Launched in June 2021 Binance NFT Marketplace is a platform where users can create, buy and sell NFTs (non-fungible tokens). This marketplace is driven by the Binance ecosystem. Binance is a well-known player in the cryptocurrency world, founded in 2017.
Despite the fact that Binance is a fairly new player in the NFT industry, the NFT marketplace still has a major impact on the entire Binance ecosystem. The new platform will use Binance Smart Chain, which is related to the Binance ecosystem, and Ethereum to create NFT. Users will be able to use both blockchains to trade NFT.
What kind of NFTs can you buy at Binance?
on Binance NFT Marketplace Many different NFTs can be found in these categories: Premium, Art, Sports, Entertainment, Games, Collectibles, Esports and NFT Forever.
This category consists of premium NFTs. For example, on August 30, 2021, it was announced that the State Hermatage Museum, one of the largest museums in the world, would launch a premium NFT collection for auction at the Binance NFT Marketplace.
The art category consists of various forms of art by both well-known and lesser-known artists. Krista Kim, Ail Sabet, Kefan404, Palm Instinct and Joseba Elorza are some of the popular artists offering their work in this category.
The sports category is, as the name suggests, about sporting goods. For example, digital properties related to popular athletes like Michael Owen, José María Gutiérrez Hernández and Alphonso Davies are offered within this category. There are also NFT tickets.
The double winner of the BRIT Award Lewis Capaldi is one of those people whose work you can find in the entertainment category. Lil Yachty and Kyle are other popular musicians offering their work in this category.
The game category contains game related stuff from various creators around the world. There are hundreds of game items that can be purchased from the platform.
The Esports category offers Esports articles and content. Esports Teams eStarPro is one of the first Esports teams to offer their content in this category.
The NFTs assigned to the collectibles category contain a large collection of digital properties that you can store. Mighty Jaxx’s Nyan Sum cards are some of the items in the collector’s category.
How do I buy NFTs on Binance NFT?
Binance NFT offers two ways to buy NFTs: through auctions or fixed prices. The steps are easy to follow.
Below we explain how to buy your first NFT on Binance:
Step 1: Create an account
Creating an account on Binance is quick and easy. First, go to the Binance website. Then on the website you can click on the “sign up” button in the upper right corner of the screen.
A new page will open where you need to enter an email address and a strong password. At Binance, you can choose whether you want to create your account using your email or phone number.
You will then go through a verification process. Your account will be verified using a code sent to your email. Once verified, your account will allow you to use the NFT marketplace.
Note: Binance is one of the few crypto platforms where you need to verify your identity for added security. Binance uses three different approval methods: Basic, Intermediate and Advanced.
Step 2: Buy Crypto
Cryptocurrencies are needed to buy all NFTs. This means that you must first use cryptocurrency, and a crypto wallet where you can store it.
Fortunately, Binance offers all users a wallet. Although the wallet will be used for the purchase of NFTs, it is not the safest option. It is useful to use a personal wallet on, for example, MetaMask or Binance Chain Wallet.
Binance offers several ways to buy crypto. From the Binance website, click the “Buy Crypto” button at the top of the screen.
The website shows you a list of cryptocurrencies that can be traded on the platform. Depending on which cryptocurrency you choose, you can purchase this crypto with your credit / debit card, bank transfer or through another payment provider.
Step 3: Buy your NFT
Once you have your cryptocurrency in your Binance NFT Wallet, click the “NFT” button on the Binance website.
On the NFT website, click on “Marketplace”. Binance marketplace is where NFTs are offered that you can buy through the platform. Here you can search for the NFTs you have researched and want to buy. You can also search here for manufacturers of NFT that you would like to buy.
Binance offers two ways to buy NFTs. You can bid on an NFT that is up for auction or buy NFTs at a fixed price. Buying Fixed Price NFT is much easier than bidding on an auction.
Once you have found the NFT you want to buy, you can click on it. A new page opens with specific information about this NFT. Then click on the “Buy Now” button and you can choose whether you want to buy NFT at full price or place a bid on the auction if that option is available.
Once the purchase of your NFT is successful, the NFT token will be sent to your Binance wallet. You can then send the NFT to your personal wallet if you use it.
How do I sell NFTs on Binance NFT?
Like the process of buy an NFT at Binance, there are two options for selling your NFTs. Users can sell their NFTs at an auction or choose to ask for a fixed price. The second option is usually the easiest way.
Below are the steps you need to take to sell your NFTs at a fixed price:
Step 1: Create an account
If you already have an account on Binance, this step is not necessary. If this is not the case then maybe you need to create an account to be able to sell your NFTs on Binance.
Binance asks you to select your email and a strong password to create an account. There are also some other steps you need to follow to verify your account.
Step 2: Find or create an NFT
To sell an NFT, you must first have an NFT. Of course, you can not sell what you do not own.
If you already own an NFT, look for the NFT you have stored in your personal crypto wallet. Then send the NFT to the Binance Exchange by pressing the “deposit” button, which you can find in the NFT User Center. You have the choice between making the deposit via Binance Smart Chain or Ethereum blockchain.
You can also choose to emboss your NFT yourself via the Binance NFT platform.
Step 3: Enter your NFT for sale.
Once you have an NFT on the Binance NFT Marketplace, click on “User Center”
Click the “NFT Active” button to view your NFT collection. Then click on the NFT you want to sell.
Once you have clicked on the NFT you want to sell, you will be asked to create a description of your NFT, you can not change it afterwards.
Click “List NFT” to see what your options are for selling your NFT. You can usually choose between the options of auctioning your NFT or selling it directly at a fixed price. As mentioned earlier in this article, it is much easier to sell your NFTs at a fixed price. There are also several risks involved if you choose to auction your NFT. But with auctions, you can often earn more.
Explanation of using Binance NFT
The Binance NFT marketplace is a relatively new player in the NFT world. Despite fierce competition from NFT marketplaces, it is still one of the largest and most popular platforms for people to trade NFTs.
Binances NFTs works in the same way as NFTs found in other NFT marketplaces. It is especially useful to use Binance’s NFT platform if you’ve used the other services in the Binance ecosystem before.
Using the Binance NFT Marketplace is a safe and easy way to start trading with NFT. It is always important to know that there are always risks involved in trading NFTs and cryptocurrencies.
It is therefore always important to conduct proper research and carefully consider whether a possible loss does not entail unnecessary costs. It is certainly not a good idea to borrow money for crypto trading.