BeginnersGuides

Binance’s only guide to the NFT marketplace

Learn how easy it is to use the Binance marketplace to create or sell NFTs!

After reading this in-depth tutorial on how to use Binance’s NFT marketplace. you will be able to collect, buy and sell NFTs!

Due to the rise in popularity of NFTs, the number of NFT-related marketplaces has grown. Some offer basic trading services, while others are niche-specific. One decentralized marketplace is Binance’s NFT hub, which is also the largest cryptocurrency ecosystem in the world.

Binance is famous for being a cryptocurrency exchange, but it also features an entire cryptocurrency-based ecosystem. This includes non-fungible tokens that can be used on the platform. Many people do not know this because NFTs on Binance are less well known than the exchange itself.

Although it is a very new project, Binance’s NFT exchange has a mysterious aura. It is not known for whom the exchange is best suited, nor are its special features known. Moreover, it is not known whether it is possible to create NFTs on the platform or to sell them easily.

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The following chapters cover all this and more. Let’s begin our immersion into the topic!

What is Binance’s NFT Marketplace?

Before we get ahead of ourselves, let’s start at the beginning and answer the seemingly fundamental question: what is Binance’s NFT marketplace?

As mentioned in the initial part of this guide, Binance is a well-known name in the cryptocurrency industry. Most people know it as a cryptocurrency and token exchange, in fact it is one of the largest if not the largest cryptocurrency exchange in the world!

wallet nft di binance

There is also a wallet (wallet) owned by Binance associated with the aforementioned exchange: the Binance Wallet. This is a very popular place to deposit and store one’s NFTs, and is a perfect match for the exchange itself.

The Binance NFT marketplace is a centralized platform where you can sell, buy and create various non-fungible tokens. The last part-the creation of NFTs-is still a bit complicated, but we will get to that in due course.

Note the term “centralized.” Unlike many other competing projects, Binance offers its users the ability to exchange NFTs centrally, after going through all the “Know Your Customers” processes (in other words, verifying one’s identity). This fact also has some advantages.

First, Binance has been able to eliminate a large number of malicious traders. This is because the transaction process is not anonymous: every creator, buyer and seller of a particular NFT sends their identification documents to Binance before entering the exchange. In short, your irreplaceable trading experience should be more secure!

In addition, the centralized nature of Binance’s NFT market allows it to have some of the best commissions and liquidity. Both of these aspects are very important for anyone planning to trade NFT for profit or simply to avoid the high gas fees associated with Ethereum.

We will look at the commission and liquidity aspects later in the guide, but another point that is definitely worth considering is the recognition that Binance has managed to accumulate over the years and how it has transitioned to the NFT marketplace platform.

Binance has earned the respect and trust of millions of users around the world. This of course extends to other business projects as well: if you see a service owned or operated by Binance, a certain level of trustworthiness is automatically assumed. This of course extends to Binance’s NFT market as well.

Although it is one of the new NFT marketplaces, it has already attracted many global influencers and brands to create their own exclusive NFT drops on the platform. This also brings us to the next point: the practical benefits of using Binance’s NFT marketplace.

What are the benefits of using Binance’s NFT marketplace?

As mentioned in the introductory part of this article, each of the different NFT marketplaces on the Internet offers a range of features to their users.

Some offer substantial royalties on subsequent sales. Others are niche markets that host only select NFTs and make their owners more visible. That said, what are the practical benefits of Binance’s NFT marketplace?

There are actually many. Some of these have been discussed above: centralization, reliability, general reputation in the cryptocurrency world. However, NFTs also have some specific aspects.

Same account – many features

Although there are people interested exclusively in the world of non-fungible tokens, it is safe to say that most NFT enthusiasts also love cryptocurrencies.

If you are interested in cryptocurrencies, you will know that there are many different products and services that you will need to join in order to have a positive experience. At least this is the case for those who do not use the Binance NFT marketplace.

So if you want to invest in cryptocurrencies on the Binance NFT marketplace, you can use your own account to trade on their trading platform as well.

Whether you are new to cryptocurrency trading or a veteran trader, one thing is certain: convenience is appreciated. And that is exactly what you get with Binance!

Not all NFTs are the same

In Binance’s NFT marketplace you will find different types of channels for non-fungible tokens. This means that you will not be limited, for example, to buying a single NFT immediately or bidding in a timed auction.

Instead, Binance offers some premium activities for NFT enthusiasts. These events include a selection of numerous exclusive NFTs from some of the world’s most recognizable brands and artists. If you wish to own premium NFTs, these premium events offer you the opportunity to purchase limited and exclusive NFTs.

NFT esclusivi in vendita su binance marketplace nft

In addition, the Binance NFT marketplace has mystery boxes. These can contain rare and valuable NFTs and provide an element of entertainment and surprise for anyone willing to purchase them.

