NFTs also known as non-fungible tokens are digital assets that represent unique and rare items such as artwork, music, games and collectibles. NFTs have gained immense popularity in 2021 with sales exceeding $2 billion in the initial quarter alone. If you’re into nfts then you heard about binance NFT marketplace.
But where can you acquire and sell NFTs? Binance one of the most popular and convenient cryptocurrency exchanges globally offers a solution. Binance introduced its own NFT marketplace in June 2021 providing a diverse range of NFTs from various categories and creators. In this blog post we will explain the concept of binance nft marketplace, its functioning and the benefits it offers to buyers and sellers alike.
What is Binance NFT Marketplace?
Binance is a platform that empowers users to create, purchase and trade NFTs using Binance extensive ecosystem of products and services. Binance NFT supports both Binance Smart Chain BSC and Ethereum network, enabling users to access a vast and varied collection of NFTs from different projects and protocols.
Binance NFT marketplace also presents exclusive content from well-known artists, celebrities, athletes, and influencers, along with collaborations with leading brands and institutions. Notable personalities who have partnered with Binance NFT include Salvador Dali, Andy Warhol, Lewis Capaldi, Michael Owen and Snoop Dogg.
How to Buy and Sell NFT on Binance NFT Marketplace?
Binance NFT functions similarly to other NFT marketplaces but with added advantages. To utilize Binance NFT, you need Binance account and sufficient funds in your wallet. You can deposit fiat or cryptocurrency into your account through various method such as bank transfer, credit card and peer to peer trading.
Once your account is funded, you can explore the Binance NFT marketplace and discover NFTs that capture your interest. You can filter NFTs based on category, price, popularity or collection. Additionally, you can conduct specific keyword searches or explore works by particular creators.
To purchase an NFT on Binance NFT, you must place a bid or make an offer on the item. The seller can accept your bid, offer a counter price or negotiate further. Upon reaching an agreement, the transaction will be executed and the NFT will be transferred to your wallet. Subsequently you can view your NFT in your collection or sell it to another buyer.
To sell an NFT on Binance NFT, you must first create one. The Binance NFT minting tool allows you to upload your digital file and provide details such as name, description, price and royalty fee. You can also choose between selling your NFT as an individual item or as part of a series.
After creating your NFT, you can list it on the Binance NFT marketplace and await bids or offers from potential buyers. Additionally, you can promote your NFT on social media or other platforms to garner more attention. Once someone purchases your NFT, you will receive the payment after deducting a small commission fee.
What are the benefits of Binance NFT Marketplace?
Binance NFT offers several advantages to both NFT buyers and sellers. Some of these benefits include –
- Low fees – Binance NFT charges a mere 1% commission fee for sellers and imposes a 0% processing fee for buyers. This translates to increased profits for sellers and savings for buyers compared to platforms with higher fees.
- High liquidity – Binance NFT capitalizes on the liquidity provided by Binance’s global user base and trading volume. This ensures greater exposure and demand for your NFTs, enhancing the likelihood of finding favorable deals.
- Security – Binance NFT adheres to the same stringent security standards as Binance primary platform. Consequently your funds and assets are safeguarded by advanced encryption and robust anti-fraud measures.
- Convenience – Binance NFT seamlessly integrates with other Binance products and services such as Binance Coin BNB, Binance Pay and Binance Earn. This allows you to access multiple features and benefits using single account and wallet.
- Innovation – Binance NFT continually innovates by introducing new features and functions to enhance user experience and satisfaction. For instance, Binance NFT recently introduced a bundled trading option, enabling users to trade multiple NFTs simultaneously.
Binance NFT is a platform that enables users to create, purchase and trade non fungible tokens (NFT) using Binance vast ecosystem of products and services. Supporting both Binance Smart Chain (BSC) and Ethereum network, Binance NFT offers exclusive content from renowned artists, celebrities, athletes and influencers. With its low fees, high liquidity, security measures, convenience and constant innovation, Binance NFT caters to the needs of both NFT buyers and sellers.
