Despite the hype surrounding NFTs in the last few months, many analysts believe that the NFT ecosystem is still in its infancy. NFT-related projects have seen a rapid influx of creators, artists, and investors, and platforms such as DapperLabs have attracted huge amounts of capital – $7.6 billion at the last estimate.

This is only the beginning, though. With celebrities like Mark Cuban, Lindsey Lohan and Tyga joining the NFT craze, NFTs are now appearing in the popular media. And while it would be easy to see this as just another crypto hype cycle being co-opted by celebrities, in reality it’s a sign that NFTs are about to go mainstream.

As they do so, the way in which they are bought, traded, and used is going to change. While the majority of NFT trades are currently related to sales of services, articles, and works of art, they have the potential to be used for much more. The explosive user growth in the use of NFTs is proof that the tokens can be used at scale, and that future iterations of NFT platforms could be used for digital rights management, including music or real world ownership.

Binance Launches the Largest NFT Marketplace

This potential for rapid growth has attracted many innovative companies, and this month saw the entry of Binance into the NFT space. Binance NFT's is, in the company’s own words, a groundbreaking NFT marketplace that will bring together artists, creators, and investors from around the world.

The potential of the platform rests on two interlinked design goals. One is that Binance has sought to reduce fees for creators and investors to an absolute minimum, with artists paying only a fraction of the gas costs to mint NFTs on Binance Smart Chain. 

Providing financial efficiency at scale has has been the explicit goal of the company, in fact, with Helen Hai, Head of Binance NFT, saying that “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.”

De second pillar of Binance NFT is the collaborative network the company has built around the platform. They aim to drive interest into the ecosystem in two ways – one is to offer unique offerings and exclusive collaborations, and the other is encourage investors already using Binance.com to access the NFT marketplace alongside the company’s other crypto ecosystem offerings.

Binance Invests in NFTb

Naast het bouwen van hun eigen platform, wil Binance ook de acceptatie en investeringen in de NFT-ruimte stimuleren door te investeren in parallelle platforms. Daarom hebben ze onlangs de financieringsronde geleid voor NFTb, een NFT-platform dat eigendom is van de gemeenschap dat zelf is gebouwd op het Binance-platform.

Alongside Binance investing in the platform directly, it has strong support across the Binance community.

Enter NFTb

De ondersteuning voor NFTb – both financial and from the wider community – is based on the promise that it can overcome some of the current issues that limit liquidity and inward investment into the NFT space. 

Primarily, this issue is one of cost. As the number of crypto “users” continues to grow, these protocols and Dapps find more ways to integrate and increase in complexity. This has meant that Ethereum has become slow and expensive to the point where it prices out a large percentage of would-be network participants.

The problem with the current NFT marketplace is two fold — high fees and lack of liquidity. NFTs launched on the Ethereum blockchain are subject to high fees, long wait times and unpredictable network fluctuations. This problem will grow exponentially as artists and creators around the world begin to learn the value of NFTs, and attempt to create them on Ethereum.

The team behind NFTb believes that Binance Smart Chain provides the necessary infrastructure to build a large scale NFT platform that can overcome these issues. And that is the idea behind NFTb. We are looking forward to further collaborations with Binance going forward in support of their new NFT marketplace.

The idea is simple enough – the 100% community owned platform will allow creators to reap more rewards, both in the form of NFT appreciation as well as access to the rapidly growing BSC user base. Then, as the platform expands, it will offer the opportunity for cross chain swaps for NFTs as well as oracle and price discovery instruments.  NFTb looks to connect cross chain NFT liquidity using BSC as the focal point. 

The Bottom Line

In short, NFTb offers more liquidity, more capital for NFT holders, a faster ecosystem, lower fees, and lends support to the BSC ecosystem. By providing a premier NFT marketplace, it will allow users to realize high yields on NFTs and access index funds, all via a mobile app with multi language support and a world-class UI.

The goal of NFTb is to become the leading NFT marketplace in the BSC ecosystem. That’s why Binance has put their own capital behind the project, and why it promises to be a game-changer for the NFT space. The team behind the platform believe that by bringing together the NFT BSC community, creators and token holders can start to build a healthy and vibrant marketplace for NFTs, and one that will be able to challenge the traditional dominance of art marketplaces.

NFTb Official Community :  https://t.me/nftbcommunity

Telegram Announcements : https://t.me/nftbmarket

Twitter: https://twitter.com/nftbmarket

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Source: https://www.theblockcrypto.com/post/103645/binance-invests-in-nftb-to-drive-nft-growth-on-bsc?utm_source=rss&utm_medium=rss