Summary

Binance’s NFT market is newly launched. It is an excellent platform for creators and collectors to mint and trade NFTs. Now, anyone can create non-fungible tokens and become the beneficiary of exclusive digital ownership. All you need to do is spend a few minutes, save a small fee, and have something worth minting.

Introduction

One thing is certain, in the past year, non-homogeneity Tokens (NFT) have been widely popularized and used. Mainstream artists are starting to get involved in this field, and the public is realizing that everyone can participate.

Binance has launched a new NFT marketplace, providing a platform for creatives to mint and sell art. Collectors can also import tokens from other trading platforms for secondary sales.  

Before the advent of NFT, content creators could not directly prove the authenticity and ownership of their works. Today, both collectors and creators can easily prove the authenticity of their coins. Whether it is the release of a new song or the trading of scarce sports cards, NFT has successfully subverted the way collectibles are handled.

What is the Binance NFT Market?

The Binance NFT Market is a platform for trading and creating non-fungible tokens. You can mint NFTs in both Binance Smart Chain and Ethereum, and the two blockchains can even transfer funds to each other. The audience of the platform is not limited to creators. Collectors can purchase their favorite NFTs at a fixed price or through auctions through the built-in market.

After the collection is successfully sold in the market, the creator will receive 1% of the royalties. Creators who mint NFTs on other platforms can also enjoy royalties paid by Binance. In addition, whenever users purchase deposited NFTs, their depositors will also receive a 1% royalty income.

What is unique about Binance NFT Market?

There are many market platforms that support users to mint exclusive NFTs. However, not every market has a mature and large community like Binance behind it. The Binance NFT Market actively utilizes the Binance ecosystem. In addition to the creations of ordinary users, this platform also gathers many big-name artists.  

When selling or auctioning NFTs, you can get the best price and value proposition for your art with Binance’s massive user base. This mature and stable user base is also ideal for increasing liquidity and NFT visibility.

Why create NFT?

If you are an artist, musician or content creator, you can sell your personal works in a limited digital format through NFT. Unlike a simple MP3 or JPEG, an NFT is unique and cannot be copied. Although NFT comes with associated files that can be copied, the greater significance is that it can declare ownership. The original is certainly more valuable than an identical print. NFTs allow you to copy them in a digital format.

Additionally, NFTs have a large and promising market, making them an excellent way to sell creative works. Their functionality is also constantly expanding, with royalties, co-transfer rights and collections all available as options.

In summary, NFT builds a platform for creating, purchasing and sharing collectibles. For a relatively small minting fee, your assets can be listed online for users around the world to browse and purchase.

Why do people collect NFTs?

There are many reasons why people are keen on NFT. First of all, NFT contains collectible elements. Things are rare and valuable! Like stamps, trading cards, or vinyl records, non-fungible tokens are scarce and highly attractive to collectors. Musicians, artists, sports stars and celebrity brands are all minting NFTs. Today, these tokens allow fans to collect them through digital channels.

Collectors are also interested in the potential value of NFTs. Some buyers spend millions of dollars for scarce NFTs. The attractive prices have fueled the interest of speculators around the world who hope to profit from selling high-priced collectibles. Some NFTs will also bring benefits to holders. For example, NFTs from BakerySwap help increase token staking returns. The NFT launched by PancakeSwap can be exchanged for CAKE tokens and can even be used as a lottery ticket for drawings.

How will NFT subvert the world?

In the digital world, rights and ownership have always been thorny issues that need to be resolved. How can you prove that a work is original if content can be easily copied and pasted? So far, creators have not found the ideal method.  

However, NFTs do create a way to prove verifiable digital ownership. We can clearly and accurately understand the owner of the NFT and the transaction history. In this way, for the first time, artists can sell their works in purely digital form and have certain collectible value. Moreover, there are few areas where ordinary users can come together with industry giants like Aphex Twin or Grimes to participate in art sales.

How to create exclusive NFT

For creators, currency One of the most exciting features of the NFT market is the minting of non-fungible tokens. Initially, this feature will be limited to select creators, but it will soon be available to all users. While other platforms can create NFTs, Binance is the largest cryptocurrency exchange and allows users to quickly mint non-fungible tokens.

