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Today we are going to talk about some very exciting news! Just a few hours ago, Binance announced its launch of the NFT platform.
Before we talk about it let’s just highlight the fact that Binance’s announcement happened few hours before the coin offering of Refinable. Now, this is really weird because it is supposed to be a backer of Refinable and them announcing their own NFT marketplace just before its offering does not make sense.
Our thought now is that Binance has invested in Refinable a while ago and they have seen the NFT space is blowing up and now they decided that they want their own platform too! This is not backed or supported by evidence and it’s just a thought process we had.
As more communities and users begin to interact with existing NFT projects, the issue of scalability and mass onboarding becomes apparent. Ethereum transaction fees have been skyrocketing due to massive activities in other blockchain projects, causing the average users to pay upwards of $60USD for creating or transacting an NFT token. Platform commission fees have been equally exorbitant, while other users wait for months to be verified on selected platforms. This where Refinable steps in to create a one-stop NFT solution addressing these issues.
As the first major NFT hub on Binance Smart Chain (BSC), Refinable is the definitive platform to create, discover, trade, and leverage any digital content on the blockchain. Refinable offer to its users a next-gen platform that can support the next billion users in their NFT endeavors with the following characteristics that differentiate them as a platform:
In less than 24 hours, Refinable Price (FINE) reached a price of $8.36 and dropped to a current price of $3.38. Now imagine that its ICO (initial coin offering) price was $0.033. That’s a 25,000% increase at its highest high and a 10,000% increase from the current price after the drop. Like in most offerings, it was very difficult to actually get in and most of the time if you can’t get in right away it’s better to wait to see a drop. In this case, the price dropped to $7 and then to $4.
Binance is the world’s largest cryptocurrency exchange that provides a platform for trading the various cryptocurrency pairs. As of January 2018, Binance was the world’s largest cryptocurrency exchange in terms of the trading volume. Binance was founded in 2017, by Changpeng Zhao, a developer who has previously created high-frequency trading software.
Yesterday’s announcement has Binance launching an NFT marketplace in June, with the aim to be the leading NFT space and trading platform. The new marketplace will bring together artists, creators and crypto enthusiasts from around the world. Furthermore, Binance NFT will share the same account system as Binance.com, allowing users to access the marketplace alongside the other ecosystem offerings.
Binance NFT will be packed with exhibitions and global auctions as well as top artists and in-demand content exclusively available. The marketplace will debut with two main venues: a “Premium Event” category for the most sought-after collaborations and a “Trading Market” that allows everyday users to easily create NFTs at a minimal cost.
“Our aim is to provide the largest NFT trading platform in the world with the best minting, buying and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community,” said Helen Hai, Head of Binance NFT.
For curated “Premium Event” collections, artists receive 90% of profits from sales setting a new benchmark for NFT rewards.
Users can also deposit their NFTs to the “Trading Market” and choose to list them for sale or for auction, at a minimal cost. Binance charges a nominal 1% processing fee—and creators or depositors receive a 1% royalty payment for all subsequent trades.
“Binance serves millions of users around the world, many of whom will now be able to access the booming NFT space. In line with our commitment to the freedom of money globally and building an inclusive ecosystem, the Binance NFT marketplace will also support small value creators by providing the highest liquidity and cheapest fees for users,” said Changpeng “CZ” Zhao, CEO of Binance.
Binance’s NFT launch will not be the last one in the space of NFTs. We have NBA TopShots, NiftyGateway, OpenSea, Rarible and many more. They are all competing with each other and will be interesting to see who will dominate the NFT marketplace in the end. It will surely be the most cost-effective since this is a huge issue NFT artists face when submitting their own digital artwork in the marketplace.
Disclaimer – I/we have no position in any stock mentioned. I wrote this article myself, and it expresses my personal opinions. I am not receiving any compensation for it, other than FDGT Academy. I do not have or had in the past any business relationship with any company that is mentioned in the above article.
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