FAQ

Why is Binance getting into NFTs?

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.

Given the recent decline of NFT sales, do you still believe NFTs are here to stay?

We believe NFTs are part of a bigger behavioral shift and our platform would like to be a factor in how this plays out. 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.

Why would anyone spend meaningful money on easily replicable digital assets?

Digital goods have been used successfully in a multitude of ways to engage fans and monetize IP. GenZs, who grew up in the era of app stores, are primary drivers of this trend as there is an increasing number of them coming into the credit-worthy age. We believe that the next evolution of digital goods will be on the blockchain and NFTs are the first step towards that transformation.

What are the benefits of digital goods on the blockchain?

What we are seeing are early market dynamics pushing digital goods towards a better platform. Just as "money" and financial markets (DeFi) have, slowly but surely, migrated to the blockchain, digital goods will do the same, and here are four unique properties of the blockchain that make it a better platform for digital goods:

Direct-to-Fan Relationships via Trustlessness

Blockchains enable peer-to-peer transactions via smart contracts without any trusted intermediaries. By minting NFTs on the blockchain, creators are establishing a direct relationship with their fans free of any platform risks.

Global Reach via Open Accessibility

Most blockchains run on a public infrastructure that is universally accessible. Everyone, regardless of where you're located or who you are, interacts with NFT contracts in the same way, unfettered by proprietary platforms and restrictions.

Permanence via Immutability

NFTs, once minted on the blockchain, cannot be altered. This confers a strong sense of ownership and permanence, which is especially important in the gaming and the collectibles space.

Rapid Innovation via Open Standards

NFTs are based on open standards (ERC/BEP-721, ERC/BEP-1155, etc.). Standards give rise to network effects, interoperability, and composability, the same reasons why DeFi (and the internet for that matter) is such a disruptive force. We believe this will unlock a lot of exciting innovations in digital goods.

Who do you work with on this platform?

Our MO has always been to partner with forward-looking brands and creators that have a long-term perspective on this vision. In the past few months, we have engaged with many artists, brands, IPs, and creators in all manners of crypto sophistication, popularity, and genres.

Where do we sign up?

For NFT enthusiasts and collectors

Please sign up to be notified at our Featured by Binance home page.

For creators and brands

If we haven’t had a chance to engage with, we’d love to speak with you. Please drop us a note at [email protected]

How is Featured By Binance different from Binance NFT?

“Featured by Binance” is a decentralized, non-custodial premier NFT platform which adheres to principles of blockchain and is available globally, comparing to the centralized one on Binance.com.
NFTs are just the first step in our journey,
Towards the waves of digital assets moving to the blockchain, we are here to work with brands and creators to figure out their long-term strategies around digital assets onto the blockchain.

Will the platform focus on small value creators?

Yes, in this digital age where social media is increasingly surpassing traditional media in influence, everyone is a brand. Any creator, large or small, can mint and sell their NFTs on “Featured by Binance”

What are the associated fees including for buyers and sellers?

For premium drops, the creator will receive 90% and Binance will receive 10%.
  • For secondary sales, Binance will take 2% of the sales.
  • We also support royalties for secondary sales, all royalty proceeds will go to the creator.

What types of NFTs will the platform marketplace include?

Featured by Binance supports all types of digital access from genres like Art, Music, Games, Collectibles, Photography, Sports, Metaverses, DeFi, Memes, etc.

What blockchain will “Featured by Binance” support?

“Feature by Binance” will support Binance Smart Chain at launch. We will also support interoperability with other blockchains as decentralized bridges become available. Our team has invested and is keeping a close eye on the development of these projects.
Last modified 4mo ago