With the surge in popularity of NFTs, there has also been a significant increase in the number of NFT markets. Some of them provide entry-level trading services, while others specialize in a specialized market. Today, we’ll look at the Binance NFT marketplace, a centralized platform that is part of the world’s largest crypto-related ecosystem.
Most individuals who have heard of Binance are undoubtedly familiar with the cryptocurrency exchange. What isn’t as famous is that Binance has a fully fleshed-out ecosystem surrounding all-things-crypto. NFTs on Binance is no different.
However, being a relatively new concept, the Binance NFT market still has some uncertainty – who will it best suit? Are there any specific characteristics to think about? Is it possible to construct NFTs on the platform, and how difficult is it to sell them?
We will explore all of this (and more) in this article. Stay tuned, and let’s get started!
What is the Binance NFT Marketplace?
Let’s start at the beginning and address the basic question: what exactly is the Binance NFT market?
Binance is a well-known name in the cryptocurrency business. Most people are familiar with it as a cryptocurrency and token exchange; it is one of the major crypto exchanges on the market. The Binance Wallet is a Binance-owned wallet that links to the aforementioned exchange. It’s a popular spot to store and keep your NFTs, and it also fits in nicely with the marketplace itself.
The Binance NFT marketplace is a controlled marketplace for selling, buying, and creating various non-fungible tokens. The last step, creating NFTs, is still tough, but we’ll get there in due time.
Note the word “centralized”. Unlike many of its competitors, Binance allows its users to trade NFTs in a centralized way. But, only after passing all the “Know Your Customers” requirements. There are certain advantages to this as well.
To begin with, Binance can remove many malicious players off the field. This is because the trading operations are not anonymous. Each creator, buyer, and seller of a certain NFT has provided identity-proving documentation to Binance before accessing the marketplace in question. In summary, your non-fungible trading experience should be considerably safer in the long run!
Following that, the Binance NFT market’s concentrated nature allows it to have some of the greatest fees and liquidity. Both factors are critical for anyone who intends to trade NFTs for profit or just wants to avoid the hefty gas expenses associated with Ethereum.
Binance has won the respect and confidence of millions of users all around the world. This naturally extends to other initiatives that the firm may have. If you see Binance owns or runs a service, you instinctively assume a certain amount of credibility. This certainly applies to the Binance NFT marketplace.
Despite being one of the more recent NFT marketplaces, it has already attracted a slew of worldwide influencers and businesses. They are producing their own unique NFT drops for the platform.
How to Begin with the Binance NFT Marketplace.
You should be very familiar with the NFT Binance landscape, at least on the surface. Let’s go a little further now and see how you should go about using the site and gaining your first NFTs.
Step 1: Register and Verify your Identity.
The first step is to sign up for an account on the site. That wasn’t exactly surprising, was it?
If you’ve never used Binance before, go to their official website and start the sign-up procedure. It’s self-explanatory, and the registration wizard will walk you through the entire process.
However, before you can begin using Binance’s services, you must first pass some KYC checks. Because Binance is a controlled crypto platform, they are required to validate the IDs of its clients to guarantee there is no foul play.
If you already have a Binance account, you may skip this step. As discussed in the preceding chapter, the Binance NFT marketplace and the exchange side of the platform share the same account; if you possess one, you may access the other.
Once you’ve set up your account, you’ll need to deposit some fiat money and buy some set-specific cryptocurrencies. You must purchase either BNB, BUSD, or Ether currencies. This is because these three cryptocurrencies are the only ones that are allowed as payment methods while trading NFT on Binance.
Step 2: Purchase the NFTs
The procedure of purchasing genuine NFTs in the Binance NFT marketplace is fairly straightforward and similar to any other digital shopping you may be conducting. However, there are a few other approaches you might use.
To begin with, the simplest approach to getting a certain NFT is to buy it right away. This is possible with tokens having a set price. In other words, if you come across an NFT landing page and see the keyword “bid,” you won’t be able to do this.
