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Binance, the market’s largest volume exchange for bitcoin (BTC) and cryptocurrencies, launched its non-fungible tokens (NFT) marketplace today, June 24.
This market for digital collectibles was incorporated as a new section within the exchange platform, so those who already have a Binance account, do not need to make any special registration.
At the time of writing this article, the NFT marketplace is already operational, as verified by CriptoNoticias.
The collectibles platform shows, as a featured image, the “Genesis” collections, whose auction will begin in a few hours, and “All Stars Mystery Box Series 1” which already allows for bids to be made.
In the background, it shows the trending tokens. These are four works by artists Ego Rangel (ArtCrypted), BiancaBeers, Sabotage and Mr Sexman. All of them are up for auction and with active offers on Binance Coin (BNB) and Binance USD (BUSD) stablecoin.
NFTs can be purchased with BNB, BUSD, or ETH, depending on the artist’s choice. Source: Binance.
Finally, Binance adds the “Today’s Picks” section in which it offers eight NFTs chosen daily by the company. Among them is “I count many”, by the Mexican artist Ego Rangel (ArtCrypted). It is a 16-second video that refers, according to the description of the token, to the “intervention of the Mexican military in 2018, where they show their power and patriotic violence a year before the most violent year in the history of Mexico.”
This NFT has, so far, eight offers, the largest of them for 5.19 BNB (equivalent, at this time, to USD 1,842). The auction ends in a week.
The work “I count many”, by the Mexican artist Ego Rangel, is featured in the “Today’s Selections” section. Source: Binance
These first NFTs to be traded on the platform correspond to artists previously selected by Binance. As this information portal reported days ago, the exchange led by Changpeng Zhao chose 100 “high-profile” creators so that their works were present since the marketplace inauguration.
How to buy and sell NFT on Binance
The unique requirements to bid for any of these tokens They are having a verified account in Binance and having BNB, BUSD or ether (ETH), at the time of bidding in an auction. The procedure is simple and the exchange takes the funds directly from the Spot account (the same one used for trading) so it is not necessary to make transfers within the platform, as it is, for example, for the P2P market.
Binance users who wish put their own works up for sale, they can do it too. Simply, the interested party must click on “Create” and choose the file to upload from their computer or mobile phone. The supported formats are JPG, PNG, GIF, PDF, MP4, MP3, MPEG, AVI, WAV, and SVG.
Binance adds the NFT Marketplace as one more section within its cryptocurrency platform. Source: Binance.
Unlike what happens on decentralized platforms, for example, OpenSea, on Binance, These works of art go through a selection process. “First, our team will approve the content to make sure it is appropriate for publication,” reports the company on the FAQ page within the platform. The criteria used for this evaluation are not clear.
The approval process can take between 4 and 8 hours and, upon completion, the user’s NFT immediately appears as a fixed-price auction or sale, depending on the artist’s choice.
NFT on the Binance Smart Chain and files on a centralized server
At the moment, Binance does not allow depositing or withdrawing NFT to self-custodial wallets. The company promises that this option will be available soon. The tokens are minted in the BEP-721 standard of the Binance Smart Chain and their existence can be verified in a block explorer. For example, this is a token associated with the aforementioned work “I count many”: 0x1dDB2C0897daF18632662E71fdD2dbDC0eB3a9Ec.
In order to access the file associated with each NFT, the only way is to enter the Binance Marketplace which is where they are stored. This means that, to a certain extent, these collectibles can be considered centralized.
Binance has proposed as a mission, in relation to this marketplace, “to lead the future of the metaverse.” It claims to have, for this, “innovative creators, diverse and quality works, greater benefits and a dynamic platform.”
Shall compete with existing NFT trading markets, both decentralized (among which OpenSea and Rarible stand out) and centralized (for example, that of the Crypto.com exchange).
“Our new global market will become the main destination for NFT and digital collectibles in all media, from visual arts and games to music and sports,” Binance said two months ago, when announcing the launch.
The arrival of Binance to the world of NFTs represents a challenge for the company, not only because of the existing competition but because, as reported by this medium, the sales volume of these digital collectibles it has declined considerably in recent weeks.
The “NFT-mania”, which gained momentum months ago, reaching record highs in sales in March, has entered a period of calm. Perhaps, the arrival on the market of the cryptocurrency exchange with the highest volume of trade will reverse this downtrend.