Featured by Binance is a blockchain-based initiative to help digital creators and artists leverage the power of the technology.
Binance X, a Binance-backed developer platform is announcing the proposed launch of its Non-Fungible Token (NFT) platform. The premier platform, dubbed ‘Featured by Binance’ is a non-custodial, on-chain NFT platform built on the Binance Smart Chain (BSC) network. Per a press release shared with Coinspeaker, the new platform will support the full life cycle of a unique NFT. This life cycle ranges from minting, marketing, distribution, secondary trading, and redemption.
NFTs, though around for a while, became a buzzword in the cryptocurrency industry this year. The space in 2021 has witnessed the $63 million sales of Beeple’s ‘Everydays’. This is further boosted by the growing emergence of new NFT marketplaces. While we appear to have journeyed into a world of recognition, NFTs adoption is still at a low ebb. The platform is designed to resolve this challenge as it is designed to bring creators, brands, and their fans together.
Billed to debut later this quarter, the platform will focus on helping brands launch NFT assets that have unique narratives. Featured by Binance comes with functional tools designed to help to mint and showcase their NFT assets. Additionally, the new platform is scheduled to be backed by a marketplace to help in the trading of the minted NFTs.
“We believe the next evolution of digital goods will be on the blockchain and NFTs are the first step towards that transformation which will benefit the way we engage with brands and service users,” said Teck Chia from Binance X. “Our goal is to work with forward-looking brands and creators around the world that have a long-term perspective on this shared vision.”
The Featured by Binance platform will let anyone, both small and big creators, harness its potentials without undue screenings.
Key Benefits of the Binance NFT Platform
Featured by Binance is a blockchain-based initiative to help digital creators and artists leverage the power of the technology. Among the core benefits users stands to enjoy include; the immutability of assets stored on the blockchain as NFTs. Also, it will help in the harnessing of the trustless capability of the technology to link creators with their fans. In all, users can push for a global reach through open-source protocols and the proliferation of innovations.
“We believe Featured by Binance will unlock a lot of exciting innovation in digital goods,” said Binance CEO CZ (Changpeng Zhao). “We want to apply our deep experience in launching tokens and creating markets to the NFT space to help brands and creators unlock these benefits.”
The platform will lean on the global prominence of the Binance cryptocurrency exchange. Binance currently ranks as the largest trading platform in the world by trading volume. As such, this may impact the growth of the new platform indirectly. In general, Featured by Binance will seek to connect with more users across all regions. This ambitious push will be targeted in both the short, medium and long terms respectively.
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