What is Binance?
Binance is a reputable cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 by Changpeng Zhao and is registered in the Cayman Islands.
It launched it’s NFT marketplace in 2021 where users can create, buy and sell NFT. This marketplace will function primarily on the Binance Smart Chain using the BEP-721 tokens (Binance’s NFT token standard). Additionally, it will also support NFTs on the Ethereum network.
The Binance NFT Marketplace is a platform that allows you to trade and create non-fungible tokens.
Creators can mint their own NFTs on both Binance and Ethereum and even transfer between the two blockchains.
It’s not just about creators, collectors can buy NFTs for a fixed price or through auctions.Binance pays the collector 1% royalty whenever a collectible is sold, on the other hand, depositors receive 1% royalty too whenever their deposited NFTs are purchased.
Binance supports fiat currency and cryptocurrency.