In just five minutes, the minted collectibles can be traded online. You can also deposit coins via compatible wallets or other exchanges.

Create a Binance account and buy some cryptocurrencies

Before you can create, buy, or sell NFTs on the Binance NFT Market, you must open a Binance account. If you already have a cryptocurrency trading account, you can use it directly without re-creating it.

To create or purchase NFT, you also need to prepare some cryptocurrency (BNB or BUSD). To learn more about depositing cryptocurrencies into a Binance spot wallet, read our Beginner’s Guide to Binance.

Minting NFT

First, click [Create] on the Binance NFT Market homepage.

After uploading the pictures, videos, audios or files that need to be converted to NFT, you can start filling in the non-fungible tokens Details. The information also includes the option to mint a single NFT or a collection. You must pre-deposit enough BNB to pay the fee, then click [Create].

How to buy NFT

After you find the NFT you like, click on the name to access it Exclusive page. Here you can learn the details of NFT, including introduction, sales type, price and other important information.

If you choose auction sale, you need to bid. At the end of the auction, the user with the highest bid will win the NFT. Click [Bid] to enter the next screen.

A pop-up window appears where you can enter your bid. Your bid must be higher than your previous bid by at least the minimum markup. If you are satisfied with the amount, click [Bid] to confirm.

To purchase fixed-price items, you can click the [Buy Now] button to purchase NFT directly; or try to click [Quote] button to buy at a lower price. The seller can choose to accept or reject your offer.

How to sell NFT

Initially, this feature will be available only to selected artists, but it will soon Open to all users.

After successful creation, the NFT can be stored in a personal collection or put on the shelves for sale immediately. In addition, NFTs deposited into the account or purchased can also be sold. There are two ways to sell: auction or sale at a fixed price.  

To sell NFT, please visit [Collection] and click on the NFT you want to list. Click the [List NFT] button to customize the sales plan.

For auction sales, select [Maximum Bid]. In the Minimum Bid field, you can enter a starting bid. If you want to skip the bidding and sell immediately, select [Set Price].  

The system will then display the [Price] field, where you can select the selling price of the NFT. With these two options, you can choose in which cryptocurrency you will receive payments.

Also, select an end date for the sale. The sale lasts up to 30 days from the date of listing. Don’t forget to add a precise description of the NFT, including any other highlights, features, or utilities. Carefully consider the category it belongs to so buyers can easily find your items for sale.

If you are satisfied with the listing terms, click [Submit].

The Binance team will review your NFT before listing it to ensure it meets our standards. The review is expected to take approximately 4-8 hours. Once completed, you will receive an email or SMS notification. You can choose to list your NFT at a specific time (at least 12 hours after submitting your listing request), or immediately upon approval.  

If the review time exceeds the expected listing time, we will put your NFT on the shelf immediately after the review is completed.

What is a blind box?

The blind box provides the opportunity to randomly obtain NFT from the collection. NFT can be divided according to scarcity: ordinary (N), rare (R), super rare (SR) and special super rare (SSR). After purchasing the blind box, you do not have to open it immediately. You can open the blind box at any time and even trade directly without opening the box.

The selling price of blind boxes is fixed, and buyers only need to select a specific quantity. Under the product introduction, you can also learn about the probability of obtaining different NFTs.

Please note that blind boxes cannot be returned or exchanged once sold. However, you can list it for sale on the NFT market.

What is an "activity"?

The "Activity Category" of Binance NFT Market gathers high-end NFTs exclusively launched by big-name creators and celebrity brands. Producers of these products include digital artists and musicians, and even athletes and celebrities are involved. You can access the [Activities] page through the homepage, and various activities will be displayed on the homepage in the form of banners.

Summary

A once-in-a-lifetime opportunity is right in front of you, and everyone who is interested in NFT can participate. Choosing the right platform or marketplace has been a difficult problem for us for a long time. The entire ecosystem is fragmented, making it difficult for beginners to get started easily. Today, Binance has launched its own NFT market. It’s easy for creators and collectors to stick with a trusted name in the cryptocurrency space. Artists also have new opportunities to disseminate their works in the form of digital collections.