Get started on Binance’s NFT Marketplace. Buy, sell and create your NFTs.
How to buy NFTs in Binance Marketplace?
You can buy NFTs and Mystery Boxes on the Binance NFT Marketplace in three ways.
- Fixed Price: Click the [Buy Now] button on the product page and complete the transaction. Once the transaction is successful, Binance will transfer the NFT to your wallet and the seller will receive the funds.
- Auction: Click [Place a Bid] to enter your bid price and confirm the offer. If someone places a higher bid, your funds will be unlocked. You can place a new bid to join the auction again.
- Make an Offer: Make offers to the seller on fixed-price NFTs and Mystery Boxes by clicking [Make Offer]. Then, set your offer’s asset, price, and expiration date.
Go to Binance’s NFT Marketplace
You can search through the wide variety of NFTs on Binance’s marketplace in four ways:
- Find the latest drops from cross-chain NFT listings on the Marketplace. In addition to NFTs listed on Binance NFTs, you can find third-party NFT listings too. Stay tuned for more NFT collections, marketplaces, and chains on Binance NFT in the future.
- Narrow your NFT search in a variety of ways using the new filters. Modify the filters to explore and trade NFTs with less friction.
- View popular NFTs through the leaderboards to find NFTs based on specific metrics. Browse through rankings on the [Stats] page and the four leaderboards, NFTs, NFT Collections, Creators, and Mystery Boxes.
- Search for NFTs by interest using specific keywords. Search for the full name of the NFT collection you’re interested in to view it in the search results.
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Deposit your NFTs to Binance Marketplace
On your Binance NFT [Profile], click [Deposit].
Connect your wallet and choose the network of your wallet.
Next, select the NFTs/NFT collections you want to deposit to Binance in the connected wallet and click [Deposit Now].
Then, approve the NFT collection for the NFTs you want to deposit and pay a one-time approval gas fee for the NFT collection(s).
This authorizes Binance to process your NFT deposit request.
Finally, confirm the amount of gas fee you need to pay and approve the deposit.
You will see a [Deposit in Process] window. When the deposit has been completed, you will be notified.
Go to Binance’s NFT Marketplace
Create your NFTs on Binance Marketplace
You can quickly mint NFTs and create your own NFT collections on the BNB Chain (former BSC) and Ethereum (ETH).
Please note that only verified users who have completed and have at least 2 followers on your Binance NFT user profile, can create NFTs on Binance.
To mint an NFT on Binance, you must create an NFT collection and get it approved first.
To go to the minting page, click [Create] on the Binance NFT website. Next, click [+ Collection].
Alternatively, go to [Profile] – [Created] and click the [+ Create New Collection] button to be redirected to enter the details for your NFT collection.
After you’ve created an NFT collection, you can start to mint your NFTs.
- You can choose to bind a wallet to the collection by adding a Smart Contract Owner Address (Optional) . If you do not provide a wallet address, you won’t be able to claim ownership of your collection on the DeFi marketplaces.
- Please note that you cannot change the name, symbol, category, network, or royalty fee after the collection is created.
How to sell your NFTs on Binance Marketplace?
All NFT assets on Binance NFT are discoverable even if they’re not listed for sale.
You can list and sell your NFTs and Mystery Boxes in three ways.
- Fixed Price: Set a fixed price for your NFT on the listing page, which will allow buyers to purchase your NFT instantly with the price you set. Once the transaction is successful, you will receive the funds in your account.
- Auction: Click [Highest Bid] on the listing page. Your NFT will be auctioned and sold to the highest bidder. Set the minimum bid amount for your sale, a buy-out price, the minimum markup percentage, and the date and time for your listing.
- Accept an Offer: You can accept offers from buyers on fixed-price NFTs and Mystery Boxes. When a buyer makes an offer on your NFT or Mystery Box, you will receive a notification in [Profile] – [Offers] – [Offers Received].
