Binance X Launches Its Official NFT Platform Built on the BSC Network

Binance X, a Binance-backed developer platform, announced on Thursday the official launch of its non-fungible token (NFT) platform, Featured by Binance. According to the announcement, the system would be a non-custodial and on-chain one built on the Binance Smart Chain (BSC) network that will connect creators, brands and their fans.

The brand-new platform aims to support the entire cycle of a unique NFT, starting from minting and passing through marketing, distribution, secondary trading and redemption. “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,” Teck Chia, Featured by Binance’s CEO, commented.

Per the blog post published by the CEO, the pandemic was one of the drivers behind making Featured by Binance a reality, together with the NFT hype witnessed since 2020 amid the COVID-19 crisis.

“We believe that the next evolution of digital goods will be on the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term and NFTs are the first step towards that transformation. What we are seeing are early market dynamics pushing digital goods towards a better platform. Just as ‘money’ and financial markets (DeFi) have, slowly but surely, migrated to the blockchain, digital goods will do the same,” he added.

Binance CEO Reaction

Among the features offered, it included the Immutability Immutability Immutability is defined as the ability of a blockchain ledger to remain unchanged or unaltered. This extends to the integrity of the data in the blockchain and is overall state.To better understand this concept, one has to consider the overall structure of a blockchain. Each block of information, i.e. facts or transaction details, proceed using a hash value. This hash value consists of an alphanumeric string generated by each block separately. Each and every block not only contains a hash or digital signature for itself but also for the previous one. This is important element as it helps ensures that blocks are retroactively coupled together and unrelenting. In particular, this functionality of blockchain technology also ensures that no entity or individual can infiltrate in the system or alter the data saved to any block.Is Immutability a Good or Bad Thing?Blockchains exist as decentralized and distributed in nature. A consensus is made among the various nodes that store the replica of data, better known as a consensus algorithm.This consensus also posits safeguards the originality of data, which must be maintained at all times. In this sense, immutability is a definitive feature of blockchain technology and one of its primary tenets. The concept of immutability also has the ability to redefine the overall data auditing process and makes it more efficient and cost-effective.However, immutability can be a double-edged sword, facilitating certain types of cyber-attacks or systematic vulnerabilities. This includes 51% attacks, which occurs when a singular entity or organization is able to take control of the majority of the overall hash rate.These attacks are particularly problematic as it can potentially cause a network disruption, whereby granting the attacker enough mining power to modify the ordering of transactions. Immutability is defined as the ability of a blockchain ledger to remain unchanged or unaltered. This extends to the integrity of the data in the blockchain and is overall state.To better understand this concept, one has to consider the overall structure of a blockchain. Each block of information, i.e. facts or transaction details, proceed using a hash value. This hash value consists of an alphanumeric string generated by each block separately. Each and every block not only contains a hash or digital signature for itself but also for the previous one. This is important element as it helps ensures that blocks are retroactively coupled together and unrelenting. In particular, this functionality of blockchain technology also ensures that no entity or individual can infiltrate in the system or alter the data saved to any block.Is Immutability a Good or Bad Thing?Blockchains exist as decentralized and distributed in nature. A consensus is made among the various nodes that store the replica of data, better known as a consensus algorithm.This consensus also posits safeguards the originality of data, which must be maintained at all times. In this sense, immutability is a definitive feature of blockchain technology and one of its primary tenets. The concept of immutability also has the ability to redefine the overall data auditing process and makes it more efficient and cost-effective.However, immutability can be a double-edged sword, facilitating certain types of cyber-attacks or systematic vulnerabilities. This includes 51% attacks, which occurs when a singular entity or organization is able to take control of the majority of the overall hash rate.These attacks are particularly problematic as it can potentially cause a network disruption, whereby granting the attacker enough mining power to modify the ordering of transactions. Read this Term of assets stored on the blockchain. Talking about the launching of Featured by Binance, Changpeng Zhao (CZ), Binance’s CEO, said: “We believe Featured by Binance will unlock a lot of exciting innovation in digital goods. We want to apply our deep experience in launching tokens and creating markets to the NFT space to help brands and creators unlock these benefits.”

Recently, data from NonFungible.com showed that the week-long period surrounding the NFT market peak at the beginning of May saw $170 million in transactions. However, that figure has collapsed to just $19.4 million in NFT sales, which is a decrease of roughly 90%.