Binance NFT Marketplace was launched to help artists and creative designers to sell their NFTs. This platform has managed to bring together artists, crypto enthusiasts, and creators from all over the world. Some NFT collectors are also adopting this platform for reselling tokens imported from other exchanges. The Binance NFT Marketplace ensures that users gain digital ownership and authenticity on their work, something which wasn’t available before. This is a top trading and NFT marketplace platform. The Binance NFT Marketplace is a premier platform for NFTs from sports, gaming to music and visual arts.
History Behind the Binance NFT Marketplace
The Binance NFT Marketplace was founded in 2017 as the first leading cryptocurrency exchange in the world. It is an Asian cryptocurrency ranked as one of the best because of its trading volume. The Binance NFT Marketplace supports different currencies and trading pairs. The platform was developed to allow speculators and NFT holders to trade with one another.
What is Binance NFT Marketplace?
If you are looking for a platform where you can create and sell non-fungible tokens, then look no further than the Binance NFT Marketplace. You can use either the Binance Smart Chain or Ethereum to mint your non-fungible tokens and transfer them between these two blockchains. Both collectors and creators can use this platform and enjoy its benefits. Collectors can buy NFTs at fixed prices or through auctions etc. When collectors buy NFTs from the Binance NFT Marketplace, the creator receives a 1% payment as royalty. Creators who mint their NFTs on other platforms also benefit from this royalty payment. On the other hand, depositors also benefit from this 1% royalty payment when their deposited NFTs get purchased by users. The Binance NFT Marketplace has a processing fee of 1%. Which is the lowest fee as compared to other NFT Marketplaces.
How to Deposit NFTs on the Binance NFT Marketplace?
Before you get started on the Binance NFT Marketplace, make sure that your contract address has been integrated with this marketplace. A non-approved contract address will prohibit you from depositing NFTs on the Binance NFT Marketplace. This platform is always updating and expanding its NFT smart contracts, so it is advisable to always be up to date with this information when using the Binance NFT Marketplace.
- The next step is to ensure that your wallet has been connected. This is done by clicking on the ‘user centre’, then selecting ‘deposit.’
- Before you confirm, make sure you have selected the correct network for your wallet. This can either be Ethereum or Binance Smart Chain.
- Choose the wallet of your choice either WalletConnect or MetaMask. Then sign in.
- To deposit, click ‘deposit NFT’, enter your contract address under contract addresses and confirm.
- Click ‘confirm deposit’ to choose the NFT you want to deposit into. Set your gas fee and click ‘confirm.’
How to List NFTs on the Binance NFT Marketplace?
Once you have confirmed your deposit, the next step is to list your NFT on the Binance NFT Marketplace.
- Search for the ‘collections’ section, choose the NFT that you want to list, and click ‘list NFT.’
- Before you complete the listing process, determine your NFT`s sales settings. Decide whether you will be auctioning your NFT or selling it at a fixed price.
- Determine the duration for the sale of the NFT. If you opt for auctioning your NFT, make sure you choose the ‘highest bid’ side and specify the minimum amount of your bid. This is the minimum amount you will be using at the beginning of your bid.
- Set the date and time for the auction. Categorize your NFTs to attract the right buyers.
If you opt to sell your NFT at a fixed price, select the ‘set price’ side. You can also specify the amount of cryptocurrency you want for the NFT. NFTs listed at fixed prices have a sale period of not more than seven days counting from the date of listing. Before you complete your listing process, make sure that you have added all the necessary descriptions, benefits, etc. after that you can click ‘submit’ and wait for the Binance team to review your sale. Reviews usually take 4-8 hours and you can customize your NFT, 12 hours after submission.
How to Purchase an NFT on the Binance NFT Marketplace?
When buying NFTs on the Binance NFT Marketplace, there are two ways you can opt for. You can either buy at an auction or a fixed price. Follow the steps below:
- Register your account on the Binance Official website on the right-side corner of the homepage. You will be prompted to enter your details which include a phone number, email, and password. Verify your account by typing the code sent to your email or phone. After verification, your account will be ready for use.
- The next step is to deposit crypto into your wallet. To buy crypto you can go to the Binance official website, select ‘buy crypto’.
- When your wallet is finally sorted, you can now shop around and search for your desired NFT. Click ‘marketplace’ on the home page and search for the creator you want to buy from or the NFT you are interested in.
- Click ‘buy now’ when you have chosen the NFT of your choice. This is done by paying the full amount for the ‘fixed price’ on the NFT or setting your bid price if you are purchasing via ‘auction’. Once the payment process is complete, Binance automatically sends the NFT to your wallet.
How to Create an NFT on the Binance NFT Marketplace?
Creating or minting an NFT on the Binance NFT Marketplace is a quick and easy process that takes not more than 5 minutes. Go to the homepage of the marketplace, select ‘create’. An upload page pops up where you have the option of choosing the item you wish to turn into an NFT. This can be in the form of audio, image, etc. Once you have selected your desired NFT, add the full description for your NFT. Make sure you have enough BNB coins to use in covering the minting fee. Click ‘create’ and wait for the process to complete. You will notice the ‘minting complete’ sign that confirms the successful creation of your NFT. All your newly minted NFTs can be viewed on the collections page.
Advantages of using the Binance NFT Marketplace
- The Binance NFT Marketplace allows its users to speculate and select from a variety of NFTs ranging from art NFTs, games NFTs, sports NFTs, and more. This makes it beneficial for any type of creator or collector to use the platform.
- The good news when using the Binance NFT Marketplace is that the trading process only attracts a 1% fee, making it one of the cheapest among the exchange platforms. It is rated the cheapest platform for minting and selling NFTs.
- The Binance NFT Marketplace has a large trading volume, thus enabling high liquidity which is good for trading. This means that whenever you sell your NFT, you can always cash out your cryptocurrency on the platform. Moreover, you can also manage your trading liquidity on the Binance exchange platform since it is linked to the Binance NFT Marketplace.
- Reputation is important in the cryptocurrency world. No one wants to trade and spend money on a platform that has been associated with scams. The Binance NFT Marketplace is the biggest marketplace and cryptocurrency exchange in the whole world. Because of this, it has earned a high reputation due to the large trading volume it offers.
- The Binance NFT Marketplace offers high access to a bigger customer base which is beneficial for NFT sellers. This enables sellers on the platform to gain a larger audience.
- The Binance NFT Marketplace allows you to use all the cryptocurrency you earn to trade or withdraw directly from the platform. You would require a blockchain network to send your cryptocurrency from the Binance NFT Marketplace to the local exchange.
Is Binance the best Marketplace for NFTs?
Binance NFT Marketplace is run by Binance and it is the largest cryptocurrency exchange in the whole world. It offers low fees and offers NFTs on the Binance Smart Chain, including the Ethereum blockchain. The platform is easy to use and navigate, all the NFTs have been listed in several categories like entertainment, sports, art, etc, thus making it easy for users to select the NFT they want with no hassles. The other advantage to those users who already have a Binance account is that they can use the same credential on the Binance NFT Marketplace.