A non-fungible token, simply NFTs, is a type of digital token on the blockchain used to create unique digital objects. NFTs can be associated with different media such as photos, videos, and audio. However, the potential uses extend beyond media, as NFTs can be used to represent things like event tickets, physical objects, video game items, and even real estate.
The popularity of NFTs has exploded in 2021 thanks to PFP (profile picture) NFT projects such as CryptoPunks and Bored Ape Yacht Club. These types of his NFTs allow users to possess visually unique avatars to represent their girlfriend’s identity on the web.
NFTs are traded on various NFT marketplaces. The most popular option at the moment is OpenSea, but the competition certainly isn’t sleeping. Cryptocurrency exchanges have recognized that the demand for NFTs is substantial, and users now have a wide variety of NFT trading platforms to choose from.
binanceMint, buy and sell .NFT, the world’s most popular cryptocurrency exchange.
Why use Binance NFT for trading NFTs?
With so many NFT marketplaces available today, it can be difficult to decide which one to choose. A blockchain platform that Some marketplaces focus on a single blockchain, while others can be used to trade his NFTs on multiple blockchains.
Binance NFTs work well here as they support NFTs on both Ethereum and BNB Chain platforms. This selection covers many areas as they are the two most popular blockchains.
An important aspect to consider when choosing an NFT marketplace is user experience. Ideally, the platform should make it easy to find specific Her NFTs of interest or explore unfamiliar NFT collections.
This simplicity should extend to payments as the process of buying and selling should be quick and easy with convenient payment options. Binance NFTs are ethereum, BNB and the BUSD stablecoin. Selling NFTs on Binance NFT earns a 1% commission, which is a competitive commission rate.
Another advantage of using Binance NFTs is that the exchange offers 24/7 customer support. This is something you cannot expect from most other NFT marketplaces.
Now that you’re familiar with some basics, let’s take a closer look at the Binance NFT Marketplace and what it offers NFT collectors and traders. We will also show you how to buy NFTs on Binance. Before you start, you need to create an account on Binance. Please note that in order to use Binance’s services, you must complete an identity verification process.
If you want to buy NFTs, you need to add cryptocurrency to your funding wallet. Currently, you can top up your wallet with ETH, BNB or BUSD. If you try to buy NFTs (if you don’t have enough funds in your funding wallet) you will be given the option to replenish your wallet, so don’t worry about this for now.
Find the right NFT
The first step, of course, is to actually find a cool NFT you want to buy. Thankfully, the Binance NFT platform makes it easy to sort through all the NFTs available on the market to find the right one. Let’s go to the “Marketplace” section using the navigation bar.
On the left side of the user interface you will see a wealth of options for filtering different NFTs. The first choice is Asset Type. This will give you the option to show only his regular NFTs or also the Mystery Box.
Mystery Boxes are digital products containing random NFTs from related collections. The upside is you have a chance to open a rarer NFT, the downside is you never know exactly what you’re getting. For now we’ll stick with regular NFTs, but the choice is yours.
If you know exactly which NFT collection you’re interested in, please use the “Collections” section. You can also scroll through this menu to see a list of the various NFT collections available on the market. As an example, let’s say you want to see an NFT from the TUD NFT collection.
Since the TUD NFT is an example of a Premier Collection, it is a good time to explain the system that classifies Binance NFT’s NFT Collection into either a Premium Collection or a Standard Collection.
Binance NFT categorizes some NFT collections as premier collections based on various factors. According to Binance, this could include factors such as trading volume, sales volume, and the number of followers the collection has on Binance NFTs and other social media platforms.
Premier Collections are easily identifiable by the orange tick mark that appears next to the collection name.
This categorization helps to more easily identify popular, high-quality NFT collections, but should not be considered a hard and fast rule. It does not mean that the value of the property will increase or that it will be appealing in the long term.
Simply put, all collections on Binance NFT that are not Premier Collections are categorized as Standard Collections. For example, if you start an NFT collection now through Binance NFT, it will initially be classified as a standard collection.
The standard collection designation by itself does not imply that the collection is of poor quality. However, before purchasing his NFT from the standard collection, we recommend a little more caution and additional research.
Whenever you’re viewing an NFT from the Standard Collection, you’ll see a risk reminder on the platform.
Other filtering options
You can also filter NFTs by many other parameters. Let’s take a quick look at some examples.
- Sales type: Filter NFTs according to how they are sold. You can choose from “fixed price sale” and “live auction”. You can also choose to only show NFTs that already have an offer to buy.
- Communication network: Choose from NFTs on the Ethereum blockchain or the BNB Chain blockchain.
- currency: Choose from NT depending on the cryptocurrency being sold. You can choose from ETH, BNB and BUSD.
- Categories: Choose from a variety of NFT categories (entertainment, esports, art, etc.).
- File type: Filter NFTs according to media type (image, video, or audio).
Once you find an NFT that interests you, proceed to purchase. There are two ways NFTs will be sold on Binance NFT.
NFT owners can decide to sell their NFTs at a fixed price. If he wants to buy an NFT at a fair price,[今すぐ購入]Click the button.
If you think a better deal is possible, make an offer by clicking the Make Offer button. His NFT in this example is listed at a fixed price of 440 BUSD. Here’s how to create a 400 BUSD offer:
After you make an offer, your funds will be frozen until the offer expires or is cancelled. If the offer is accepted, the funds will automatically be transferred to the seller and you will receive the NFT.
Some sellers decide to put their NFTs up for auction instead of listing them for a fixed price. You can bid more than the current highest bid. Each auction has a minimum markup. For example, if your current highest bid is 300 BUSD and your minimum markup is 1 BUSD, you must bid at least 301 BUSD.
After you bid on an NFT auction, your funds will be frozen until someone else places a higher bid or the auction ends (if your bid was the highest).
Conclusion – Binance NFT is a solid NFT marketplace for the BNB chain and Ethereum.
Binance has successfully created a user-friendly NFT marketplace in terms of both convenience and cost. Binance NFTs make it easy to find your favorite NFTs in the sea of available digital collections. The platform’s multi-chain support and the fact that you can use BNB, BUSD or ETH make it suitable for almost any cryptocurrency enthusiast.
Binance is highly compatible with the BNB chain ecosystem and has many features that make life easier for users of the BNB chain. From my experience, the Binance NFT Marketplace seems to be the best place for the BNB chain NFT collection, but you can also find interesting Ethereum-based NFTs of him on the platform.