With the increase in popularity that NFTs have attained, there has also been a noticeable rise in the variety of NFT marketplaces. Some of them provide basic trading services, while others focus on particular niches. In this article, we’ll discuss the Binance NFT marketplace, a centralized platform that is a part of the biggest crypto-related ecosystem in the world.
The majority of people who have heard of Binance probably relate it to the cryptocurrency exchange. The fact that Binance does have a fully developed ecosystem centered around all things crypto is less well known, though. NFTs on Binance are also not an exception.
The Binance NFT market, however, is still a new endeavor, so it is unclear who it will best serve. Are there any unique features to take into account? On the platform, is it possible to create NFTs? Is it challenging to sell them?
What does Binance NFT Marketplace stand for?
Let’s start at the beginning and provide an explanation for the seemingly basic question, “What is the Binance NFT market, exactly?” before moving on.
Binance is a very well-known name in the cryptocurrency industry, as was mentioned in the introduction to the guide. The majority of people know it as a cryptocurrency and token exchange, and it’s one of the biggest—if not the biggest—on the market.
Additionally, the aforementioned exchange is connected to the Binance Wallet, which is owned by Binance. It’s a very well-liked location to keep and store your NFTs, which fits in flawlessly with the marketplace itself.
A centralized marketplace where you can buy, sell, and create various non-fungible tokens is the Binance NFT market. The final step, which involves creating NFTs, is still a little challenging, but we’ll get there eventually.
Observe the word “centralized.” Because it has successfully completed all “Know Your Customers” procedures, Binance provides its users with the opportunity to trade NFTs in a centralized manner, in contrast to many of its rival projects (in other words, having verified your identity). Additionally, there are some advantages connected with this very fact.
To begin with, Binance has the ability to remove a sizable number of malicious players from the game. This is due to the fact that the trading processes aren’t completely anonymous; before using a particular NFT’s marketplace, every creator, buyer, and seller had to submit identification documents to Binance. In conclusion, your non-fungible trading experience should be significantly safer overall!
The Binance NFT market then benefits from some of the best fees and liquidity thanks to its centralized nature. Both of these factors are crucial for anyone who intends to trade NFTs for profit or who merely wants to avoid the expensive gas fees associated with Ethereum.
However, the Binance NFT market provides users with NFTs that are based on the Binance Smart Chain. When compared to Ethereum, these tokens’ minting is significantly more affordable, which is their main advantage. You could frequently mint a BSC NFT for just pennies.
In addition to other advantages, this makes it possible for people to create NFTs on a budget and serves as a very welcoming entry point into the world of NFT production and sales.
Later in the guide, we’ll discuss the fee and liquidity aspects, but there is one more thing to think about: the reputation that Binance has built up over the years and how that reputation translates to the NFT market side of the platform.
The respect and confidence of millions of users worldwide are due to Binance. This naturally applies to any other projects the business may be working on; if Binance is listed as the owner or operator of a service, you can assume that it is trustworthy as well. This undoubtedly applies to the Binance NFT market.
Even though it might be one of the more recent NFT markets, it has already drawn a number of big-name brands and influencers from around the world to develop their own, exclusive NFT drops for the platform. Using the Binance NFT market actually has advantages, which brings us to our next point.
What Advantages Come with Making Use of the Binance NFT Marketplace?
Each unique NFT market on the internet will have a variety of features that it offers to its users, as was mentioned in the introduction to this article.
Some offer fantastic royalties for subsequent sales. Others are specialized markets that only house a few NFTs and help their owners stand out more. What are the actual advantages of the Binance NFT market, then?
Actually, there are quite a few. Some of them, such as centralization, dependability, and general reputation in the cryptosphere, were covered above. However, there are also some elements that are unique to NFT.
Different Types of NFTs
You can find several different kinds of non-fungible token sale points in the Binance NFT market. This means that you won’t be constrained by, say, being able to instantly purchase just one NFT or place a timed auction bid on it.
Instead, Binance does provide fans of NFT with some exclusive events. These gatherings feature a variety of unique, limited-edition NFTs from some of the most well-known brands and artists worldwide. These high-end events give you the chance to purchase unique and limited-edition NFT art if you’re keen on owning some.
Additionally, the Binance NFT marketplace does contain a variety of Mystery Boxes. For those who are willing to buy them, they can offer a surprise element and contain some valuable and rare NFTs.
It’s important to note that the mystery box feature is exclusive to the NFT marketplace Binance. While some mystery boxes may be sold on other marketplaces, they aren’t enabled by those platforms and are instead distributed by lesser-known independent creators. An important thing to think about!
