Rarible/Binance marketplaces

Rarible/Binance marketplaces

First, let’s start with Rarible; on Thursday, April 29th, they announced a partnership with Wyre, a regulated Money Service Business, to allow users to add ETH funds with Apple Pay and Credit Cards.

This announcement is significant because it allows for more people to enter the NFT market. Rarible is already a huge NFT market, and with this announcement, who knows how big it will get. But, this isn’t the first time an NFT market accepts credit cards as a form of payment. Others like Nifty Gateway have been doing it for years now.

The biggest takeaway from this announcement is that there is now no excuse not to buy the gazette.

In other big news, Binance announced their entering of the NFT hype with the creation of their own NFT marketplace. The marketplace is expected to come out in June and will be called Binance NFT.

It will run mainly on Binance Smart Chain, but the Ethereum network will also be supported to allow users to view Ethereum NFTs in their Binance wallet. According to Binance NFT head Helen Hai, it aims to “provide minimum NFT transaction costs.”

Binance plans dividing the marketplace into two main parts. The first part is the “Trading Market” which allows everyday artists to create NFTs with Binance charging a 1% processing fee. The second part is a “Premium Event” meant for high-end artists and exhibits, and Binance will charge a 10% processing fee. 

Binance is trying to make NFTs more centralized with the creation of this NFT market. It will be interesting if people actually care about how decentralized their art is. Also, It wouldn’t be crazy to see smaller artists migrate toward this new marketplace because of the lower gas fees BSC offers. I would suggest reading Matty’s thoughts about this announcement.

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