Binance Launches an NFT Marketplace

Binance, a major cryptocurrency exchange, plans to launch its non-fungible token, or “NFT,” marketplace on Thursday, June 24th.

The launch will include a premium auction, Binance NFTs first series of “Mystery Boxes,” and the kickoff to Binance’s “100 Creators” program.

The premium auction, titled “Genesis,” will feature two pieces of artwork: a community artist’s tribute to Andy Warhol’s “Three Self Portraits,” and a redesigned NFT version of Salvador Dali’s “Divine Comedy: rebeget” that will feature in the pattern of the artwork the bitcoin symbol, Binance CEO Changpeng Zhao’s signature (CZ), and the Binance logo. These symbols are only visible when zooming in.

The auction will also include a series of Binance NFT “Mystery Boxes” featuring 16 collectible Tokidoki characters. Tokidoki is an international lifestyle brand created by Simone Legno which debuted in 2005 and is known for its cute, cartoonish characters.

The auction will begin at 10 AM Singapore time (10 PM EST Wednesday) and last for five days.

Additionally, the “marketplace” category will launch that same day with work available from Binance NFT’s 100 Creators program. The 100 Creators program will feature work from selected artists around the world. Only these artists will be able to sell their work on the marketplace the week following the launch.

The NFT marketplace will run primarily on the Binance Smart Chain, but will be supported by the Ethereum network as well.

According to The Block, a company spokesperson said this week that Binance aims “to build the largest NFT trading platform in the world by leveraging the fastest, cheapest, and most secure NFT solutions powered by Binance blockchain infrastructure and community.”

The launch comes at a time when trading volumes and transactions on NFT platforms have been steadily falling after spiking earlier this year.

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