Things keep getting exciting at the NFT front.
One of the biggest names in the Cryptocurrency arena, Binance has now decided to launch a decentralized NFT platform by the name “Featured By Binance”. The aim of the platform combined with Binance’s vision is to provide a non-custodial, on-chain platform in order to facilitate a holistic lifecycle for creators, their brands, and most importantly their fans.
Creating new markets
Binance has aggressively put its foot forward in this space as it is looking at using its vast experience in launching tokens and creating markets in the NFT space. The platform will assist its brand partners to launch digital NFT assets in the marketplace to trade the assets. Creators will be given tools to mint, sell and also display their unique NFT creations. The platform Binance believes that the NFT hype is here to say.
“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”
NFT spreading its wings
NFT’s sure has captured the imagination of the mainstream audience and in a way, it is now becoming a popular trend. There are some passionate NFT lovers and fans on one side who believe that the market is still hugely untapped and on the other hand a group of naysayers who still do not get why anyone would spend on easily replicable digital assets. But NFT peaked this year in May and still doing well because slowly yet surely it is finding takers. The magnitude of NFT transaction volumes also are higher than before and it is important that larger organizations like Binance proffer a useful platform.
Binance is aware that the pandemic has shifted perspectives to digital platforms. Digital goods now are used in multiple ways in order to engage with fans and create monetization out of it. Gen Z’s from the era of hi-tech appts and devices have embraced newer trends and have been responsible for the immense hype and popularity.
By foraying into this, Binance surely believes that the evolution of digital goods will be on the blockchain, and with them now taking lead, NFTs are sure to amplify in terms of popularity.