What is Binance NFT Marketplace?
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？
What makes the Binance NFT Marketplace different?
Binance NFT Marketplace Architecture
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.
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- Signing up is completely free. Creating and verifying your Binance account is free, and the account can be used throughout the Binance ecosystem.
- Beginner-friendly. The marketplace is simple to navigate, and the processes are simple to carry out.
- NFT minting fee is low. The fees for minting NFTs are among the lowest in the market because Binance NFT is supported by the larger Binance ecosystem.
- Security features. Because of its integration with the Binance ecosystem, the NFT marketplace benefits from the wider security systems that have been implemented.
- Permissions for minting Minting permissions are slightly more restrictive than those of other platforms. This could be an issue for some NFT creators.
- The market is new. Because the market is young in comparison to other competitors, it has yet to capture the rarest or most sought-after NFTs.
- Royalties are low. Binance NFT only allows creators to collect 1% in royalties. This is very low when compared to platforms like Foundation and OpenSea, which advertise up to 10% in royalties for each secondary sale.
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