Binance has partnered with Media Publishares, the publisher of Vogue Singapore, to help them build a non-fungible token (NFT) platform.
In a statement shared with The Block on Wednesday, Binance said it will provide technology for the platform that is focused on fashion, arts, and music industries.
Media Publishares first revealed the NFT platform's development last week in collaboration with blockchain-based digital advertising firm Vidy. Now Binance has joined the duo in the effort.
"Binance is always dedicated to exploring innovative blockchain applications with other industry leaders," said Helen Hai, head of Binance NFT. "Together, I am confident we can build a platform that will unlock the imagination of art and technology, maximize the value of creativity, and accelerate growth of the fashion industry."
The NFT platform is expected to launch in Q3 of 2021, Media Publishares said last week. It would allow users to mint, auction of and trade NFTs.
NFTs are digital tokens tied to unique artworks and pieces. The NFT market has grown significantly in popularity in recent weeks. "However, it's still in early stages and has a long way to go with regards to infrastructure development," according to Vidy founder Matthew Lim.
"With the metaverse and rise of digital models, people will be able to live in a parallel virtual world where they can own a digital identity and purchase items not just in a digital file, but as any unique asset in their virtual land, similar to their physical world," said Lim.