Many Features – One Account
High Liquidity, Low Transaction and Gas Fees
One of the most crucial factors when it comes to trading cryptocurrencies and NFTs is liquidity. It’s a metric that can demonstrate the accomplishments of particular coins and tokens as well as the trading platform (in this case, the marketplace) that houses them.
High liquidity, to put it simply, means that you won’t have any trouble trading and exchanging the aforementioned coins or tokens into cash (fiat money), and vice versa. It denotes that the project has support and that you won’t be left “holding the bag.”
So, if you’re concerned about liquidity, Binance has you covered. The most liquid statistics are found on the Binance NFT exchange! Again, this is a result of how well the exchange has become established within the sector.
Another important consideration when selecting an NFT marketplace is transaction fees. If they are too high, they can seriously reduce your profits or drive up the price of some NFTs beyond what was originally intended. Your transactions on the Binance NFT marketplace, however, will incur a 1% fee. That is so, so low!
However, royalties follow the same rules. You will receive 1% royalties from each subsequent sale of an NFT you create on Binance if it is sold and then sold a few more times.
However, NFT Binance gas fees are where you’ll most likely be able to save money. The majority of the current NFT markets deal with non-fungible tokens based on Ethereum. Even though these NFTs are the most common, they frequently have high minting costs. This is due to a combination of several additional factors as well as the Ethereum network’s congestion.
Many Features – One Account
It’s probably safe to say that the majority of NFT enthusiasts are also fans of cryptocurrencies in general, even though there are some who are only interested in the world of non-fungible tokens.
People who invested in the cryptocurrency market and are currently hoarding coins are referred to as “fans” in this context. Additionally, there are active day traders in this group.
If you’re interested in cryptocurrency, you’re probably already aware of the fact that there are numerous services and products you’ll need to subscribe to in order to enjoy yourself. At least if you don’t use the Binance NFT marketplace, this is the case.
You see, convenience is everything with Binance. This is due to the fact that the entire Binance ecosystem can be used with just one account!
To put it another way, if you opened an account on the Binance NFT exchange, you could use that same account to buy cryptocurrency on the company’s trading platform and to access their wallet.
One thing is certain: convenience is always appreciated, whether you’re a novice in the cryptocurrency world who isn’t all that interested in opening five different accounts on various crypto-related platforms or an experienced trader. And using Binance, you get exactly that!
How to Begin Using the Binance NFT Marketplace
You should, at the very least, have a basic understanding of the NFT Binance scene by this point. Let’s now delve a little deeper and examine how you ought to use the platform itself and make your initial NFT purchases.
Authentication and Registration
It is absolutely necessary for you to register on the platform in order to begin using the Binance NFT marketplace. Most likely, that wasn’t a surprise.
Start the registration process on Binance’s official website if you have never used the service before. The registration wizard will walk you through the entire process and is fairly self-explanatory.
However, you’ll also need to pass some KYC checks before you can begin using Binance’s services. Since Binance is a centralized cryptocurrency platform, they are required to verify their customers’ IDs to make sure there is no fraud going on.
However, if you already have a Binance account, you can skip this step. The Binance NFT marketplace and the exchange side of the platform share a single account, as was mentioned in the chapter above; if you have access to one, you have access to the other.
You will then need to deposit some fiat money and buy set-specific crypto coins after your account has been fully settled. Specifically, you must purchase BNB, BUSD, or Ether coins. This is due to the fact that when trading NFT on Binance, these three cryptocurrencies are the only ones that are accepted payment methods.
Purchasing NFTs
It’s actually quite easy to purchase actual NFTs on the Binance NFT marketplace, and the procedure is similar to any other online shopping you might be doing. However, there are a few different approaches you can take.
First of all, buying a select NFT right away is the quickest and easiest way to get one. Tokens with set prices can be used for this. In other words, this won’t be possible if you come across an NFT landing page and see the word “bid.”
However, fixed-price NFTs are among the most common, so you don’t need to worry about being limited in your options. Once you have decided on the ideal non-fungible token for you, all you need to do is click the sizable “Buy Now” button and make the full payment.
NFT auctions are up next. You can place a bid on these particular tokens to compete with other NFT enthusiasts. When the time allotted for the auction expires, the highest bidder, just like in conventional auctions, will be given the NFT.
However, the actual bidding process is simple. You must first locate a token that you want to bid on. You must select “Place a Bid” once you are on the page.
You must enter the amount of cryptocurrency you wish to bid on the relevant NFT in the pop-up window that appears. You’ll be placing your bids with a different cryptocurrency depending on the token, so keep that in mind!