Please note that Binance charges different fees for third-party platform NFTs. Transaction fees for third-party platform NFTs include gas fee, platform fee and royalty fees. As NFTs from other platforms are on-chain, buyers of third-party-platform NFTs will have to pay the gas fee in addition to the listed price of the NFT asset.
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The introduction and rise of NFTs that novices can understand
Many people have already heard about virtual currencies such as Bitcoin, but non-homogeneous tokens (NFTs) have suddenly become popular this year.
One of the encrypted artworks of NFTs called Everydays: The First 5000 Days sold for 7000 yuan in March this year.
It was sold at a sky-high price of US$10,000, setting the highest price in the NFTs art market and attracting everyone’s attention to NFTs.
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What are non-fungible tokens (NFTs)?
What exactly are NFTs? First of all, we must first understand what is a homogeneous asset.
Homogeneous currencies have the same value and function, can be exchanged at will, and can be used for transactions without setting a separate price.
Circulating currency is the best example.
NFTs are Non-fungible tokens, which are a string of identification codes built on the blockchain.
They are all a type of cryptocurrency. They cannot be tampered with, are completely open and transparent, and will not be stopped.
As the name suggests, NFTs are unique and irreplaceable digital assets.
They can be pictures, music, video game tools, sports memorabilia or even virtual cat collections, which are assets that cannot be exchanged at equal value.
The rise of NFTs
In fact, there are many reasons for the rise of NFTs.
On the one hand, NFTs are rapidly becoming popular in emerging and developing markets.
In addition, the application market is beginning to be decentralized, and more and more supported blockchain solutions have increased the application of NFTs.
The most attractive thing about NFTs is its high economic potential and its transformative impact on traditional asset management, such as allowing artists to directly contact audiences without going through a middleman, and simplifying the transaction process.
Artists or inventors can upload their own works and set prices on the NFTs market.
NFTs only charge basic transaction fees when the works are sold, ensuring the highest profit for the artist.
Artists can get part of the income when their works change hands later.
And most importantly, the original ownership, scarcity and uniqueness of digital art in the past were difficult to confirm, making it difficult to define digital art.
And NFTs will bring about changes.
Since all digital artworks on NFTs can be tracked and traced on the underlying blockchain, it is the best way to prove copyright, so a market for digital encrypted art has gradually developed.
The reason why NFTs are precious, of course, lies in their uniqueness.
It is impossible to become homogeneous tokens in essence, thus giving them a liquidity premium.
The buyer’s intention price, the role of the work, cultural value, past ownership and future value, Both lead to the high price of NFTs.
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The future of NFTs
Blockchain technology continues to innovate, and more business organizations are interested in this technology and integrate blockchain nodes into business processes.
For example, recently, Taco Bell launched gifs, which were sold out in a short time, and the NBA also used the auction of electronic memorabilia to bring in at least US$300 million in revenue.
There is no doubt that blockchain technology is changing the future of art and trade.
Using blockchain technology for transactions makes business more efficient and the market more transparent.
The NFTs market is still in its infancy.
It is believed that artworks and collectibles are only the first generation of NFTs, and the future development potential is unlimited.
We believe that as NFTs mature, they could start to be used to verify people’s identities, for medical or educational credentials, for processing royalties, for proving ownership of real estate, and for shopping and payments.
However, the NFTs market is still immature, and the market is still controversial about its future development.
For example, there are comments that with the high-profile sales of NFTs and the emergence of lesser-known works of art, the large number of investors and creators will disappear, and only rare NFTs can continue to survive.
However, what is certain is that NFTs are attracting more and more attention from investors, especially in their value and application, so it is believed that NFTs can maintain a steady growth within a few years.
Go to Binance’s Official Website
Please check Binance official website or contact the customer support with regard to the latest information and more accurate details.
Binance official website is here.
Please click "Introduction of Binance", if you want to know the details and the company information of Binance.
Comment by Hans
April 24, 2024
as I am trading here various assets, for me it's the most important feature. i mean, flexibility in tradable markets. i alternate trading styles, meaning that sometimes I trad...