Binance X Launches Its Official NFT Platform Based on the BSC Network

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Binance X Launches Its Official NFT Platform Based on the BSC Network
Binance X Launches Its Official NFT Platform Based on the BSC Network

Binance X, a developer platform supported by Binance, announced the official launch of their non-fungible token (NFT) platform, Featured by Binance. According to the announcement, the system will be an unguarded and on-chain system based on the Binance Smart Chain (BSC) network, connecting creators, brands and their fans.

Featured by Binance to Support the Entire Cycle of a Unique NFT

The new platform is designed to support the entire cycle of a one-of-a-kind NFT, from the start of the minting to marketing, sales, secondary trading and redemption. “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,” commented Teck Chia, Featured by the CEO of Binance.

According to a blog post published by the CEO, the pandemic is one of the driving factors that made Featured by Binance a reality, as well as the NFT hype that has been seen since 2020 during the COVID-19 crisis.

“We believe that the next evolution of digital goods will be on the blockchain and NFTs are the first step towards that transformation. What we are seeing are early market dynamics pushing digital goods towards a better platform. Just as money and financial markets (DeFi) have, slowly but surely, migrated to the blockchain, digital goods will do the same,” he added.

Binance CEO Positive Speech

The functions provided include the immutability of the assets stored in the blockchain. Regarding the launch of Featured by Binance, Binance CEO Changpeng Zhao (CZ) said: “We believe Featured by Binance will unlock a lot of exciting innovation in digital goods. We want to apply our deep experience in launching tokens and creating markets to the NFT space to help brands and creators unlock these benefits.”

Recently, data from NonFungible.com showed that the weeklong transaction volume around the peak of the NFT market in early May hit $170 million. However, that number has dropped to $19.4 million in NFT sales, down about a 90% decrease.