Binance Plans To Launch A Decentralized NFT Platform

Binance has announced that it will soon be launching “a non-custodial, on-chain platform to facilitate the full lifecycle of NFTs for creators, brands and their fans.” The new platform is called “Featured by Binance”.

“We are excited to announce the imminent launch of a new platform that we’ve been incubating called Featured by Binance. Our vision is to provide a non-custodial, on-chain platform to facilitate the full lifecycle of NFTs for creators, brands and their fans.”

According to the CEO of Featured by Binance, at launch, the platform will focus on helping Binance’s brand partners.

“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.”

Here is what Binance has to say about the current state of the NFT market:

“It’s interesting to observe that the hype was driven in equal parts by creators/fans embracing this newfangled technology, and on the flip side, mainstream media who is desperately trying to understand why anyone would spend meaningful money on easily replicable digital assets.

“In any case, the NFT hype peaked in early May 2021 and has since settled back down to less frothy levels. Even then, NFT transaction volumes are an order of magnitude higher than before, when hardly anybody knew what NFTs were. I’ll take 10x growth in three months any day…

“We believe that the next evolution of digital goods will be on the blockchain and NFTs are the first step towards that transformation.”