Binance, the world’s largest cryptocurrency exchange, is launching an NFT marketplace

Nonfungible tokens are a type of digital asset designed to represent ownership of rare virtual items

Cryptocurrency exchange Binance revealed plans on Tuesday to introduce its own marketplace where users can create, buy and sell digital collector’s items known as NFTs.

Nonfungible tokens are a type of digital asset. They’re designed to represent ownership of rare virtual items — that could be anything from works of art to sports trading cards like those sold on the popular online basketball collectibles platform NBA Top Shot.

Total sales of these tokens soared to more than $2 billion in the first quarter, according to NonFungible.com, a website that tracks data on NFTs. And that figure doesn’t even account for the record-breaking $69 million NFT sold by digital artist Mike Winkelmann (AKA Beeple) at Christie’s in March.

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