It is worth mentioning that Binance is the only NFT marketplace that has launched the Mystery Box feature, Although it is possible to find some mystery boxes on other marketplaces, they are not enabled by the platforms themselves and are rather sold by little-known individual creators. An important point to consider!

What are Mystery Boxes

Finally, it is possible to acquire mystery boxes,

The mystery boxes presenty on the NFT binance market, are special events that we have already discussed in this guide.
These events are exclusive to Binance’s NFT marketplace.

Binance marketplace NFT

Mystery boxes or “mystery boxes” have a fixed price. You can also choose to buy them in bulk, which will result in an equivalent number of mystery boxes appearing in your inventory. Once purchased, you can open them or add them to your collection.

All Mystery Boxes have a certain probability of containing a variety of rare NFTs. The percentage of each mystery box can be found on its event page.

rarity nft box

Mystery Boxes are non-refundable. This means that you cannot return them and get your money back, but they can be sold to other users or opened to reveal a random NFT that can also be sold.

There are several methods for buying and trading NFTs on Binance. Each method is suitable for different people, and it is great that there is an option to choose a better method for you!

High liquidity, low commissions and gas fees

Liquidity is a metric that can show the success of specific coins and tokens and also the trading platform that hosts them. Liquidity is critical to easily buy, sell and trade a token. Binance’s marketplace has the highest liquidity statistics! This is due to Binance’s established presence in the industry.

High liquidity means that you can easily convert cryptocurrency to cash or other tokens and vice versa. It means there is a lot of interest in the project and you will not end up with worthless tokens.

If you are worried about liquidity, Binance has your back. The exchange has the highest liquidity statistics due to its status as one of the most popular digital asset trading platforms.

One of the factors to consider when choosing an NFT marketplace is transaction fees. If fees are high, they can eat into your profits or make some NFTs more expensive than expected. Binance’s NFT marketplace has transaction fees of 1 percent, much lower than the industry average.

The same goes for royalties if you create a non-fungible token on Binance, sell it, and then it is sold again, you will receive a 1% royalty from each of the subsequent sales.

But it is also the gas fees that make binance a better marketplace

Non-fungible tokens, used to represent assets or collectibles, are one of the most bullish blockchain trends. However, although they have been adopted by most major blockchain projects, they have their drawbacks: They have high minting costs and are prone to congestion on the Ethereum network.

eth gas fee

Binance’s NFT marketplace, however, offers users NFTs based on Binance’s Smart Chain. These tokens can be minted for pennies, an extremely inexpensive process compared to Ethereum.

This allows newcomers to create their own NFTs without spending a fortune and opens the gateway to the world of creating and selling NFTs for you.

How to use binance’s NFT marketplace?

We have discussed Binance’s NFT marketplace enough. It’s time to take a closer look and learn how to use the actual platform.

Registration and KYC on binance marketplace

The first thing to do when you want to get started on Binance’s NFT marketplace is to register on the platform.

If you have never heard of Binance or never registered before, visit its official website and start the registration process. It is quite simple and the registration wizard will guide you through the entire process.

registrarsi sul marketplace nft di binance

To use Binance’s service, you need to complete some identification verifications. As a centralized cryptocurrency platform, Binance is required by law to check the IDs of its customers before allowing them to use the exchange.
However, if you already own a Binance account, you will not have to undergo this verification; as mentioned above, the binance NFT marketplace shares the same account with the exchange side of the platform, so if you own one already verified, you will be able to access both the “exchange and nft marketplace” services without any problems.

Once the account is created, you need to deposit or purchase cryptocurrencies including: BNB, BUSD or Ether because these are the three cryptocurrencies accepted as the payment method for NFT trading on Binance.

How to buy NFTs in the binance NFT market

The process of buying a specific NFT on Binance’s NFT marketplace is very simple; in fact, it resembles buying digital content such as books or games. However, there are two different ways to purchase NFTs:

The process of purchasing an actual NFT on Binance’s NFT marketplace is as simple as any other digital purchase. However, there are several ways to do it. The easiest way to purchase an NFT is to buy it immediately at a fixed price. If you are faced with an NFT for sale and see the term “make an offer,” then immediate purchase will not be possible.
Fixed-price NFTs are among the most popular, so you will have no trouble finding one that suits you. Once you have chosen your favorite NFT, just click “Buy Now” and confirm payment, that’s all!

acquistare un nft nel mercato di binance

Then there are the non-fungible toekn (NFT) auctions. These special and unique tokens can be traded like any other cryptocurrency, except that in this case, these virtual tokens can be bought and sold through an auction system. As in traditional auctions, the person who placed the highest bid in an NFT auction will receive ownership of the NFT at the end of the auction.

Bidding is simple. First, find the token you want to bid on. Once on the page, hit “Place a bid.”

fare un offerta sulmarketplace binance NFT

To complete the NFT purchase, you will be prompted to enter the amount in crypto you wish to spend on the NFT.

