A few hours earlier, Binance announced that the company is going to enter the NFT industry in June 2021. The new NFT platform and marketplace aims to bring together artists and crypto enthusiasts from all over the world, and it definitely sounds like a step in the right direction given the ongoing NFT frenzy and the massive amounts of capital it has managed to attract over the last months.
NFTs and DeFi have already taken the crypto game to the next level, providing the fuel needed for massive growth and further adoption, and pushing the crypto trend forward by making headlines almost on a daily basis. I think we were all expecting the biggest exchange in the game to make a move, and there we have it.
Expect a packed lineup of premier exhibitions and NFT collaborations, along with Binance’s industry-best liquidity - all with minimal fees for users and creators.
Source: binance.com
Non-fungible tokens have become quite popular lately, with artists, sports stars and all kinds of influential individuals getting genuinely interested and involved. Binance serves millions of users around the world and is looking to provide them with the best alternative when it comes to creating and trading NFTs.
Exposure being one of the perks. Some would argue that Binance has already accumulated way too much power, with BSC's validator structure making it way more centralized than its rivals. Analyst researchers believe that all 21 BSC validators chosen daily by Binance Chain to confirm transactions are somehow tied to Binance, while also pointing out that centralization in itself is the reason why BSC is faster and more scalable than the Ethereum network. Tricks to the trade; we can't have it all.
One thing is certain: Binance is one of the most reliable cryptocurrency exchanges out there, offering a wide variety of crypto-related services and even providing users with the ability to deposit and withdraw fiat currencies, so I expect the launch of their new NFT platform and marketplace to act as a catalyst for further crypto adoption. The crypto game used to be for the super-technical folks, but it's gradually becoming much more popular among internet users.
The NFT hype has successfully introduced crypto to a wide range of creators and collectors who weren't interested before, drawing capital into the space and spreading the word about the cryptocurrency revolution on social media. With that in mind, and considering the fact that Binance is planning to provide revolutionary NFT services, I think it's safe to assume that the NFT industry will keep booming in the years to come. That's just a wild guess for now, but the signs are there.
With NFTs being unique and not interchangeable, they can be thought of as certificates of ownership for virtual or physical assets, which in itself is a technological breakthrough that has the potential to change the way we live for the better, by introducing a whole new level of trust without the need of intermediary services.
NFTs in 2021 represent mainly works of art and financial assets, but in the not so distant future we will be able to take things to the next level. Smart contracts can potentially transform the way we exchange contracts when buying/selling property; the key of the new whip you bought with crypto money could come as an NFT. No limitations.
NFTs have the potential to tokenize everything we do, showing the world that decentralization has never been easier, and we are just getting started. A reliable but centralized market place of this caliber is a good start, and the technology behind the NFT revolution is all the evidence you need that we will come up with many ways to overcome all obstacles on our way towards a transparent, fully decentralized world.
The road may be bumpy, but we will make it. Just stay committed to the process.
Alright guys, that's it for now. Thank you for taking the time to read these lines.
Just my two cents. This is by no means financial advice. Just sharing my personal views and experiences. Please do not take my word for your investment choices, and always do your own research.
Stay safe and have a good one,