Fixed-price NFTs, on the other hand, are among the most popular, so you won’t be short of options. Once you’ve found the right non-fungible token for yourself, simply click the enormous “Buy Now” button and pay the full amount – that’s all there is to it!
Following that, we have NFT auctions. You may bid on these specific tokens and compete with other NFT fans by doing so. As with typical auctions, the individual who has put the highest bid will receive the NFT when the auction timer expires.
The bidding procedure, on the other hand, is easy. First, you must locate a token on which you wish to bid. Once you’ve arrived at the page, click “Place a Bid.”
Binance NFT Marketplace will prompt you to input the amount of cryptocurrency you’d want to bid on the NFT in question in the pop-up window that appears. The cryptocurrency you’ll be bidding with will differ depending on the token.
With all bids, there is also a minimum markup. You can submit a bid by either increasing the markup by the minimal amount or entering your figure. Once you’ve gone over all the figures and determined that the bidding amount is satisfactory, simply hit “Place a Bid” once again, and that’s all there is to it – all that’s left to do now is wait.
The amount of cryptocurrency you’ve placed will lock in your account for the length of the auction, or until another party sets a larger bid on the NFT than yours.
Finally, you can get Mystery Boxes, which are exceptional NFT events that are specific to the Binance NFT marketplace, as we explained previously in this article.
The marketplace predetermines the prices of Mystery Boxes. You can also opt to buy them in bulk by selecting a box, several boxes, and placing an order. After that, the boxes will show in your NFT inventory, where you can open or add them to your collection.
Each Mystery Box has a fixed probability of holding NFTs of varying rarities. Each box’s landing page has a specific percentage. Once you’ve purchased a Mystery Box, your order is non-refundable, which means you can’t return it and get your money back. You can sell them to other people or open them to reveal a random NFT, which you can then sell as well.
Overall, there are several ways to purchase and trade NFT on Binance. Each strategy will fit various people, and it’s fantastic that you may choose and select the ideal method for yourself!
Step 3: Market the NFTs
Let’s suppose you wish to sell an NFT that you already possess for consistency.
Users may easily sell their NFTs in the Binance NFT marketplace. To begin, browse the collection page under your “NFT Asset” area. You’ll need to select the NFT that you want to sell here. After you’ve decided on the NFT, you’ll need to list it on the market. This is where you will specify all the details of your listing.
First, decide what kind of deal you want to list. You have the option of selling your NFT at a predetermined price or holding a timed auction. If you select the first option, it will prompt you to pick a precise price for your NFT and the cryptocurrency that you would like to receive as payment.
If you choose the auction option, it will prompt you to enter the lowest offer that someone may make on your NFT.
After you’ve completed the above tasks, you’ll need to select a time frame for how long you will post your NFT on the Binance NFT marketplace. This time might extend up to a week from your listing.
Following that, you must create a category for your tokens and write a description to assist potential buyers in identifying and learning more about the NFT that you’re selling. Once you’ve completed all of that, you’ll be ready to submit your NFT for listing!
A recognized staff must validate Binance’s listing procedure. This verification can take up to 8 hours, depending on when you submit your NFT and the number of tokens submitted for verification.
That’s all! Once Binance has approved your NFT listing, the token will be available for everyone to explore, view, and buy in the Binance NFT marketplace.
So, that brings us to the end of our Binance NFT marketplace tour! We’ve covered all the major elements of the market in question, as well as extensively examined the NFT purchase, sale, and creation processes.
The Binance NFT marketplace is easy to use at its core. After registering on the platform and passing all the KYC procedures, you’ll have a designated NFT profile and will buy and trade NFTs with confidence.
But keep in mind that you’ll need some BNB, BUSD, or Ether tokens to do so. You may gain these on the Binance exchange – they share your profile throughout the whole Binance ecosystem, and will therefore work on both the exchange and non-fungible token market sides.
Finally, if you want to understand more about the Binance cryptocurrency exchange, you can read our whole review here. Given that investors widely regard it as one of the industry’s leading crypto exchange platforms, who knows whether it is the ideal spot for you to trade cryptocurrencies?