Global crypto exchange Binance is introducing its own non-fungible token (NFT) platform.
In a new blog post, Binance announced that it is launching “premier” NFT platform, Featured, which will go live on the Binance Smart Chain (BSC).
This year, the NFT mania swept across the cryptoverse. The demand for unique digital assets skyrocketed with iconic digital artist Beeple selling a piece that exists on the Ethereum blockchain for a whopping $69.3 million. NFTs have unique cryptographic properties, which means that a blockchain can verify the originality and ownership of such digital assets, which include artworks, parcels of virtual lands and collectibles.
At its conception, Featured will focus on working with Binance brand partners to mint, display and sell NFTs.
Says Binance,
“We want to apply our deep experience in launching tokens and creating markets to the NFT space. At launch, the platform will focus on helping our brand partners launch NFT assets with strong unique narratives, a marketplace to trade those assets, and creator tools to mint, sell and showcase their NFT creations.”
As Binance admits, the hype surrounding NFTs has settled down since Beeple sold his expensive piece, with NFT-related crypto assets far down off their highs as well. For example, top NFT project SuperFarm is down 85% off its all-time high of $4.74.
However, Binance commits to the notion that NFTs are not a “flash in the pan” and will have longevity in the crypto world. The exchange asserts that digital goods will only face increased demand as a new tech-savvy generation develops.
“Digital goods have been used successfully in a multitude of ways to engage fans and monetize IP (intellectual properties). GenZs, who grew up in the era of app stores, are primary drivers of this trend as there is an increasing number of younger consumers entering credit-worthy age.
We believe that the next evolution of digital goods will be on the blockchain and NFTs are the first step towards that transformation.”
Anyone interested can head to Featured to subscribe for notifications regarding the platform’s launch.
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