Cryptocurrency exchange Binance said it plans to launch a non-fungible token (NFT) marketplace in June.
The marketplace is aimed at creators and traders of collectibles in visual arts, music, games, sports and more, according to an emailed announcement by Binance Tuesday.
I guess all the artists will need to buy a lot more BNB for all those fees .... before it hits $1,000 ... Yikes.
It “will run on (mainly) the Binance Smart Chain (BSC) and the Ethereum network will be supported as well,” meaning users will be able to view Ethereum NFTs in their Binance wallet account, a spokesperson for the exchange told CoinDesk.
The platform will be divided into two main parts: premium events and trading market.
Premium events will feature select works and high-end exhibitions, for which Binance will charge a 10% fee with creators receiving 90% of the proceeds. The trading market will be for users to create and deposit their own NFTs for a processing fee of 1% and will subsequently receive a 1% royalty from proceeds.
Digital Art created from original oil pastels on paper ....