Crypto exchange Binance intends to cooperate with gaming companies in the field of NFT

Binance, the largest cryptocurrency exchange, plans to focus on partnerships with video game developers, entertainment companies and sports organizations in the field of NFT, Binance regional director Vladimir Smerkis told RIA Novosti.

A non-fungible token (NFT) is a digital certificate based on blockchain technology that confirms the right to own a virtual asset. Most often, NFTs are unique digital items, including those from the digital arts, games, and sometimes social media posts. NFT items cannot be faked.

“Speaking of the plans, here are the highlights: Binance will focus on partnering with gaming companies, the entertainment industry, and sports organizations to launch special NFT collaborations, leveraging broad interest in these sectors,” said Smerkis.

He also noted that Binance will work to support cross-chain NFT solutions to enable smoother transfer and management of tokens across different blockchains.

“Since 2020, NFTs have gained significant popularity due to growing adoption and interest from various sectors, including the arts, games, sports and entertainment. Artists, celebrities and brands have entered the NFT space, contributing to its expansion. 2023 is quite a difficult year for non-fungible tokens: sales NFTs peaked at the beginning of the year followed by a general decline in activity over the past few months.The bearish trend, combined with declining market interest, created headwinds for the NFT market," added Smerkys.

However, he believes that the NFT market is still relatively young, and the technology has the potential for further growth and innovation. As the industry evolves, new use cases, platforms, and regulatory frameworks are likely to emerge, shaping the future NFT landscape, according to a Binance spokesperson. As for the Binance NFT platform, 3.9 million NFTs have been traded on it since its launch in 2021, Smerkis added.

Binance is the world's leading "blockchain ecosystem" and cryptocurrency infrastructure provider with a suite of financial products that includes the largest digital asset trading exchange by volume.