Binance Seed Fund invests in NFT projects: NFTB, continues to increase the NFT market
This article comes from tokenist, original author: Shane Neagle
Odaily Translator |
Odaily Translator |
Editor’s Note: Binance Smart Chain (BSC) can offer cheaper fees and support the growing NFT market, and now, artists and creators are ready to experience it!
Although NFT has been a hot spot in the cryptocurrency market in recent months, many industry analysts believe that it is still in the infancy of the NFT ecosystem, but even so, NFT-related projects have begun to flock to creators, artists and investors. Platforms such as DapperLabs (currently valued at $7.6 billion) have attracted significant investment.
Once NFT is finally accepted by the public, the way it is purchased, traded and used will change a lot. Although most NFT transactions are currently concentrated in the field of physical services, goods and art sales, there will definitely be a wider range of applications in the future. Today, the number of users using NFT has shown an explosive growth trend, because NFT tokens can be applied on a large scale, and as iterations accelerate, the business coverage of the NFT platform will further expand, gradually covering digital rights management, music , commodity ownership and other fields.
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Binance launches the world's largest NFT trading platform
Due to the rapid growth of the NFT market, it quickly attracted the attention of many start-up companies. In April 2021, the cryptocurrency exchange Binance (Binance) announced its entry into the NFT industry and launched a groundbreaking NFT trading platform-Binance NFT, which aims to bring together artists, creators and investors from all over the world.
Binance NFT is based on two interrelated design philosophies:
First, Binance tries to reduce the transaction fees for creators and investors to the "absolute minimum". Artists only need to pay a small gas fee on the Binance Smart Chain to complete the process. trade;
Scaling and reducing transaction costs has always been Binance’s goal, Helen Hai, head of Binance NFT, explained:
Second, Binance hopes to build a collaborative network around Binance NFT and attract more people to the Binance ecosystem in two ways: one is to provide unique products and exclusive cooperation services, and the other is to encourage Binance. Existing investors on .com explore the NFT market with Binance’s other crypto ecosystem products.
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Binance invests in NFTb - the first top NFT trading platform on BSC
In fact, in addition to receiving direct investment from Binance, NFTb has also received strong support from the Binance community.
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NFTb——Achieving NFT and cross-chain integration
The reason why NFTb is favored by the financial industry and the general community is largely because the trading platform can solve the current liquidity restrictions and inward investment problems in the NFT market.
At this stage, one of the biggest problems in the NFT market is: cost. As the number of crypto users continues to grow, many protocols and decentralized applications need to be integrated, which leads to increasing transaction complexity, and the slow speed of Ethereum processing transactions prevents many potential users from fully participating in this field. In addition, the NFT market faces two other pain points-expensive fees and lack of liquidity, which means that launching NFTs on Ethereum is very difficult. These issues are magnified as more and more artists and creators understand the value of NFTs and create tokens on Ethereum.
Frankly speaking, the idea behind NFTb is simple - make the NFT trading platform 100% owned by the community, so that creators can get the most out of their NFTs, and also give them access to the fast-growing Binance Smart Chain user base . With the further development of the platform, NFTb will also explore functional services such as oracle integration, price discovery tools, and cross-chain transactions, and use Binance Smart Chain as a "contact point" to open up cross-chain NFT liquidity.
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The future belongs to cross-chain
Not only that, following the launch of the NFTb platform, Binance will also build a comprehensive technical partnership with NFTb, and will later integrate NFTb's cross-chain NFT exchange function.
"One of the biggest problems of the NFT platform is the lack of compatibility. We designed NFTb as an "entry point" for NFT based on the Binance Smart Chain, allowing NFT creators to use the easiest way to reach users. We believe that the Binance Smart Chain is an extension The best technology choice for NFT."
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Can Binance provide more support for the growing NFT industry?
This is a "billion dollar" question. In the past few months, the number of projects on Binance Smart Chain has increased significantly, but so far, no "cross-chain projects" have emerged.
