Binance X, a developer platform supported by Binance, announced the official launch of its non-fungible token (NFT) platform on Thursday. Recommended by Binance. According to the announcement, the system would be an unguarded and on-chain system based on the Binance Smart Chain (BSC) network that will connect creators, brands and their fans.
The brand new platform is supposed to support the entire cycle of a unique NFT, starting with the minting through the marketing, the distribution, the secondary trade up to the taking back.
“We would like to apply our many years of experience in the introduction of tokens and the creation of markets to the NFT area. At launch, the platform will focus on helping our brand partners bring NFT assets to market with strong, unique narrative, a marketplace to trade those assets, and creator tools to mint, sell and showcase their NFT creations . ” Teck Chia, Commented by the CEO of Binance.
According to the blog post published by the CEO, the pandemic was one of the drivers that made Featured by Binance a reality, along with the NFT hype that has been seen since 2020 amid the COVID-19 crisis.
“We believe that the next evolution of digital goods will take place on the blockchain and NFTs are the first step towards this transformation. What we are seeing is early market momentum driving digital goods towards a better platform. Just as “money” and financial markets (DeFi) have slowly but surely moved to the blockchain, digital goods will do the same, “he added.
Binance CEO reaction
The functions offered included the immutability of the assets stored in the blockchain. Speaking of the launch of Featured by Binance, Changpeng Zhao (CZ), CEO of Binance, said: “We believe that Featured by Binance will unlock many exciting innovations in digital goods. We want to bring our extensive experience in token adoption and market creation to the NFT space to help brands and creators take advantage of these benefits. “
Recently, data from NonFungible.com showed that the one-week period around the peak of the NFT market in early May saw $ 170 million in transactions. However, that number has slumped to just $ 19.4 million in NFT sales, down about a 90% decrease.