The NFT trade has exploded since it started trending in 2020. Two billion dollars of NFTs have been bought in Q2 of 2021 alone, and two and a half billion dollars invested in NFT platform tokens since the start of 2021. NFTs are massive and they’re here to stay.
There’s also been an outbreak of creativity in the digital art world to capitalize on this exciting new market. Musicians, sports stars, gaming companies, celebrities, and artists have been working overtime minting their output as NFTs. The world’s largest cryptocurrency, Binance, joined the party in late June with its new Binance NFT Marketplace.
It’s still early days in the NFT world so we have no clue which will be the killer apps ten years from now. In the meantime, the Binance brand is known for reliability, so that’s where a lot of early NFT liquidity will be invested. Let’s take a look at what’s on offer in Binance’s new NFT Marketplace.
What you'll learn 👉
What is Binance NFT Marketplace?
The clue’s in the question – it’s a marketplace on Binance where you can trade NFTs (Binance NFT). Fortunately for this article, there’s more to it than that. Creators and artists are brought together with crypto enthusiasts on the respected Binance platform to mint, auction, and trade NFTs (Binance NFT). Binance’s aim is for capitalism to break out.
As you open the Binance NFT Market page you are greeted with some impressive images of digital art. It’s in the style of mainstream fine art paintings, which is understandable if you are trying to attract a crowd. There’s nothing too edgy or interesting on the platform. It’s hardly the Royal Academy Fine Art Degree Final Show, but some of the work is quite cute.
Binance NFT Marketplace offers a full suite of services. You can list NFTs for sale, mint new ones, and trade all sorts of images, audio tracks, videos, and virtual characters.
Why Create NFTs？
There are many reasons to create NFTs, but they’re all related to ownership. At this early stage of the game, virtual characters and digital art ownership are the main drivers. As NFT technology matures and becomes more accepted by the mainstream, things will change. Here’s how.
It’s not just about ownership of virtual objects. Property rights over physical objects can also be tokenized. This could range from a motorbike to a hotel, and everything in between.
The beauty of an NFT is that it can be programmed to do things previously impossible with traditional contract law. Fractional ownership, restrictions on resale, royalties, permissions for commercial use and monetization, etc. They can all be baked into the NFT smart contract when it’s created.
What makes the Binance NFT Marketplace different?
Firstly, it’s run by Binance, the largest cryptocurrency exchange in the world. They attract major players just by being Binance. More importantly, the Binance Smart Chain is proven to be fast, secure, and cheap. It has never yet been hacked and the fees are reasonable when you pay with BUSD or BNB.
Binance NFT Marketplace Architecture
It’s well laid out and simple to use, but the most powerful feature is being integrated with the Binance platform. You don’t need third-party crypto wallets to get involved, trading straight from your Binance spot wallet. There is a trade-off when choosing CeFi over DeFi.
The decentralized NFT marketplaces are virtually anonymous and nobody can seize your NFTs while they’re in a non-custodial wallet. Binance’s centralized version requires KYC information (Know Your Customer) and you don’t hold your private keys. You need to trust Binance to look after your NFTs on your behalf.
Other than that, there’s little to the Binance NFT marketplace. It does exactly what it says on the tin.
How to create an NFT?
Once your account has been verified by Binance, you can start listing and minting NFTs (Binance NFT). Just click the green ‘Create’ tab and upload an image, video, or audio file (JPG, GIF, PDF, PNG MP3, MP4, AVI, SVG, WAV, or MPEG).
Minting an NFT (Binance NFT) is final so make sure you upload the correct, finished version of your work. It cannot be changed later.
How to buy an NFT on Binance?
There are two ways to buy an NFT. For fixed price sales on the marketplace, select your desired NFT (Binance NFT) ensuring you have enough in your spot account to cover it.
For auctions, you can place a bid any time before the deadline displayed next to the artwork. Pro tip – next to the price of an NFT (Binance NFT) you will see “Bid” or “Price”. This tells you if it’s a fixed sale or an auction.
You can buy cryptocurrency with debit cards or credit cards if you use the Binance crypto exchange.
You can also add a payment method; some require you to link a crypto wallet to pay with cryptocurrency, while others accept credit cards.
How to Sell an NFT on Binance NFT Marketplace?
There’s a vetting process to ensure your NFT is appropriate for selling on Binance. Once it has been approved, just like eBay, you can choose whether to auction it or sell it for a fixed price. You can build a buzz by scheduling a listing time with a countdown underneath the thumbnail.
Go to the User Centre tab in the top right corner of the NFT page. From here you can view your NFTs, Mystery Boxes, and Crypto Digital Assets. When you open a mystery box you will discover what NFT you have bought. You can then list it on the marketplace for a fixed trading fee, or put it up for auction.
The auction will start at the purchase price, but you can choose which currency you will accept – BNB, BUSD, or ETH. You select the minimum increments for new bids, from 5% to 20%. The length of the auction is usually capped at one week. For fixed price sales, if the NFT is not sold within seven days, it will be delisted and your fees returned to your Binance spot wallet. For auctioned NFTs, you will receive the highest bid once the auction expires.
Binance NFT Marketplace Payments and Fees
There’s a 1% royalty payment to the creator or rights-holder every time your NFT is traded. This could be very lucrative if you become a trending artist. There’s also a 1% platform fee which is how Binance makes its money. 2% is quite reasonable for buying or selling a one-off art original, but it’s still much more than Binance charges for trading cryptocurrencies.
You make payments all with crypto digital assets from your Binance spot wallet. Prices are quoted in BUSD, BNB, and ETH.
FAQs
Read also:
- Best NFT Wallets – Where Can You Store Your NFTs
- Binance Staking Review – How to Stake Coins on Binance?
- Binance Earn Review – How Do Binance Fixed & Flexible Savings Work?
- How to Trade Binance Options | Binance Option Review
