Binance has been understood to tap the new innovations much faster than its peers. To further fortify its existence in the NFT realm, the cryptocurrency exchange’s venture capital and incubator arm Binance Labs announced its strategic investment in NFKings.
The latest relocation by the platform will facilitate the exchange’s NFT marketplace, Binance NFT, and NFKings to work together to develop the NFT community. IPs and brands of NFKings will include their non-fungible tokens on the Binance NFT platform.
NFKings takes place to be a leading NFT imaginative and production company. It hosts around 100 intellectual residential or commercial properties [IPs] Following the development, CZ, CEO of Binance commented,
“In line with our dedication to developing an inclusive environment, our financial investment intends to cultivate the growing NFT market and bring special digital material to the international blockchain community.”
Binance Reinforces its grip in the NFT world
NFTs have emerged as among the most crucial subsectors of the crypto industry. Crypto-economy had previously reported about the huge chance that it brings specifically surrounding the current shift stage where the story of money and assets are slowly transforming.
Beyond the buzz, the non-fungible token space is gradually leaking into daily mainstream conversations. Along the same lines, Helen Hai, Head of Binance NFT, likewise mentioned
“The NFT sector has tremendous potential, just recently valued around US$ 2.5 billion in sales in H1 2021. Binance has not just launched an NFT market, but also continually invests back into building a thriving and sustainable industry.”
The exec also stated that Binance’s goal behind the tactical financial investment is to show the works of IPs and brand names of NFKings on Binance NFT and supplying a diverse experience to users. NFKings is a relatively new platform however has managed to rake in favors from some high-profile investors in addition to IP owners in an extremely short period of time. Matthew Lim, Co-Founder of NFKings repeated his belief in the NFT sector and added,
“NFTs are here to remain and it is our responsibility to develop a feasible and sustainable environment where brand names, IPs, and their consumer base can interact flawlessly. We intend to deal with Binance NFT to attain this.”
The news comes simply days after State Hermitage Museum created a partnership with Binance NFT, in a quote to auction off some of the unique artworks in its 257-year-old museum as non-fungible tokens at the end of August this year.
As part of the deal, Binance NFT will assist Hermitage to mint unique limited-edition NFTs with digital copies of works of arts from its art collection, which will consist of the works of renowned artists like Madonna Litta [Leonardo da Vinci], Judith [Giorgione], to name a few.