Connect with us

Projects

Binance is planning to launch its NFT marketplace in June

Binance Is Interested in the NFT Market

Published

on

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.

Projects

The NFT Sale of the ‘Kia Sedona’ Goes Sour as the Contractor Allegedly Steals $3 Million

A sale of tokens that could be swapped for “Kia Sedona” NFTs raised $3.1 million. But a contractor for the token sale platform Miso allegedly disappeared with all of the funds.

Published

on

In the fast-growing market for NFTs, there have been several swindles, frauds, and rug pulls. However, this one strikes out as a little odd.

To begin with, the NFT sale itself was unusual. The entire concept was inspired by a recent meme on crypto Twitter about the Kia Sedona automobile brand (the joke being that the Kia Sedona is a type of hard money). As a result, ten unknown persons built a funky website called “Jay Pegs Auto Mart.” (It was unrelated to the automobile maker in any way.)

DONA reservation tokens were available for purchase. These could be acquired on SushiSwap’s Miso token sale platform, which is run by a decentralized exchange. Out of 10,000 DONA tokens available, each could be exchanged for one 2007 Kia Sedona NFT.

And the token sale went off without a hitch. It raised $3.1 million in ether (ETH), worth 864.8. When the mysterious team of shadowy super coders (another joke) decided to use Miso, they didn’t expect all of their finances to be taken away.

An unidentified contractor placed malicious code into the Miso platform, according to SushiSwap CTO Joseph Delong, changing the destination address for all incoming monies in the token sale to their address. According to Delong, the Jay Pegs Auto Mart sale was the only one affected, and all of the cash raised was stolen.

SushiSwap has urged Binance and FTX to identify the hacker by revealing their KYC information, but they have not done so, according to Delong. He added the platform had directed Stephen Palley, a partner at law firm Anderson Kill, to file a complaint with the FBI if the funds aren’t recovered by 8 a.m. ET.

On the good side, the Jay Pegs Auto Mart Twitter account promised consumers that the Kia Sedona NFTs would still be distributed despite the lack of funds.

Continue Reading

Projects

SLAM, a Basketball Brand, Joins the NFT Platform Autograph

Published

on

Autograph has taken over the world of sports NFTs. Autograph, co-founded by future Hall of Fame quarterback Tom Brady, has signed deals with renowned athletes from various sports. In addition, the platform is teaming up with SLAM this week on the hardwood.

SLAM has streamlined its company into a new digital era and is known for its classic vintage magazine covers dating to 1994. Basketball enthusiasts may get news, unique features, digital material, and apparel through the portal. Without dipping into NFTs, it wouldn’t be complete.

Autograph and Its High-End Partners

Autograph has signed deals with Naomi Osaka, Derek Jeter, Simone Biles, and Tony Hawk in a short period. Top-tier athletes from many sports verticals make up the increasing advisory board. Additionally, autograph just partnered with DraftKings to give the sports betting platform access to NFTs.

According to a press statement issued this week, autograph will be a launch partner for SLAM’s NFT collection of classic magazine covers. Additionally, this will be Autograph’s first foray into basketball, with SLAM serving as a cornerstone for the platform’s introduction into the sport.

SLAM archives of the 300-plus covers that graced the front of SLAM for decades will be featured at NFTs. In addition, the NFTs will be available for purchase on the DraftKings Marketplace, which Autograph powers.

Blockchain Technology Meets Sports Media

Sports and technology are becoming increasingly entwined.

“We’ve been building a portfolio of companies focused on the convergence of sports media and blockchain technology, and this deal sits firmly at that crossroads,” said Matt Aronson, President of SLAM parent company JDS Sports. SLAM’s digital presence has grown to include over twenty social media channels with over 16 million followers. JDS Sports was also an early supporter of Autograph.

Through established partners, Autograph continues to push the fold on sports NFTs. The two have already issued NFTs for Tiger Woods, Wayne Gretzky, Simone Biles, and others through DraftKings Marketplace. Autograph, on the other hand, isn’t content to stop at sports. The platform also announced a relationship with Lionsgate in July. In addition, Autograph will develop digital collectibles for the new flagship movie series later this year due to the agreement.

It appears that SLAM isn’t starting or stopping here, either. In April, SLAM teamed up with rising basketball phenom Zion Williamson. This collaboration resulted in four limited-edition NFTs based on two of Zion’s SLAM cover appearances.

As brands, companies, teams, leagues, and individuals from practically every sport imaginable get involved, the convergence of sports and crypto continues to increase.

Continue Reading

Projects

Following Allegations of NFT Insider Trading, OpenSea’s Head of Product has Resigned

After being accused of NFT flipping using insider knowledge, Nate Chastain, Head of Product at prominent NFT marketplace OpenSea, appears to have left the company.

Published

on

The Product Manager has resigned

Chastain’s Twitter profile has been altered to add the term “Past: @opensea” since he was called out two days ago, implying that the marketplace no longer employs him.

Though there isn’t proof that he was fired from OpenSea because of the allegations, it’s a strong possibility.

OpenSea CEO Devin Finzer has already updated his previous blog post about the event with the news that one of their employees “asked and accepted” his resignation just yesterday for violating their “duty to the community.”

According to the CEO’s update, OpenSea promptly commissioned a third-party investigation after learning of the event and is aggressively adopting its recommendations while the inquiry is ongoing.

Despite growing evidence against him, Nate Chastain has yet to issue a public statement. Meanwhile, the general belief on Twitter seems to be that he is guilty, with some even ‘celebrating his death’ with a fresh CryptoPhunk giveaway. However, despite Chastain’s misconduct, others express gratitude for his work for the NFT community and wish him the best in the future.

The Allegations and the Proof

Nate Chastain was accused of buying OpenSea NFTs with insider information before they were released on the platform’s site, then selling them for a much higher profit.

Chastain purchased the NFTs using burner accounts to conceal his identity; nevertheless, he was detected utilizing blockchain data, which proved that all of his winnings were being transmitted to his public address. Later, OpenSea published a blog post indicating that this “insider trade” had occurred.

Chastain made a profit of 19 ETH, which is worth more than $65k at press time.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 47,983.00 0.65%
ethereum
Ethereum (ETH) $ 3,408.97 0.53%
tether
Tether (USDT) $ 1.00 0.45%
chiliz
Chiliz (CHZ) $ 0.325797 1.36%
enjincoin
Enjin Coin (ENJ) $ 1.63 1.80%
decentraland
Decentraland (MANA) $ 0.813631 1.15%
flow
Flow (FLOW) $ 20.49 1.11%
the-sandbox
The Sandbox (SAND) $ 0.767948 0.94%
wax
WAX (WAXP) $ 0.285929 1.35%
ecomi
ECOMI (OMI) $ 0.005855 9.86%
terra-virtua-kolect
Terra Virtua Kolect (TVK) $ 0.251508 7.69%