NFT (Non-fungible Token) is a revolutionary invention that allows any creative person to turn their talent into tokens and sell (where to buy or sell NFT) on one of the largest cryptocurrency exchanges Binance NFT. You can read more about NFTs here. So, we have prepared for you a review of one of the most promising Binance NFT marketplaces.
What such Binance NFT Marketplace?
Binance is the world’s largest cryptocurrency exchange, known so far as a convenient, safe and profitable place to buy, exchange and sell cryptocurrencies. It also introduces its own digital currency Binance Coin, which allows users to buy cryptocurrencies (you can read about the best NFT coins in our article). In addition, the platform provided services such as Binance Card.
On June 24 2021, the platform decided to introduce another option: non-fungible tokens. Although the non-fungible token market has been known since 2017, it has attracted a lot of attention lately. Opening access to it with Binance was a completely natural step.
Thus, this exchange has become both a platform where users can buy and sell NFTs, as well as list their own, forming collections and earning money. Thus, Binance has become a direct competitor to other platforms of this type, including OpenSea, Rarible, Foundation.
- The world’s leading blockchain ecosystem. Binance includes products: Chain, Trust Wallet, Exchange, Academy, Charity, Info, Labs, Launchpad, Research.
- It is built on its own blockchain Binance Smart Сhain. The blockchain supports its own non-fungible token standards: BEP-721 and BEP-1155. They are similar in functionality to the Ethereum standards with the same numbers (ERC-721, ERC-1155).
- The exchange, due to its big name in the cryptocurrency world, attracts a huge number of people who want to buy content and thereby provides liquidity.
- Fixed low commission when selling NFTs 1% (comparison of commissions of various marketplaces you can see here).
- Having your own mobile app.
- Ability to deposit NFTs from other networks and sell NFTs on Binance. Important! Binance only accepts fully integrated non-fungible token contract addresses with the Binance marketplace.
- Fast and easy withdrawal of money in fiat currency (the following currencies are available at the time of writing: GBP, EUR, RUB or UAH)
- Three cryptocurrencies are available on the platform for settlements: BNB, BUSD, ETH
- Joint projects with such stars as: singer Lewis Capaldi, Hollywood actor Djimon Khonsu, football legends Michael Owen, Rivaldo, Guti, Alessandro Del Piero, Christian Vieri and Gabriel Batistuta.
Marketplace in numbers
- Token «Three self-portraits» sold for maximum $2.8 million June 27, 2021. The author is contemporary artist Andy Warhol. Thus, the marketplace attracted a lot of attention immediately after the launch of the project.
- The most expensive non-fungible token collection on the STEPN x ASICS NFT Sneakers marketplace is valued at $20.9 million. There are 104 thousand tokens in the collection.
- Daily vol is approximately $42 million.
- Over 770 total collections.
How to get started on the Binance NFT marketplace?
Let’s start our acquaintance with Binance NFT in our review from this very question. To get started, you need to go through 2 steps:
Become a member of the Binance NFT exchange, you first need to register on the official website of this crypto exchange and verify. To do this, click Register in the upper right corner. This will take you to the login page.
Registration on the exchange is standard – email or phone, password. It is highly recommended to write down the password – the exchange hardly recovers passwords in case of loss.
Сomplete Identity Verification (KYC)
We specifically focus on this issue in the Binance NFT review because it is very important and different from many other marketplaces.
After registration, at the top you will see a notification about the need for identification of an individual. Verification on the Binance exchange is now required for full trading and withdrawal of funds. In the screenshot you can see the conditions for passing for a resident of Germany.
Important! Please enter your country of residence correctly. It depends on the conditions of identification.
After that, you will need to provide all personal information, send a photo of an identity document, and a selfie with a passport. That is why it is important to specify all the information correctly at once.
How to create an NFT collection on Binance NFT marketplace?
- To create a token on Marketplace, you must first create a collection. In any case, you must be verified and have at least 5 followers on your profile. To do this, you can link your account to your social networks (Facebook, Instagram, Twitter, Telegram and Discord).
- Click the Create button. This will take you to the collection creation page. Next, just fill in all the fields:
- Image for a logo.
- Image for a banner.
- Network (BNB Smart Chain or Ethereum)
- Symbol (needed to create a smart contract)
- Smart contract owner address (optional). You can link a wallet to a collection.
- Royalty (you can choose from 1 to 10%)
- Links to social networks
Please note that once a collection has been created, its name, symbol, category, network, and royalty amount cannot be changed.
- Next, you need to pay a fee for creating a smart contract. After that, the collection is considered created.
How to create an NFT on the Binance NFT marketplace?
- Then we get to the token creation page. Specify the required information:
- Description (optional)
- Network (default is BNB Smart Chain (BSC), but you can change it to Ethereum (ETH)
- Once you’ve entered everything, you’ll see an estimated creation fee. If you agree, then click the Create button. Ready! You created the NFT on marketplace.
How to sell NFTs on the Binance NFT marketplace?
This is one of the key questions in the Binance NFT review. And it is no coincidence that this site is great for resale and earnings.
- To list your token for sale, go to the My Collections section;
- Select the desired token or Mystery box, and click List.
- Next, choose a payment method:
- Fixed price
- Maximum bid (auction)
- Write down all the conditions of the sale (auction step, date and time of the start of the auction, etc.);
- Setting up royalties;
- We check all the specified data. Remember that later they can no longer be changed.
- If everything is correct, then click Submit.
- After that, your token will be verified by the Binance administration. If there are no comments, you will see your item for sale.
How to buy NFT on the Binance NFT marketplace?
There are several sections where you can buy NFTs. All of them are located in the upper left corner of the site.
Gaming NFTs (IGO)
Here the project team places drop of exclusive in-game non-fungible tokens (weapons, attributes, early access, etc). Can be purchased at a fixed price, through an auction, or buy a mysterious Mystery box. Many collections need to be monitored; they are sold out literally in the first minutes of the drop.
In the secondary market, you can buy non-fungible tokens from any category, in the form of an auction, a fixed price, or make your own offer. In general, a full-fledged trading platform. Here are the NFT rankings for the best collections, best sales and best authors.
A mystery box is a token purchase that the buyer knows nothing about. The attractiveness of this exchange service is that you can buy a unique and very expensive token. The Mystery Box service has a general description of the token, the number of tokens sold, and the stated purchase price, which is fixed. The exchange user confirms the intention to buy NFTs or tokens in the Order Details line. And only after the user has bought a token, he can find out whether it is an exclusive or a digital pig in a poke. The token, of course, can be put up for sale on the exchange again and can be bought again.
In all cases, buying a token is intuitive. The main thing is that you have the required amount of currency in your wallet. Don’t forget the commission!
We cover this issue in the Binance NFT review, because for many traders this is a very important point.
The marketplace charges a commission in different cases:
- NFT creation fee is 0.022 BNB or 0.012 ETH.
- When buying any token, you will pay a fixed 1% of the purchase amount.
- You will need to pay royalties to the token author each time you sell your token. He sets the size himself when minting, the commission can be in the amount of 1-10%.
For a long time, blockchain was thought to be primarily for financial applications. It is indeed ideal for them, but NFT technology has opened up the possibilities of this mechanism from a fundamentally new perspective. With a high degree of probability, non-fungible tokens will become an important part of the ecosystem. The opening of the Binance NFT platform gave a new impetus to this process, attracting millions of new users who were previously not interested in this topic, but were focused on classic trading.