The cryptocurrency used to purchase NFT depends on the token in question, so be sure to check before bidding!

All bids must be higher than the last bid. You can increase the bid with a set amount or by entering the total amount due.

Once you have reviewed all the numbers and determined that the bid amount is acceptable, press “Make a Bid.” That’s it-you will receive a notification when your bid is accepted or rejected.

Binance to ensure a safer NFT marketplace, when you bid on an NFT, the amount of cryptocurrency pledged is frozen in your account for the duration of the auction or until another party bids higher.

How to create NFTs on binance

At present, individuals must be invited to Binance’s NFT marketplace in order to coin their own NFT by sending an email to nft@binance.com, requesting the platform to join the NFT creator program.

Binance has promised that the service will soon be available to the masses. However, the process of creating BEP-based NFTs is still limited to only a few creators. Nevertheless, it is worth inquiring about its creation in advance, so that when it becomes available, you will be able to create your own NFT, quickly and easily!

The first step in creating an NFT is to visit Binance’s NFT marketplace and press the “Create” button in the upper right corner of the screen. This will prompt you to choose a type of NFT: image, audio file, or video.

mintare un unft su binance marketplace

Next you will be asked whether you want to output a single NFT or a series. The latter option is especially good for those who want to coin an entire collection of NFTs.

After uploading the file, naming and describing it, you will be able to view the minting rate at the bottom of the page. Make sure you have enough NFTs to pay this fee! Unlike ETH gas fees, the fee for BNB-based NFTs should be relatively low.

Once your minted NFT has been made available, you will be able to find it in the Collection tab of your profile. Here you will also be able to view the token’s history and some additional information.

Binance’s NFT marketplace allows you to receive a 1% royalty on all subsequent sales on your NFT. This means that you will receive 1% commission every time someone else sells your NFT, forever.

Here’s the best part: you don’t even have to be a creator of non-fungible tokens to be eligible for this 1% royalty. If you deposit any type of external non-fungible token into Binance’s NFT marketplace, you will automatically receive the same 1% royalty!

Binance makes it incredibly easy to create NFTs. Even if you have never created an NFT before or have no experience with cryptocurrencies, in general, the whole process from start to finish should always be quick and very intuitive.

How to sell NFTs on binance

Let’s assume you have an NFT ready to sell on binance’s NFT marketplace, how would you go about selling your NFT?

Binance’s NFT marketplace allows users to easily sell their NFTs. To get started, visit your “NFT Assets” section and navigate to the collection page, where you can select an NFT you would like to sell.

biance nft collezione

Once you have chosen an NFT to sell, you will be able to list it in the binance marketplace, and here you will be able to choose all the specific parameters of the listing.

caratteristiche nft su binance

First, you can choose to sell your NFT at a fixed price or whether to set up a limited-time auction.

If you opt for the fixed price, you will be asked to set a specific price for your token and choose the cryptocurrency you wish to receive as payment.

If you decide to opt for the auction mode, you will be asked to enter the minimum bid that someone can pay for your NFT.

Once you have successfully followed the procedures described above, you can choose a period of time in which your NFT will appear on Binance’s NFT marketplace. This period can be up to a week after listing.

When you are ready to sell your NFT, you will need to choose a category and write a description that will help potential buyers identify and learn more about THE NFT you are selling. Once all this is done, you can confirm your listing and wait for your NFT to be added to the marketplace!

come vendere nft su binance

The listing verification process on Binance is verified by a team of experts and takes an average of 8 hours to complete. This time may vary depending on the total number of tokens submitted for verification and the time at which the NFT is submitted.

That’s it! Once your NFT has been verified by Binance, it will appear on Binance’s NFT marketplace for everyone to browse, view, and purchase!

Remember that on Binance NFT Marketplace, you can find all your NFTs created and purchased in the Collection section of your profile and from there you can manage your tokens easily!

Conclusion

After reading our guide, you should feel comfortable navigating the Binance NFT Marketplace. If you have any questions about Binance’s NFT marketplace, please feel free to contact us; we are here to help you!

However , remember that to purchase your first non-fungible tokens you will need BNB (Binance Coin), BUSD (Binance token) or Ether and that your profile is shared by the entire Binance ecosystem, so it works on both sides so exchange and NFT marketplace.

Finally, if you want to learn more about the EARN section of binance and how to use it to earn online, you can read our dedicated and in-depth guide here Binance earn, how Binance earning tools work

Apothecary

Hey, I'm a crypto lover and the chief editor at Cripto Exposed. I've been passionate about blockchain and cryptocurrency for years and am always looking for new ways to explore this exciting space. I'm committed to writing only the most up-to-date and meaningful stories related to crypto and blockchain-related trends. If you want to stay in the know on cryptocurrency, follow my pages! Let's continue the crypto revolution together. #StayCrypto

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