In the Project Spotlight series, we interview projects developing on the Binance Smart Chain (BSC). Previously, we shared interviews with many projects, including Tenderly, BunnyPark, MOBOX, Covalent, Cybertino, and Ampleforth. Today, it’s Featured by Binance, a new premier non-custodial NFT platform.
Spotlight on Featured by Binance
IMPORTANT: Please note the following content does not constitute an endorsement or approval of any of the products or services of the project, organization, or individual.
What is your core business? Can you expand on your business strategy to those unfamiliar with your project?
Featured by Binance: “Featured by Binance” is a new NFT platform incubated by Binance X, the innovation arm of Binance. Our vision is to provide a non-custodial, on-chain platform to facilitate the entire lifecycle of NFTs for creators, brands, and their fans.
When was the genesis behind Featured by Binance born, and what led to it?
Featured by Binance: We believe NFTs are part of a more significant behavioral shift, and our platform would like to be a factor in how this plays out. In addition, we believe that the next evolution of digital goods will be on the blockchain, and NFTs are the first step towards that transformation.
What makes blockchain a good platform for digital goods?
Featured by Binance: There are several 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 establish a direct relationship with their fans free of any platform risks.
2. Global Reach via Open Accessibility
Blockchains are public infrastructures that are 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.
3. 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.
4. 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 exact 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.
What will be your initial focus for the platform?
Featured by Binance: 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. The “Featured by Binance” 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.
Do you work only with large brands?
Featured by Binance: Not exclusively, no. “Featured by Binance” is an open platform, and everyone can mint their own NFTs and create a collection to showcase their NFTs. We want to create a place where creators and collectors can showcase their work and their collections. When we speak about ‘brands,’ the first thing that comes to people’s mind might be the traditional large companies; but, these days, every creator, if not everyone, is a brand. We believe any brand, large or small, can leverage NFTs to foster closer relationships with their fans.
What is the best place to start exploring Featured by Binance?
Featured by Binance: There are a lot of things to do on our platform already. As an NFT collector, you can click here to view the different NFTs on our platform. As an NFT creator, you can click here to start minting your NFT to our community collection or create your own collections. In addition, you can put up your own NFTs for sale, and you can purchase NFTs from other users as well as some exclusive collections from our partners.
Additionally, you can explore our FAQs, where you can find answers to the most common questions.
Why did you decide to build on the Binance Smart Chain?
Featured by Binance: Most of the popular NFT platforms exist on Ethereum today; however, the high prices to mint and exchange NFTs on Ethereum currently limit the creativity and the potential utilization of NFTs. We hope to bring more creators into the BSC community and foster more innovation for the blockchain space as a whole.