Binance NFT Marketplace Review: How to Sell and Buy, Collect and Trade NFT
Binance NFT is a Non-Fungible Tokens trading marketplace powered by the Binance Smart Chain blockchain. You can create, buy, and sell digital art and collectibles on the site. Let’s take a look at the capabilities of Binance NFT and learn how to sell and buy, collect and trade NFT on it.
What is the NFT Marketplace on Binance?
The Binance NFT trading platform is a site that deals with the purchase/sale of collections of non-fungible tokens and other digital art items. The infrastructure of Binance Smart Chain provides security and high speed of execution of financial transactions, and a large community offers a high level of liquidity.
Binance NFT tokens are manufactured according to BEP-721 and BEP-1155 standards and are stored on BSC. Their functionality is direct analogs of the ERC-721, ERC-1155 tokens, which operate on the Ethereum blockchain, but creating and executing transactions on the Binance Smart Chain is much cheaper. BEP-721 and BEP-1155 tokens can be stored in the Trust Wallet crypto wallet. Unlike conventional cryptocurrencies, NFT tokens do not have one standard address in the wallet. A separate code is created for each of them, which cannot be broadcast over the network without the permission of the digital asset owner.
The platform brings together authors and fans of contemporary digital art. Here, three digital product lines are supported within the same ecosystem:
- Issue and sale of non-fungible tokens.
- NFT presentations by artists, athletes, and other prominent people.
- Mystery box.
Binance NFT Interface
In appearance, this section is similar to an art exhibition. The upper part is painted in anime style. Under it are recommended authors and collections of famous paintings. Even lower, there is a user manual and an information section.
Trades can be held in an auction or a regular sale at a price preset by the author. To work on the NFT platform, you need:
- Register on the Binance exchange or log into a valid account.
- Pass KYC.
- Replenish the deposit.
- Go to the NFT section and click the “Start” button.
The procedure for creating an account is quite simple and consists of several steps:
- Go to Binance and click register.
- Enter your email or mobile number and create a password.
- Receive a verification code in a letter or SMS and enter it in the registration confirmation form.
Done account created. It remains to activate additional protection functions and go through KYC. According to the new service rules, all exchange clients are obliged to do this. Newbies do it right away, and those who have registered before can go to a particular section or go through verification from their phone.
To verify your identity, you need:
- fill out a questionnaire;
- take a selfie with a webcam or phone;
- pass the face check by following the prompts.
In the absence of a webcam, the user can use the Binance mobile app on their smartphone to verify their face. In the verification window, there is a particular link that allows you to synchronize the interface of the mobile application with the exchange website on a PC. The procedure is straightforward and takes less than a minute. If everything is in order, then in a maximum of a day, your status will be confirmed, and you will have access to all the exchange services.
The Binance NFT User Center is depositing/withdrawing NFTs from the exchange. Here you can find statistics on the NFT assets and mystery boxes you own. In the “Crypto Assets” section of the Binance NFT User Center, information is available about the balance of crypto coins BNB, ETH, BUSD on your deposit, as well as the history of depositing and withdrawing funds from the exchange. Here you can buy one of these assets for fiat and open the deposit and withdrawal form.
To make inbound and outbound transactions of non-fungible tokens, go to the NFT assets tab and link an external wallet to your account that works with the BSC and Ethereum blockchains. It is recommended to use the Metamask browser application. To connect other wallets, use the Wallet Connect option. Deposit and withdrawal of digital and fiat money are carried out only through the spot wallet of the exchange account.
If you plan to trade regularly on the NFT Marketplace, please personalize your account in the Settings section to make it easier for other users to recognize you. Create a nickname, upload an avatar and tell us a little about yourself.
Games / IGO
The Games / IGOs tab is intended for the campaigns of the initial NFT proposal of game projects. Blockchain game developers interested in launching the IGO collection on Binance NFT can apply for a placement. Regular users can get acquainted with new projects and purchase in-game assets.
The form of bidding may vary. Some collections are in mystery boxes. Others are sold at auction or a fixed price.
Transactions with non-fungible tokens take place in the “Marketplace” section. At the top of the page are the best collections and the best authors and a list of the most expensive nft tokens sold on the marketplace.
