Binance Exec Says NFTs Are The “GateWay To Crypto”

Binance Exec says NFTs are the perfect “gateway to crypto” during a Clubhouse session earlier today, describing how the booming market will open a new way to go mainstream so let’s read more in our latest binance news today.

The Binance exec says that NFTs have been called a lot lately but not a gateway to crypto, so we can add it to the list of superlatives. The comment came out one day after Beeple sold an NFT collection worth $69.3 million. Teck Chia of Binance X commented during a live session on Audio Social Media platform Clubhouse suggesting that the mainstream attention is getting directed towards NFTs and will eventually lead to more people entering the crypto market:

 “I’m seeing people who don’t know anything about crypto adopt or try to buy an NFT first.  So it’s kind of like a gateway to crypto.”

Non-fungible tokens or NFTs are unique digital tokens that are based on the blockchain and most often on the Ethereum one so these can represent almost anything on the internet but they are most popular in the music and art world. The industry exploded over the past few months especially with artistic collections like Hashmasks. Musician 3LAU as well sold his album as a collection of NFT and the renowned digital artist Beeple made history once he sold the collection for $70 million.

The collection named “EVERYDAY: The First 5000 DAYS” is a collection of digital artwork that was done over the course of the past 13 years. Selling for $69.3 million, it is the third-most-expensive artwork ever sold by a living artist.  Tron’s founder Justin Sun missed out on taking the art collection home as he lost in the bidding war. It was later revealed that the investors Metakovan that have already spent huge amounts of money on NFT collectibles, were the winning bidder. Chia added:

 “I won’t comment on Binance specifically, but I think in general, for sure.  I totally expect an exchange to get skin in the game.
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Another Binance executive that commented on the Clubhouse call, David Princay, didn’t want to comment directly about Binance but said that NFTs are a point of interest for exchanges.