All bids also have a minimum markup that must be included. You can submit a bid by either increasing the markup by the minimum amount or entering your own number (which, of course, must be higher than the minimum markup).
All that’s left to do is wait after looking over all the numbers and determining that the bid amount is acceptable to you. Just click “Place a Bid” one more time after that.
For the duration of the auction or until a higher bid is placed on the NFT, the amount of cryptocurrency you have bid will be frozen on your account.
Finally, you can purchase Mystery Boxes, which are exclusive to the Binance NFT market and are special NFT events.
Mystery Boxes have set prices. Additionally, you have the option to buy them in bulk. To do this, choose a box, specify the number of boxes you want to buy, and place an order. The boxes will then appear in your NFT inventory where you can choose to open them or add them to your collection.
Each Mystery Box has a predetermined chance of containing NFTs of varying rarities. The landing pages for each box contain the specific percentage.
Your order is non-refundable once you’ve placed one, so you can’t return it and get your money back. However, they can also be opened to reveal a random NFT, which can then be sold, or they can be sold to other people.
All things considered, there are many different ways to purchase NFT on Binance. Each approach will work for a different person, so it’s wonderful to have the option to select the one that will work the best for you.
Selling the NFTs
For the sake of consistency and since we’ll discuss the NFT creation process in a moment, let’s assume that you want to sell an NFT that you already own.
Users can easily sell their NFTs on the Binance NFT marketplace. Go to your “NFT Asset” section and select the collection page to get started. Select the NFT that you want to sell from this list.
You must then list the NFT on the market after making your decision. This is where you can choose all of the particular specifications for your listing.
First, decide what kind of sale you want to list. Either set up a timed auction or sell your NFT for a set price. If you select the first option, you will be prompted to set a price for your NFT and select the cryptocurrency you want to be paid in.
However, if you select the auction option, you will then be prompted to enter the lowest bid that a potential buyer can place on your NFT.
After completing the aforementioned steps, you will need to select a time frame for how long your NFT will be listed on the Binance NFT marketplace. Up to a week can pass from your listing during this time.
After that, you must create a category for your tokens and write a description to aid prospective buyers in recognizing and learning more about the NFT that you are offering for sale. You’ll be able to submit your NFT so that it can be listed once all of that is finished!
A team at Binance that has been assigned to check the listing process is required to do so.
Depending on the time you submit your NFT and the quantity of tokens being submitted for verification, this verification typically takes up to 8 hours.
All done! The token will be available for everyone to browse, view, and buy (or bid on) once your NFT listing has been verified by Binance.
Making an NFT
Although it might seem counterintuitive, I left the discussion of the NFT creation process until the end of our guide. This is due to the fact that, as of the date this article was written, individuals need to be invited to the Binance NFT marketplace in order to mint their own tokens.
Even though Binance says that everyone will soon be able to use the service, minting BEP-based NFTs is still restricted. Despite this, it is still wise to become familiar with the creation process beforehand so that you can quickly and easily create your own NFT once it becomes available.
You must visit the Binance NFT market and click the “Create” button in the top-right corner of the screen as your first action. After doing so, a prompt asking whether you want to create an image, an audio file, or a video will appear.
You must also choose whether to issue a single NFT or a series of NFTs at this point. For those who wish to mint a large number of non-fungible tokens, the latter choice will be particularly noteworthy.
The next step is to upload your file, give it a name, and add a description. Make sure you have enough BNB to cover the minting fee once you’ve completed all of those steps because you’ll be able to see it at the bottom of the page. The BNB fee, however, should be considerably less than Ether’s gas fees (it is currently 0,005 BNB).
You can locate your newly created NFT in the “Collection” tab of your profile after the minting process is finished and you are shown the congrats pop-up. You can view the token’s history as well as some additional information right here.
Even though this has already been covered in the tutorial, it’s important to note that the Binance NFT marketplace offers a 1% royalty on any subsequent sales in which your NFT may take part. To put it another way, you will always get 1% of whatever someone else sells of your NFT.
The best part about this is that you can take advantage of this 1% royalty without even having created a non-fungible token. Instead, you will be qualified to receive the same 1% royalty if you deposit (bring in) any kind of external non-fungible token into the Binance NFT marketplace!
All things considered, Binance streamlines and expedites the creation of NFTs. Even if you’ve never minted an NFT or have no prior experience with cryptocurrencies in general, the entire procedure ought to be simple and quick, with no confusion or frustration.
Be aware that the Collection section of your Binance NFT marketplace profile is where you can find all of your NFTs, including those you’ve created and acquired as well. You’ll be able to easily manage your tokens from here!
