![]() ![]() The final product line, the Mystery Box, is a collection of miscellaneous and rare digital art. Approved artists can mint their art and put it for sale (at a fixed price) or auction (to determine the highest price). The marketplace is a much more open section of Binance Marketplace. Artists and enthusiasts can transact in these exclusive events to buy/sell premium crypto art. Binance NFT marketplace will feature three distinct product lines - Events, Marketplace and the Mystery Box.Įvents, as the name suggests, will bring digital collectables from leading artists globally under one roof. ![]() This cryptocurrency exchange has played an important role in promoting crypto adoption, and there is an expectation that it may continue to do so for NFTs too. Binance NFT Marketplace Focusīinance is a well-known name in the digital assets domain. NFTs can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known). Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. These tokens are stored cryptographically in a blockchain network for authentication and validation. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.Īlthough NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. Something which is fungible is replaceable. NFT is an acronym for “Non-Fungible Tokens”. What is an NFT Marketplace?Īn NFT Marketplace is a marketplace for NFT. Additionally, it will also support NFTs on the Ethereum network. This marketplace will function primarily on the Binance Smart Chain using the BEP-721 tokens (Binance’s NFT token standard). Genesis will feature works from Warhol & Dali and will continue for five days till 29 June 2021. The marketplace lists all major genres of NFTs like gaming (sports and esports), collectables, entertainment and art.īinance’s NFT marketplace launch will begin with the “Genesis” and “Mystery Box Series 1” auction event. Binance launched its NFT marketplace on 24 June 2021 featuring digital artwork auctions by Andy Warhol - the American artist who inspired the pop art movement and Salvador Dali - the Spanish artist known for the fabled artwork “The Persistence of Memory”. Cryptocurrency exchange Binance has finally entered the crypto art market.
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