Launched in June 2021 Binance NFT Marketplace is a platform where users can create, buy and sell NFTs (non-fungible tokens). This marketplace is powered by the Binance ecosystem. Binance is a well-known player in the cryptocurrency world, founded in 2017.
Despite Binance being a fairly new player in the NFT industry, the NFT marketplace still has a big impact on the entire Binance ecosystem. The new platform will use the 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 on 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 on 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 linked to popular athletes such as Michael Owen, José María Gutiérrez Hernández and Alphonso Davies are offered within this category. There are also NFT tickets.
Double BRIT Award winner Lewis Capaldi is one of those people whose work you can find in the entertainment category. Lil Yachty and Kyle are other popular musicians who offer their work in this category.
The games 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 merchandise and content. Esports Team 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 save. Mighty Jaxx’s Nyan Sum cards are some of the items in the collectibles 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 “register” button in the upper right corner of the screen.
A new page will open where you must enter an email address and a strong password. At Binance, you can choose whether to create your account using your email or your phone number.
You will then go through a verification process. Your account is 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 have to verify your identity for extra security. Binance uses three different authentication methods: Basic, Intermediate and Advanced.
Step 2: Buy Crypto
Cryptocurrencies are required to purchase all NFTs. This means that you first need cryptocurrency, and a crypto wallet where you can store it.
Fortunately, Binance offers all users a wallet. Although the wallet will be used to purchase NFTs, it is not the most secure 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 home page, click the “Buy Crypto” button at the top of the screen.
The website will show you a list of cryptocurrencies that can be traded on the platform. Depending on which cryptocurrency you choose, you can buy 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 home page, click on “marketplace”. Binance marketplace is where NFTs are offered for you to 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 the NFT you want to buy.
Binance offers two ways to buy NFTs. You can bid on an NFT that is on auction or buy NFTs at a fixed price. Buying fixed price NFT is much easier than placing a bid at an auction.
Once you have found the NFT you would like to buy, you can click on it. A new page will open with specific information about this NFT. Then click the “Buy Now” button and you can choose to buy the NFT at full price or place a bid at 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. Then you can send NFT to your personal wallet if you use it.
How do I sell NFTs on Binance NFT?
Like the process of buy an NFT on Binance, there are two options for selling your NFTs. Users can sell their NFTs in 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, you must first create an account in order to sell your NFTs on Binance.
Binance asks you to choose 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’t sell what you don’t 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 that you can find in the NFT user center. You have the choice of making the deposit via Binance Smart Chain or Ethereum blockchain.
You can also choose to mint your NFT yourself via the Binance NFT platform.
Step 3: List your NFT for sale.
Once you have an NFT on the Binance NFT Marketplace, click on “User Center”
Click the “NFT Asset” button to view your NFT collection. Then click on the NFT you want to sell.
Once you have clicked on the NFT you wish to sell, you will be asked to create a description of your NFT, you cannot 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 more risks involved if you choose to auction your NFT. But you can often earn more with auctions.
Explanation of using Binance NFT
The Binance NFT marketplace is a relatively new player in the NFT world. Despite there being a lot of competition from NFT marketplaces, it is still one of the biggest and most popular platforms for people to trade NFTs.
Binance’s NFTs works similarly to NFTs found on other NFT marketplaces. It is especially useful to use Binance’s NFT platform if you have used the other services in the Binance ecosystem before.
Using the Binance NFT marketplace is a safe and simple way to start trading NFT. It is always important to know that there are always risks involved in trading NFTs and cryptocurrencies.
It is therefore always important to do good research and think carefully about whether a possible loss does not entail unnecessary costs. Borrowing money for crypto trading is definitely not a good idea.