be found on other blockchains such as Binance Smart Chain. If the NFT space continues to expand, it’s likely that operation will shift away from Ethereum’s mainnet and toward other sidechains and blockchain networks. Binance has created a landing page to invite NFT developers to collaborate, and a mobile app will be available soon after the launch.

Binance will have to contend with more than Ethereum: Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has been a pioneer in the NFT space, hosting high-profile sales through its Nifty Gateway network. Eminem earned $1.78 million from his first sale on Nifty Gateway this weekend, joining the likes of The Weeknd and Grimes in using the platform. This Friday, Beeple will debut his spring collection on Nifty Gateway. Since his historic Christie’s sale in March, when his “Everydays: The First 5,000 Days” NFT sold for $69.34 million, Beeple has been regarded as a key figure in the NFT world.

Christie’s is also looking into the possibility. Nine NFTs from the canonical CryptoPunks series will be auctioned off next month at the world-famous auction house, marking a potential change in the conventional art world’s acceptance of technology. If the current trend continues, Binance will face even more competition.

NFT

OpenSea and Kakao’s Klaytn collaborate to expand NFT across Asia

Klaytn, a Singapore-based public blockchain platform, and OpenSea, a non-fungible token (NFT) market, established a cooperation on Friday to support the Asian NFT ecosystem.

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  • In order to showcase Asian NFT initiatives to a worldwide audience, the alliance involves conference collaborations and ecosystem awards.
  • The largest NFT marketplace in the world supports four blockchains: Klaytn, Polygon, Solana, and Ethereum.
  • The blockchain subsidiary of South Korean internet behemoth Kakao, Ground X, founded the Klaytn Foundation.
  • On its central bank digital currency (CBDC) pilot project, the Bank of Korea collaborates with Ground X.

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Shopify Expands Online Retailers’ NFT-Gated Options

Brands are able to increase the exclusivity of their shops thanks to the e-commerce platform.

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The future of e-commerce, according to Shopify, is in NFTs.

As a new option for brands wishing to make their stores more exclusive, the online retail behemoth, which enables small businesses to construct customized e-commerce shops, is providing NFT-gated storefronts, Shopify announced on Wednesday.

In the Shopify introduction video, which includes a skating woman who passes through a pastel portal and transforms into a Doodles NFT, a voiceover urges viewers to “invite their communities into a world that acknowledges and rewards devotion.”

The video explains that token holders can access special shopping opportunities by connecting a cryptocurrency wallet, including early access to drops and limited collections as well as one-of-a-kind experiences and other surprises.

Only individuals with existing NFT collections are able to apply for early access to Shopify’s “gm” shop, which is a gated merchandise store and a play on the Crypto Twitter acronym for “good morning.”

However, those that haven’t received approval yet can still integrate NFT token-gating apps like Shopthru or Single into their Shopify sites.

Shopify announced that it has already collaborated with the Adam Bomb Squad, Doodles, World of Women, Invisible Friends, Superplastic, Stapleverse, and Cool Cats NFT collections to develop token-gated shops as part of its token-gated business launch.

Shopify is introducing “IRL” token-gating in brick-and-mortar stores in addition to online token-gating, which restricts access to certain merchandise to authorized NFT holders exclusively.

Why is this important? The future of Web3 commerce will focus on exclusivity, for one thing. NFTs, which are distinctive blockchain tokens that denote ownership over an asset, are increasingly employed as membership cards, tickets to events, and “keys” to open benefits, despite the fact that they are frequently oversimplified as digital art or “jpgs.”

Additionally, this isn’t Shopify’s first venture into NFTs: The business has been involved with Web3 since last year, when it announced the launch of NFT sales on its platform. Brands can mine and sell NFTs on Shopify to clients using the Ethereum, Polygon, Solana, or Flow platforms.

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OpenSea, beware—Uniswap is pushing into NFTs

The NFT aggregation platform Genie is being purchased by Uniswap Labs, the organization that created the Ethereum-based decentralized exchange Uniswap.

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In a Bankless interview on Tuesday, Uniswap founder and CEO Hayden Adams said, “We’re attempting to transfer what we brought to the ERC-20 market to the NFT sector.”

You can buy NFTs—individual blockchain tokens that represent ownership—on a variety of different marketplaces, such as OpenSea, LooksRare, or Coinbase NFT. However, few allow consumers to buy many things at once, and none provide aggregation tools that let traders view listings on competing marketplaces.

According to Uniswap Labs on Twitter, “We see NFTs as another form of value in the burgeoning digital economy, and it’s a no-brainer for us to integrate them.”

The NFT aggregator Gem, which also enables customers to acquire numerous NFTs in a single transaction, was purchased by OpenSea just two months prior to the announcement of its acquisition by Genie. OpenSea intends to incorporate NFT aggregation functions into its primary platform, just like Uniswap.

A new tab dedicated to NFTs will be added to Uniswap’s main website later this year as part of the company’s push into NFTs, according to a statement from the company. Additionally, NFTs will be included in its developers’ APIs and widgets.

Uniswap Labs intends to airdrop an unspecified quantity of the stablecoin USDC to Genie’s early backers as a way to commemorate its acquisition. By April 15th, USDC will be given to everybody who had utilized the platform at least once or owned a Genie Genesis NFT. (The business had earlier tweeted that Genie Gem owners were eligible for the airdrop.)

Uniswap entered the NFT market for the first time in 2019 with Unisocks, an NFT that granted holders access to a real pair of socks.

The largest NFT market, OpenSea, has a floor price for Unisocks of 13 ETH (about $15,300) at the time of writing.

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