Cryptocurrency exchange Binance is all set to launch its own NFT platform. In a blog post, the crypto exchange announced that it will be launching a new decentralized NFT platform built on the Binance Smart Chain (BSC) network.
“Our vision is to provide a non-custodial, on-chain platform to facilitate the full lifecycle of NFTs for creators, brands and their fans,” Teck Chia, CEO of Featured by Binance, wrote in the blog.
Binance NFT Platform to help mint, display and sell NFTs
Once launched, Featured will focus on working with brand partners of Binance to support the entire lifecycle of a new NFT. This means Featured will help their partners to launch their NFTs and provide a marketplace to trade them. In addition, they will also have access to creator tools to mint, sell, and display their NFT assets.
“We want to apply our deep experience in launching tokens and creating markets to the NFT space,” Chia wrote.
Now, Featured is an on-chain NFT platform. What this means is that all the transactions are recorded and verified on the blockchain. As these transactions can’t be altered, they offer security and transparency.
Creators and NFT enthusiasts can sign up on Featured by Binance’s home page to get launch updates.
NFT craze and the new digital normal
The NFT craze has taken the digital world by storm. While NFTs have been around for years, it is in 2021 that their popularity skyrocketed. According to Chia, creators, fans, and the mainstream media played a crucial role in driving the hype around NFTs.
However, recent months have seen a lull in activity around NFTs. Nonetheless, transactions are picking up again.
For instance, last week, the NFT marketplace NBA Top Shot witnessed a 50% rise in activity compared to the previous weeks. Over the seven days, more than 70,000 traders were reportedly buying and selling digital cards on the platform.
“We think NFTs are part of a bigger behavioral shift and our platform would like to be a factor in how this plays out,” Chia added.
To add to this, the pandemic further accelerated the shift to digital. As countries went into lockdowns, classes moved online, and offices switched to remote working almost overnight, more people began spending their time online.
For example, in 2020, the App Store ecosystem saw over a 40% increase in billings and sales of digital goods and services it facilitated.
Thus, brands across industries now have to innovate to keep their users engaged in the digital world. According to Chia, digital goods is the one area under digital experiences that have been “successfully” used in a “multitude of ways to engage fans and monetize IP.”
“We believe that the next evolution of digital goods will be on the blockchain and NFTs are the first step towards that transformation,” Chia wrote.
Individuals, companies, crypto exchanges and more are now embracing this digital transformation. Last month, Binance had also launched a special “Binance Innovative NFT Creator” program for select artists. Recently, Crypto Exchange FTX also launched its NFT marketplace for trading NFTs.