Binance NFT marketplace to support multi-chain deposits, withdrawals
Leading crypto exchange Binance announced on Thursday that Binance NFT marketplace will have additional multi-chain support for NFT deposits and withdrawals.
As per the announcement, Binance has enabled support for Ethereum and Binance Smart Chain where users can transfer their NFTs to and from both the networks.
To use the new feature, users are required to use a web 3.0 wallet such as MetaMask or Binance Chain Wallet to withdraw NFTs to their own wallets.
Binance launched the Binance NFT Marketplace in May where It sold NFTs by well-known artists such as Andy Warhol. However, NFTs purchased on the marketplace could not be withdrawn to an external wallet until now.
“The launch of these two features elevates Binance NFT to an open marketplace ecosystem, where users can now deposit their existing NFTs for sale or trading and withdraw NFTs to other platforms,” the announcement read.
Currently, several cryptocurrency exchanges have also started operating their own NFT platforms including popular exchanges FTX and Coinbase. Exchange-based NFT marketplaces might create a shift in OpenSea’s dominance in the area with their large user base and capital.
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