On Tuesday, crypto exchange Binance has announced that it is going to launch its very own marketplace for trading non-fungible tokens, popularly known as NFTs. Binance will launch this platform in June 2021. This step is taken to offer the users of the platform a better trading experience. Along with that the traders now need to pay a low amount of fees and will have more liquidity in terms of cash exchange.
The trading volume of NFT has reached its peak in February. Since then the trading has decreased. The number of weekly users has also declined in the last two or three months. This step can save the NFT market as the use of NFT has declined in the last few months.
A spokesperson of the Binance said that this step has been taken after planning and forming strategies. It is believed that it will increase the fundamental values of the NFT and will benefit the user in the long term. The spokesperson also added that the main aim behind the idea is to create the biggest NFT trading platform across the world.
After the launch, this platform which will be powered by the Binance blockchain community will offer its users the fastest and cheapest NFT solutions in the most secure way possible. There will be two main features of this platform, trading and premium events. If a user wants to display his or her work then the platform will charge 10% of the total fee and the rest of the 90% will be the profit of the creator.
By using the trading feature a user can sell or auction their existing NFTs. Other than that the platform will also support other NFT platforms such as Tron, Wax, and others.