In this article, we will understand all about the Binance NFT Marketplace and how to buy and sell NFT on the Binance NFT Marketplace.
Non-Fungible tokens have become a vital aspect of digital finance today; it is only normal that this form of digital finance keeps growing in both worth and value.
Many exchanges and trading platforms support the buying and trading of Non-Fungible tokens. This platform ranges from those solely concentrated on only NFTs to others where crypto trading, stock trading, and now NFT transaction is being made.
The Binance platform is a broad platform that focuses on many branches of digital finance, including crypto trading, airdrops, and launch pads, Futures trading, and now NFTs.
In this article, we help give users insight on NFTs in the Binance platform and how to buy and hold these NFTs for interested users and investors.
Binance NFT Marketplace Review
The Binance NFT marketplace is simply another sector of the popular crypto trading platform which supports the trading and purchase of Non-Fungible Tokens NFTs since users and investors have also picked major interest in this aspect of digital finance.
Here is some basic information about the Binance NFT marketplace important for investors and users to know:
- The Binance NFT Marketplace was launched in June 2021 and is a platform where various users and NFT enthusiasts can create, sell, purchase and trade NFTs of their choice with ease and maximum support.
- NFTs are unique digital assets that cannot be recreated, making them a masterpiece that only one individual can own. There are different kinds of Non-Fungible Tokens NFTs, including digital art, digital music, videos and others, including real materials and objects.
- Since the Binance NFT marketplace has just been launched, it is still very new to the NFT space. Still, the Binance platform, with its experience with cryptocurrency and other digital tokens, can handle this aspect of digital finance.
- Users can create NFTs with the Binance Smart Chain token, which is common in the platform’s crypto space and create NFTs using the well-known Ethereum, which is the go-to crypto coin for any NFT related work.
This is the basic information regarding the Binance NFT Marketplace important for investors and users to understand.
How to Buy NFT on Binance
Buying NFTs on the Binance NFT marketplace is straightforward as this has been broken down into two simple steps including:
- Fixed Price
Here is a basic step-by-step guide on how to buy NFTs on the Binance NFT Marketplace:
- Create Account: For interested users and investors who wish to purchase NFTs using the Binance NFT Marketplace, create an account on the Binance platform and confirm the email sent by the Binance team. Next, complete the verification process, which would enable users to start making transactions and purchases on the platform.
- Buy Crypto: In this step, the user or investor is required to purchase a cryptocurrency as this is the token used for the NFT transaction. It is important to point out that the Binance platform makes it easy for investors and crypto users to purchase any coin of their choice by following the simple guide and buttons, which are self-explanatory on the Binance app or desktop version.
- Buy NFT: Once the user has purchased the crypto, it is now time to buy the NFT of the user’s choice. Click on the NFT tab on the homepage of the Binance platform, next click on Marketplace on the page shown. The Binance Marketplace has a collection of all Binance-listed NFTs, which users can buy depending on their choice.
- Buy by Either Auction or Fixed Price: Users or investors can buy any NFT of their choice on the Binance NFT Marketplace platform by placing a bid on the chosen NFT or making complete payment for the NFT. Once the user clicks on the chosen NFT, hit the “Buy Now” button to buy the NFT at the fixed price or make a bid to enter the auction of the NFT. Either way, once done, the NFT will store in the user’s wallet and can be sent to another personal crypto wallet.
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How to Sell Your NFT on Binance
For users or investors who wish to sell their NFTs on the Binance platform, this can also be done in two ways including:
- Fixed Price Format
Here is a simple step-by-step guide on how to sell NFTs using the Binance NFT Marketplace platform:
- Assuming the user has already created an account with the Binance platform, the user can get on to selling Non-Fungible tokens.
- Users must have NFT already before trying to sell an NFT in the Marketplace since obviously no investor or user can sell what they don’t have. Users can get NFTs by easily creating a custom one or buying one from the listed NFTs on the Binance NFT Marketplace.
- Locate the already-owned NFT within the user’s wallet and send the NFT to the Binance exchange platform by clicking on the “Deposit” button around the NFT “User Centre”. Options for deposit include either Binance Smart chain or Ethereum.
- List the NFT: Once the user has the NFT on the Binance NFT Marketplace, navigate to the “User” centre and then click on the “NFT Asset” for a user to see their NFT collection. This is the segment where the user’s already owned NFTs can be shown, and the user can simply click on the NFT user wish to sell.
- This will take the user to the NFT description page, generally written the first time an NFT is created. Then the user can click on “List NFT”, as this will prompt the user to input whether the listing should be done by fixed-price sale or by auction.
- Once the user makes a decision, the Binance team will manually review the NFT, which has been listed, to determine its validity and make sure it meets some necessary criteria. This process can take 4 to 8Hrs.
- Once done, NFT will be successfully sold on the Binance NFT Marketplace with no hassles.
How to Create an NFT with Binance
With a straightforward system, the Binance platform has made the creation of NFTs fluent and fast.
Here is a simple guide on how to create NFTs using the Binance NFT Marketplace:
- Users should simply navigate to the Binance NFT Marketplace homepage. Here users can click on the “Create” button to create an NFT.
- Once done, the user can use the upload page to upload anything which user intends to convert as NFT, including music, videos, artwork, etc.
- Once done, input all necessary information needed to create the NFT and then proceed buying some BNB coin which will serve as the minting fee for the transaction. The minting fee is very necessary to ensure the creation of the NFT.
- Once done, click the “Create” button, and this will automatically create the NFT and add it to the user’s NFT collections page.
This is a simple guide on creating and mint NFTs using the Binance NFT Marketplace platform.
What are your views on NFTs and the Binance NFT Marketplace? Share your thoughts and opinion using the comment section.