Nonfungible tokens are a type of digital asset. These assets allow creators to authenticate ownership of rare virtual items including works of art, sports trading cards or even music. According to NonFungible.com, a website that tracks data on NFTs, total sales of NFTs soared to more than $2 billion in the first quarter, 2021. Unfortunately, for creators that produce NFTs, marketplaces that sell NFTs, blockchain networks that host NFT marketplaces and the cryptocurrency exchanges that facilitate trade of NFT tokens and coins, the NFT market has taken a major dip.

NFT MARKET NEEDS A MAJOR EVENT TO BOOST ACTIVITY

After a wild two months beginning February 2021, the NFT sector appears to have slowed dramatically.  

"On OpenSea, a major NFT marketplace, monthly sales were $93.6 million in April, having hit almost $150 million in March, compared to $95 million in February and $8 million in January," says Elizabeth Howcroft, Special Technical Reporter, Reuters.com.

Whether it is minting, trading NFTs, or trading NFT-based coins as well as tokens, prices have either dropped or have stabilized.  Even NBA Top Shot, an NFT market leader has seen its sales drop signficantly from a high of $232 million per month in February 2021, to $92.1 million in April.  

nba top shot sales2

WILL THE BINANCE NFT MARKETPLACE LAUNCH SERVE AS A CATALYST TO BOOST THE NFT SECTOR?

June 2021 will see the launch of Binance NFT, a leading NFT trading platform for global artists, creators and related crypto enthusiasts. Some of the compelling benefits are:

  • Premier exhibitions
  • NFT collaborations
  • Best of breed, industry leading liquidity
  • Minimal trading fees (for users and creators)
  • 90% payout to artists

MEDIUMS SUPPORTED:

  • Visual arts
  • Gaming
  • Music
  • Sports

CAN BINANCE JUMPSTART THE NFT SECTOR?

As the world’s largest crypto exchange by trading volume, Binance is strategically positioned to jumpstart the NFT sector.  Its entrance into the NFT space will:

  • Add much needed liquidity;
  • Lower fees for creators, traders and app developers;
  • Improve transaction fees.

“Our aim is to provide the largest NFT trading platform in the world with the best minting, buying and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community,” said Helen Hai, head of Binance’s NFT project.

With a renewed emphasis on NFTs Binance may assist the leading and upstart NFT project to enhance awareness, grow their ecosystems as well as drive coin, token and NFT sales. It is quite possible that the launch of the Binance NFT marketplace may result in additional NFT coin and token listings, renewing interest in coins like OMI, Chiliz, REVV, Sandbox, Tower and others that have recently stalled. Or the sector may continue to struggle.

HOW CAN CREATORS MINT NEW NFTS?

Binance has created a landing page that allow creators to contact the exchange regarding potential partnerships.  Click here to contact Binance NFT Support.

ADDITIONAL NFT MARKETPLACES:

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