Binance, the world’s largest cryptocurrency exchange, revealed on October 21 that its NFT marketplace has been merged with multi-chain functionality for NFT withdrawals and deposits, making it the first exchange to do so.
Users will be able to move their NFTs between the Binance Smart Chain and Ethereum as a result of this.
According to the announcement, with the introduction of these two functionalities, Binance NFT will be elevated to the status of an open marketplace ecosystem, where users may now deposit their current NFTs for sale or trade, as well as withdraw NFTs to other platforms.
The fact that the most popular NFTs are mostly located on Ethereum, followed by competitor Solana, means that this change will enable Binance’s NFT marketplace to witness an increase in transfer volumes.
Emerging NFT Platform In Cryptocurrency Exchanges
Prior to the introduction of Binance’s NFT platform in June 2021, the NFT sector was controlled by markets based on Ethereum, such as OpenSea.
However over the last several months, many other prominent cryptocurrency exchanges, like Binance, have built their own NFT platforms in an attempt to get the market share away from OpenSea and commercialise NFT technology.
In addition, cryptocurrency exchange FTX US also stated earlier this month that it will be expanding its marketplace to include Solana-based NFTs that were manufactured outside the platform. Prior to this, the exchange would only accept NFT that were created on its website, which was seen as a limitation.
In the meantime, Coinbase also said that it will be launching its own platform before the end of the year, joining the growing list of cryptocurrency companies.
NFT Startups Will Also Put Challenges
Other than that, an NFT startup, Candy Digital has also raised $100 million in a Series A funding round. The business wants to create an environment for fans to purchase, exchange and trade legally licenced Major League Baseball (MLB) NFTs.
The NFT marketplace is built on the Ethereum sidechain, Palm. Candy Digital will introduce three new products in the coming weeks that will be linked to the MLB playoffs and World Series.
Candy also has partnerships with organisations such as the Major League Baseball Players Association (MLBPA), the Race Team Alliance (RTA), and collegiate athletes.
It plans to utilise the investment fund to integrate new sports partnerships, as well to expand its creative content studio, user experience teams, and NFT marketplace. It will also increase the number of employees in areas such as recruitment, engineering, and customer success.
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