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.
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“We believe that the next evolution of digital goods will be on the blockchain and NFTs are the first step towards that transformation. What we are seeing are early market dynamics pushing digital goods towards a better platform. Just as ‘money’ and financial markets (DeFi) have, slowly but surely, migrated to the blockchain, digital goods will do the same,” he added.
Binance CEO Reaction
Among the features offered, it included the immutability 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, a decrease of roughly 90%.
The ethereum price is weakening sharply today. The past few weeks have been bad for the broader crypto market and the selling has started again in earnest. While the greatest slump has been felt by bitcoin, altcoins have also not been spared. Ethereum has been losing, and it is barely recovering from the May meltdown.
Last week, ethereum managed to scale some key levels as it reached around $2,500. The largest altcoin in terms of market cap touched $2,800 yesterday, but bears have interrupted the upward price movement, causing another market dilemma. ETH has lost $400 in the past 24 hours to trade, at around $2400. As of writing, ETH’s value was slightly above $2400.
Ethereum Price: bears in charge
Ethereum’s near-term support is at $2,400, and if the coin can maintain above that level it may prevent the decline from deepening further. The Moving Average Convergence Divergence (MACD) metric shows that the coin could be headed into a bearish market.
The chart above also shows that the Relative Strength Index (RSI) may be dropping towards the negative area. However, this is not all bad news because there is still a high chance that the bulls may pick up again, especially after new investors start buying the coin because of the lower prices.
However, a move above the 100 SMA is required for ethereum to show signs of recovery. Further analysis also states that the largest altcoin will only show its full bullish intent when it pushes to above $3,000.
Ethereum has been classified as a better and superior token compared to bitcoin, a factor that may be causing rising prices. Goldman Sachs, one of the leading banks on Wall Street, published a report after the May market crash. The report stated that ethereum had a high chance of overtaking bitcoin as a store of value, and this revelation boosted ethereum’s value towards the end of April.
Ethereum has great fundamentals says Goldman Sachs
According to Goldman Sachs, the Ethereum network had many real-world applications because it offers support to smart contracts, which has created a great space for the proliferation of DeFi applications. Besides, the Ethereum network is also a hub for developing non-fungible tokens (NFTs) that are gaining popularity. These projects increase ether transactions, and it is reducing the volatility of the coin.
Ethereum’s value, just like the value of the broader crypto market, has been affected following the crypto regulations in the market. However, 27-year old founder of Ethereum, Vitalik Buterin, recently interviewed at a Fridman podcast where he said that “I don’t think governments have the ability to ban crypto to the extent of just completely preventing blockchains from existing. But they definitely have the ability to really marginalize it.”
Ethereum’s price is not just slated to be a short-term thing. Towards the end of this year, the Ethereum network plans to launch a layer two upgrade to make the platform even more attractive to DeFi developers. When this happens, the demand for ether will skyrocket, and it may even reach above the $4000 ATH.
Where to buy Ethereum
The dominance of the Ethereum network in DeFi development shows that the token is a great buy because its demand is not as volatile as the other cryptocurrencies. The anticipated layer two upgrades is also expected to push for the token’s value. One can buy ether in the current dip at:
One of the most recommended exchanges where you can buy ether tokens is eToro. The exchange is popular for crypto trading, and it even has features that allow new traders to learn how to go about the market. Through copy-trading, inexperienced traders can gain insights from crypto experts on the exchange.
Once you sign up on eToro, go to the order section and place an order for the number of ether tokens you want to purchase. You can also sell the token on the exchange.
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