Binance X Launches Its Official NFT Platform Built on the BSC Network
- The brand-new "Featured by Binance" platform will support the full cycle of a unique non-fungible token (NFT).

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.
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%.
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.
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%.