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Binance Jumps On The NFT Bandwagon; Binance NFT To Go Live In June

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NFTs have caused an uproar in the crypto market, and Binance has not backed down. The world’s largest cryptocurrency revealed its enthusiasm for nonfungible tokens [NFT] by announcing the launch of its own NFT platform.

NFTs are nothing but digital collectibles that one can purchase online. However, this innovation uses blockchain technology and is bought with cryptocurrencies.

Binance earned its way to the top by making timely upgrades and releases. The crypto platform has managed to garner a large user base across the globe. The exchange had made sure to stay on par with the ongoing trends. Once again, with Binance NFT, the platform has proved that it would retain itself in the first place for quite a while.

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Binance NFT To Start Operating From June 2021

In a recent press release, the crypto exchange revealed that it would be soon launching a platform exclusively for NFTs. With this platform, Changpeng Zhao’s exchange intends to provide minimum NFT transaction costs by employing the Binance blockchain.

Users would reportedly be able to use this imminent platform without any hassle of creating a new account. Users would be able to use their existing Binance.com account as they share the same system.

Speaking about the exchange’s latest venture, its CEO Changpeng Zhao aka CZ asserted,

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“Binance serves millions of users around the world, many of whom will now be able to access the booming NFT space. In line with our commitment to the freedom of money globally and building an inclusive ecosystem, the Binance NFT marketplace will also support small value creators by providing the highest liquidity and cheapest fees for users.”

Furthermore, the platform revealed that with Binance NFT, users, with a processing fee of 1%, would be allowed to create NFTs. While this falls under the “Trading Market” category, the “Premium Event” section enables users to carry out collaborations as well as curated collections further allowing artists to garner about 90% gains from the sale of NFTs.

Additionally, Helen Hai was appointed as the Head of the exchange’s NFT wing. Elaborating on the prospects of the NFT platform, Hai added,

“Our aim is to provide the largest NFT trading platform in the world with the best minting, buying and exchanging experience, by leveraging the fastest and cheapest solutions powered by the blockchain infrastructure and community.”

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Binance Coin Price Analysis: BNB continues to hold above $470, more upside to slowly follow?

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  • Binance Coin price analysis is bullish today.
  • BNB/USD slowly moved higher overnight.
  • Closest resistance at $510.

Binance Coin price analysis is bullish today as the $470 support still holds, likely leading to a reversal back to the upside later today. Therefore, we expect BNB/USD to move towards the $510 and end the several-day retracement.

Binance Coin Price Analysis: BNB continues to hold above $470, more upside to slowly follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with a slight bullish momentum over the last 24 hours, with Bitcoin gaining 1.3 percent. Meanwhile, Ethereum has gained 3.67 percent, while Shiba Inu (SHIB) is the top performer, with a gain of 40 percent.

Binance Coin price movement in the last 24 hours: Binance Coin holds support above $470

BNB/USD traded in a range of $473.11 – $486.80, indicating low volatility over the last 24 hours. Trading volume has declined by 25.12 percent and totals $1.159 billion, while the total market cap trades around $79.9 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB ready to move higher?

On the 4-hour chart, we can see Binance Coin Price action consolidating as bulls likely prepare for another push higher.

Binance Coin Price Analysis: BNB continues to hold above $470, more upside to follow?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen a strong performance so far in October. After setting a new major swing low at $320, a sharp push higher followed on the 1st of October.

BNB/USD eventually peaked at $450, with the following retracement setting a higher low at $395. From there, the market continued higher on the 12th of October, moving to $480 this time.

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After another brief retracement, the further upside was seen earlier this week, with a brief move above the $500 mark seen on Wednesday. Since then, Binance Coin price action has retraced to $470 and formed a consolidation as bulls prepare for the next push higher.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as a new higher high has been established above $470. Therefore, once the current consolidation ends, we expect BNB/USD to push above the $500 again.

While waiting for Binance Coin to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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Crypto Newcomer Explodes After Abrupt Altcoin Listing on Binance

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A small-cap altcoin is shooting into the stratosphere after earning support from the global crypto exchange Binance.

The governance token Tranchess (CHESS) officially began trading today.

News of the coin’s listing triggered a 185% rise in the price of the asset – from $2.77 to $7.91. Its value has since settled to $5.09 at time of publishing.

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CHESS is listed in Binance’s Innovation Zone, a dedicated trading area where users can buy and sell newer tokens that are likely to have higher volatility and pose a higher risk to traders.

According to Binance Research,

“Tranchess is a yield-enhancing asset tracker with varied risk-return solutions on Binance Smart Chain (BSC), which consists of 3 tranche tokens (QUEEN, BISHOP, and ROOK) and its governance token CHESS. 

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The platform offers various features including a DEX (Tranchess Swap), money markets (Primary Market), staking, and network governance.”

Tranchess recently raised $1.5 million from Binance Labs, Three Arrows Capital, and other crypto venture firms.

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Binance proposes a real-time token burning mechanism to boost BNB value

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  • Binance has proposed the BEP-95 aimed to burn a percentage of transaction fees as a deflationary measure.
  • BEP-95 will occur alongside the quarterly token burn and well after the 100 million token supply is achieved.

Binance Smart Chain (BSC) is taking further steps to incorporate an additional deflationary mechanism to increase token valuation. As announced today, Binance (BNB) is introducing a new Binance Evolution Protocol (BEP) known as BEP-95. The BEP stands out from the network’s occasional token burns since it introduced a real-time burning mechanism.

According to Binance, a fixed portion of gas fees collected by validators in each block will be sent to the burn address. The ratio initially set at 10 percent, is adjustable according to changes proposed by the Binance community. BSC validators get to vote on community proposals, where voting power is based on staked BNB.

For a proposal to be reviewed by the validators, it has to receive a minimum deposit of 2,000 BNB (mainnet). All BNB is returned to holders after the finalization of the voting process. A proposal that wins is that which gathers 50 percent of the total voting power on the mainnet. Binance notes that voted-upon parameters are implemented immediately.

Details of Binance BEP-95 token burning mechanism

BEP-95 became relevant as it speeds up the BNB token burn, and makes the network increasingly decentralized. The BNB supply cap is about 168 million tokens and Binance intends to burn until 100 million tokens remain in circulation. This will take about 5-8 years to complete, according to Binance. The network’s most recent quarterly burn wiped out over 1 million tokens, worth about $639 million, from circulation.

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However, the latest update from its blog now says the BEP-95 burn “will continue functioning” even after the above target is attained. With the burn, Binance expects the intrinsic value of the BNB token to increase in tandem with demand. The network notes that validators and delegators may receive fewer tokens from staking, but the “fiat-denominated value of their rewards may increase.” Moreover, BNB has multiple use cases that benefit all holders of the token.

Currently, BEP-95 is in the draft stage and the network is yet to give a specific date for its implementation.

Several blockchains use the crypto-burning mechanism to create token scarcity and a subsequent increase in token value. Ethereum, for instance, uses the EIP-1559 for this purpose. 

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BNB price action

BNB, the fourth-largest cryptocurrency by market cap, was trading at $494 at press time, according to our data. The token has gained 0.8 percent in the day, and 4.8 percent week-over-week. Similar to other digital assets, BNB has rallied fueled by the Bitcoin-led gains. Crypto investor and YouTuber Lark Davis expects “good things” for the BNB price following its launch of a $1B growth fund.

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