Binance is the world’s leading cryptocurrency exchange. Whether you want to buy Bitcoin, Ethereum, or any other token, Binance is the place of choice for most users. In addition to being an exchange, it is also an NFT marketplace. Taking advantage of the huge user base, the Binance NFT marketplace is doing pretty well in the market. Without further ado, let’s dive in.
If you are a crypto enthusiast, you might have heard of Binance a lot, or you might even be using it. Created in 2017 by Changpeng Zhao, the platform has established itself as the largest exchange in the world. The trading volume and user base have put the platform on a unique edge of the cryptocurrency revolution. This edge provided them a favorable entry into the NFT market, thus forming the Binance NFT marketplace.
In addition to the usual features, this marketplace has two unique ones: Events and Mystery Boxes. As the name suggests, the platform invites creators or even leading artists from the industry to host their NFTs. The company also introduced mystery boxes on the platform. Users can win NFTs of varying rarities from this box.
Whether you want to buy a Non-Fungible Token or a cryptocurrency, you need an account. Make sure that you choose a strong password for your account, as it will store all your cryptocurrency and NFTs. Moreover, you will have to do Identity Verification. It will be better if you do it using a mobile phone as they demand a live picture as well.
The next step in the process is to buy some crypto. For new users, the best and easiest way is to use their debit/credit card. Or they can send their cash into Fiat and Spot Wallet. The third method is to do P2P crypto trading with other users.
Nonetheless, you must have one of the following crypto in your wallet to buy a Binance NFT: BNB, BUSD, or ETH.
Creators can list their NFT for either a Fixed Price or in an Auction. The Fixed Price method is fairly simple. You browse the NFTs, and if you like any, you click on Buy Now. The crypto will then be transferred from your wallet into the creator’s wallet.
On the other hand, you have to bid to get an NFT from an Auction. When you click Place a Bid, you will see the last bid and the minimum markup to top that bid. Once you enter your bid, your funds will be locked, and you will only get them after the auction time ends. If you win, you will get the NFT in your account. Lastly, you can get a Binance NFT from a mystery box.
As mentioned, you can either list your NFTs for either a Fixed Price or an Auction. In either case, the creators get a 1% royalty when the NFTs are resold.
If you go for a Fixed Price, you can set a price and a suitable cryptocurrency for the NFT. Whereas, in the Auction, you can set the minimum bid and the duration of time when you create the listing.
As you know, the whole process takes place on the Binance Smart Chain blockchain. Therefore, when you list your NFTs collection, you have to pay a fee for the blockchain transactions. Make sure you read the terms before you create a list.
Apart from trading, you can create your own NFTs on the Binance NFT platform. The advantage of using Binance to mint your collection is the high liquidity and low minting time. On the homepage, press the Create button to start the process. It allows you to upload your collection in the form of video, image, or audio files. Once done, you can mint the NFT with a fee of 0.005 BNB. This gas fee is fairly less than Ethereum charges.
Currently, the minting feature is only for approved creators. However, they have given the news that it will soon be ready for all users. Also, the platform will soon support multiple blockchains, including the Ethereum blockchain.
An advantage of using Binance NFT is that it allows users to buy or sell NFTs using fiat currency. All you need is a Fiat/Spot account to transfer your currency. Enter your billing details before you make the transfer, and Binance will take care of the rest.
January has been good for the gaming industry NFTs on the Binance NFT marketplace. They have launched various trading games on their platform. If you are into games and want to take the advantage of NFTs as well as the gaming industry, this is your chance.
One of the aspects of NFTs hype is their utility in a blockchain game. This is why many developers are trying to benefit from this industry. Make sure you know the terms before you get into a community.
Binance enjoys the top position as not only an exchange but as an NFT marketplace as well. This is mainly due to the reason that it caters to its users and provides them with learning material. If you want more information on how it works, head over to their homepage.