Next is the NFTs for sale. If you need a specific subject or the work of any particular author, set the appropriate parameter in the search bar and press Enter. After that, the system sorts the NFT according to the criteria you specified. Sorting by price, date added, and popularity is also available. There is a filter button on the left that allows you to divide the NFT by categories, sale form, file type, and cryptocurrency accepted for payment.
In this section, you buy a “Mystery Box,” that is, a closed box containing a token from a specific collection or an already open box with one particular NFT.
Some Mystery Boxes are sold at a fixed price, others at auction. You can sort boxes by date added, total cost, or rarity. And also, choose one specific collection, type of sales, or type of NFT.
Remember that goods purchased on this marketplace cannot be returned or exchanged. But you can resell the open or closed mystery box.
Binance NFT Platform Features
On the Binance NFT platform, you can buy and sell NFT tokens. There is also a function to create your own NFT. Let’s take a look at the platform’s functionality.
How to top up your wallet balance
You can buy an NFT token on Binance using BNB, BUSD, or ETH crypto coins. There are four ways to fund an exchange deposit:
- Transfer crypto coins from your wallet.
- Send another cryptocurrency or fiat money to the exchange deposit and exchange it later for the NFT you need to buy on the spot market.
- Purchase digital coins with fiat using your credit card.
- Buy in the P2P section of Binance.
How to bid on an NFT auction
To participate in the auction, enter the exchange, open the NFT marketplace and select the token you like. For the convenience of buyers, NFTs are divided by subject. If the required token is sold at an auction, the current bid and the time until the end of the auction will be displayed to the right of the picture.
Click the button to bid and enter your price. The minimum step for increasing the transaction amount is preset for each lot. Write your price and confirm the operation. Your current balance is displayed in the order window above the “Place a Bet” button. If there is not enough money, there is a “Buy Crypto / Enter” button next to it.
After the bid has been made, it remains to wait for the completion of the bidding. If someone outbids your price, you will need to create a higher rate or refuse to buy this NFT token.
How to buy NFT at a fixed price
Buying NFT at a fixed price is even easier. Choose NFT and, if the price suits you, press the “Buy Now” button and proceed with the payment.
The order’s wording is the same as in the auction, only on the confirmation button. Instead of “Place a bet,” it will say “Buy now.” The purchased tokens are posted in the “User Center / My NFTs” section.
How to sell NFT on Binance
You can sell a token purchased or created here on the site or another service. To put up one or more copies from your collection for auction, you need to go through the listing procedure. ERC-721 and BEP-721 tokens are supported. All NFTs purchased on the exchange or downloaded from external sources are located in the NFT assets tab.
Log in to the Binance-NFT User Center and specify which token you want to sell. The primary description of the token is added once during its generation. It is no longer possible to make any edits later. Therefore, click the “Place” button and define the auction format.
Select the “Set price” option and write if you want to sell faster. To put NFT up for auction, select the “Maximum Bid” option and indicate the initial cost of the lot.
Then you need to choose one of the three crypto-coins for payment, BNB, BUSD, ETH is available, and determine the date and time of the completion of trading. The maximum period of a token’s stay on the marketplace is seven days. It does not depend on the sale form and is counted from the moment the listing procedure is completed.
The next step is to select a category and insert additional information about the token. To send a token for verification, you need to familiarize yourself with the commission structure and accept the listing conditions.
The check is carried out in manual mode and takes 4 to 8 hours. You can set a fixed listing time (at least 12 hours), but if the exchange employees do not have time, you will still have to wait to complete the procedure.
How to create an NFT on Binance
The Binance exchange plans to allow all clients to issue NFTs on its site. Still, so far, this privilege is only available to a small group of pre-approved qualified authors.
When the Create NFT feature is active, you will see a “Create” button in the upper right corner of the Binance NFT home page. Click on it, and a content upload form will open in front of you. You can digitize:
- images of formats JPEG, PNG, GIF;
- music in WAV or MP3 format;
- video formats MP4, MPEG, and AVI.
The maximum file upload size is 50 MB. The release of one copy uses the BEP-721 format.
BEP-1155 is used to create an NFT series in which each token will be assigned a unique identifier. Creating an NFT on the Binance Smart Chain blockchain will cost you an inexpensive, only 0.005 BNB. After payment, the creation cannot be canceled or changes made to the created token or its description. It remains in the blockchain forever. But, if necessary, the author can delete it from the marketplace and create a new NFT token using the same uploaded file.