Binance NFT Marketplace has gained immense popularity as a trusted platform for minting, trading, and investing in non-fungible tokens (NFTs).
Leveraging Binance’s robust blockchain infrastructure and thriving community, the platform offers seamless trading experiences. It supports a wide range of features including fixed-price purchases, auctions, and innovative tools like Mystery Boxes and NFT airdrops.
Here’s a comprehensive guide to help you understand and navigate Binance NFT Marketplace.
What Is Binance NFT?
It’s a dynamic trading platform that caters to artists, creators, and crypto enthusiasts, enabling them to mint, sell, and purchase NFTs. Powered by Binance Smart Chain and Ethereum, the platform facilitates transactions in cryptocurrencies like BNB, BUSD, ETH, and MATIC.
Key highlights include unique NFT drops, Mystery Boxes containing surprise digital assets, and a vibrant ecosystem for both standard and premium NFT collections. Its user-friendly interface and efficient trading tools ensure an accessible entry point for new users and seasoned traders alike.
Binance Mystery Boxes are especially appealing, offering collectible NFTs of varying rarity levels. These surprise packages often include exclusive NFTs tied to gaming, sports, and entertainment partnerships. With the increasing demand for digital collectibles, Binance ensures value and authenticity for traders and creators.
How to Buy NFTs on Binance
If you’re looking for the best NFT trading platform, Binance NFT Market is the best. Binance NFT is the largest crypto market with millions of users. This is because it is user-friendly and has the lowest trading fee of 1% flat rate.
Here’s how to buy NFTs on Binance NFT Market:
Step 1: Create a Binance Account and Top up
Before you get started, you’ll need to open a Binance account. With a Binance account you have to top up BNB, BUSD or ETH in your spot wallet. These are the only accepted cryptocurrencies on Binance NFT Marketplace.
You can top up your wallet by buying on Binance P2P, buying using your credit or debit card, or through third parties.
Step 2: Click on Binance NFT on the Homepage
Browse Binance website and or Access via your Binance App. Scroll down on the homage and select “MORE”.
Under “Trade” section, select “Binance NFT” and choose the NFT that you want to buy. Then scroll down, you’ll see recommended creators, recommended collections, Trending NFTs, and more.
Refine searches, or explore gaming galleries and handpicked recommendations. Choose between buying at a fixed price, bidding in auctions, or making an offer for NFTs not actively listed. Mystery Boxes offer a unique option for those seeking surprises.
Step 3: Complete the Purchase
How you buy your NFT depends on how the seller has set the sale format.
There are three main sale formats including:
- Auction
- Fixed Price
- Make an Offer
For fixed-price items, click “Buy Now”. A window will pop up displaying the total amount to pay. Select “confirm” to complete the payment. Another window will display “ Payment successful”. You can now click “View profile” to see your NFT.
Auction participants need to place bids higher than the minimum increment. Successful bidders or buyers gain ownership of the NFTs after payment confirmation. Note that, once you place your bid you can not cancel it. Your funds will be locked until the auction ends.
Binance encourages buyers to “Do Your Own Research” (DYOR) to understand the value, legitimacy, and authenticity of the NFTs before purchasing.
How to Sell NFTs on Binance
Selling an NFT on Binance involves a straightforward process with versatile options like fixed-price listings, auctions, and offers.
First, users must verify their Binance account to meet the platform’s identity verification requirements.
Once verified, you can list your NFT by following these steps:
- Mint or Deposit Your NFT: Upload your NFT to Binance’s supported blockchain (e.g., Binance Smart Chain or Ethereum). Ensure that your NFT contract address is pre-approved for use on the platform.
- Set Sale Details: Choose between a fixed price, auction, or accepting offers. For auctions, establish a starting price, bidding increments, and an optional buyout price.
- Submit Listing: After configuring your listing, submit it for review. Binance uses an automatic verification system, which typically takes 10 minutes to process. Once approved, your NFT becomes available for sale.
- Monitor and Share: Track your listing’s performance and share it across social platforms to attract buyers.
Binance charges a small fee for transactions and offers tools to help creators boost visibility and sales. These tools include categorization and ranking features to help buyers discover listed NFTs easily.
FAQs
How to Get Mint Permission on Binance NFT?
Minting NFTs on Binance requires completing identity verification and meeting minimum requirements such as having at least 10 followers on your Binance NFT profile. After approval, users can mint NFTs on Binance Smart Chain or Ethereum.
How to Sell Binance NFT on OpenSea?
To sell your Binance NFT on OpenSea, you need to withdraw the NFT to your crypto wallet connected to OpenSea. Ensure compatibility between the Binance Smart Chain and OpenSea’s supported blockchains. Then, list the NFT on OpenSea using your desired sale method.
How to Create an NFT?
Creating an NFT on Binance involves uploading your digital asset, selecting blockchain options (Binance Smart Chain or Ethereum), and configuring metadata like title, description, and rarity level. You must also pay a minting fee before listing it for sale.
Final Thoughts
The Binance NFT Marketplace is a versatile hub for NFT enthusiasts, offering unparalleled ease of access, diverse trading options, and innovative features like Mystery Boxes and airdrops. Whether you’re a creator or a trader, the platform ensures a rewarding experience by combining blockchain security with user-centric tools. With a growing ecosystem and vibrant community, Binance continues to lead the NFT space in innovation and trustworthiness.
For more detailed guides, visit Binance’s official support pages or refer to their NFT Academy articles