Binance NFT Marketplace Launch: What to Expect on June 24

Binance NFT Marketplace Launch: What to Expect on June 24

UTC by Babafemi Adebajo · 4 min read
Binance NFT Marketplace Launch: What to Expect on June 24
Photo: Binance

Binance NFT Marketplace launches on Thursday, June 24, 2021. The launch week will include a premier auction event, display of new works by Salvador Dali and a rehashing of an original Andy Warhol painting.

With the Binance NFT set to launch on the 24th of June, collectors, creators and newbies to the world of NFT can expect a multiplicity of activities. The marketplace and trading platform will feature both premium events and trading events on its platforms.

Binance NFT Launch

In the same week it launches, Binance NFT will hold its first premium event auction themed ‘Genesis’. This event will showcase new works by Salvador Dali and pay homage to Andy Warhol’s original works.

The marketplace will also launch its ‘Mystery Box’ feature and trading space for the 100 creators who were recently announced. Individuals will be able to participate in the auction, apply for the Mystery Box, and conduct transactions in the marketplace.

The first auction is to take place in the NFT marketplace. The Theme ‘Genesis’ suggests a fresh wave of the resurgence of NFTs in the crypto ecosystem. This is very much in line with the origin of NFT which sought to be a gateway; a bridge between the art industry and blockchain technology. The launch would see arts, go ahead of technology to present a concept and bring two tokens to the table. These tokens represent specific points in history that may be worth knowing.

The auction will among others feature artwork by Andy Warhol, a top figure in the pop art movement. The artwork, named ‘Three Self-Portraits’ will be exhibited to celebrate the innovative approach of Andy to arts. The artwork will also be digitalized and recreated in the form of 100 NFTs.

Again, Renaissance artwork, the Divine Comedy, has been redesigned into an NFT by Dali. The new design spots the Bitcoin symbol, the Binance logo and CZ’s signature and was recreated to memorialize Dante and his influence during the Renaissance.

Head of Binance NFT, Helen Haih, noted the similarity in the values of Binance and Genesis and believes that Genesis is poised to do for the NFT industry, what Binance has done to the Fintech ecosystem leveraging on blockchain technology and cryptocurrencies.

The auction will begin by UTC+8 on the day of the launching with bidding set to continue for another 5 days. The winner of Andy’s painting will also receive its physical contemporary – the physical painting – which will be shipped by Apenft.

Unveiling the Mystery Box NFTs

Another exciting listing that will be available on the Binance NFT Marketplace from June 24 is the ‘Mystery Box’. Mystery boxes are exactly as their names imply – mysterious. The boxes create fun by utilising the element of surprise to spark curiosity in the users.

While the premium NFTs will be sold at higher prices, mystery boxes will be available at a lower price with the associated possibility of winning a limited edition NFT every time you open a mystery box.

Of these boxes shrouded in mystery, the first collection to debut is ‘tokidoki’ which is Japanese for ‘sometimes’. The iconic lifestyle brand is based on Simone Legno’s vision. It debuted in 2005. Since then, millions of tokidoki have been sold worldwide and even the digital version reportedly sold out up to 110,000 in minutes.

In total, there will be 16 iconic tokidoki designs. This would include 3 exclusive Binance branded characters obtainable only as part of the “tokidoki X Binance NFT All Stars Mystery Box Series 1”. This Mystery Box collection will be made available for purchase on the Binance NFT marketplace through NFKings productions.

Interested collectors can begin making purchases of “tokidoki X Binance NFT All Stars Mystery Box Series 1” from 12 PM (UTC+8) on the launch day.

Again, several of the 100 creators would showcase their collectables on the platform in the first week of the launch. Users will be able to bid for, buy and sell the NFTs of these local creators. While Binance will charge a processing fee amounting to 1%, creators and depositors will also continuously receive 1% royalty. This is unlike the 90% that accrues to the creator for the premium events.

The Binance NFT Marketplace will leverage the same tech as This will allow existing Binance users to log into the NFT Marketplace and trade with their current Binance accounts while also being exposed to other offerings. CEO of Binance, Changpeng “CZ” Zhao, has noted that Binance already serves millions of users annually amidst the booming NFT space. Going by this, new users will first have to register on to trade on the Binance NFT platform.

Most certainly, the rise of NFTs has radically changed the world of art for good, making it possible to own arts digitally. Much more, however, with this Bitcoin NFT Marketplace, the opportunity of a few will now be brought to many.

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