Binance strengthens its presence in NFT space with latest investment round

Binance strengthens its presence in NFT space with latest investment round
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Binance has been known to tap the new innovations much faster than its peers. To further fortify its presence in the NFT realm, the cryptocurrency exchange’s venture capital and incubator arm Binance Labs announced its strategic investment in NFKings. 

The latest move by the platform will facilitate the exchange’s NFT marketplace, Binance NFT, and NFKings to work alongside to build the NFT ecosystem. IPs and brands of NFKings will feature their non-fungible tokens on the Binance NFT platform.

NFKings happens to be a leading NFT creative and production company. It hosts approximately 100 intellectual properties [IPs]. Following the development, CZ, CEO of Binance commented,

“In line with our commitment to building an inclusive ecosystem, our investment aims to foster the growing NFT industry and bring unique digital content to the global blockchain community.”

Binance Strengthens its foothold in the NFT realm

NFTs have emerged as one of the most crucial subsectors of the crypto industry. Crypto-economy had earlier reported about the massive opportunity that it brings especially surrounding the current transition phase where the narrative of money and assets are slowly transforming.

Beyond the hype, the non-fungible token space is slowly seeping into everyday mainstream conversations. Along the same lines, Helen Hai, Head of Binance NFT, also stated

“The NFT sector has immense potential, recently valued around US$2.5 billion in sales in H1 2021. Binance has not only launched an NFT marketplace, but also continually invests back into building a thriving and sustainable industry.”

The exec also stated that Binance’s objective behind the strategic investment is to display the works of IPs and brands of NFKings on Binance NFT and providing a diverse experience to users. NFKings is a relatively new platform but has managed to rake in favors from some high-profile investors as well as IP owners in a very short span of time. Matthew Lim, Co-Founder of NFKings iterated his belief on the NFT sector and added,

“NFTs are here to stay and it is our responsibility to build a viable and sustainable ecosystem where brands, IPs, and their customer base can interact seamlessly. We aim to work with Binance NFT to achieve this.”

The news comes just days after State Hermitage Museum forged a partnership with Binance NFT, in a bid to auction off some of the exclusive 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 help Hermitage to mint unique limited-edition NFTs with digital copies of masterpieces from its art collection, which will include the works of renowned artists like Madonna Litta [Leonardo da Vinci], Judith [Giorgione], among others.

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