NFTs are incredibly becoming more and more popular, extending the capabilities of blockchain. The creations and Innovations now allow interesting users to buy and sell almost everything in form of NFT, this mostly involves digital works of art, memorabilia, in-game assets, and even some historical moments.
I usually describe NFT as a kind of cryptographic token on a blockchain that represents a unique asset which can either be entirely digital assets or tokenized versions of real-world assets.
There have been many NFT Marketplaces so far, for which people wonder where or which may be the best Marketplace to trade NFTs. If you happen fall into this category then this article is all you have been looking for.
Like always, I recommend Binance NFT Marketplace simply because it is the best and most popular NFT Marketplace so far. The simplicity and convincing reasons to use it speak for it.
In this article, you will learn about:
- Binance NFT Marketplace
- How to Buy NFTs on Binance NFT Marketplace
- How to Sell NFTs on Binance NFT Marketplace
- Things I like about Selling NFTs on Binance NFT Marketplace; and
- Top Reasons to Sell NFTs on Binance NFT Marketplace
Binance NFT Marketplace
The Binance NFT marketplace is a marketplace that features all forms of digital artworks and collectibles. Powered by the Binance blockchain infrastructure and community, the Binance NFT marketplace provides a high liquidity platform for users to launch and trade NFTs at ease.
The Binance NFT Marketplace brings together artists, creators, and crypto enthusiasts on a single platform for the purpose of creating and trading NFTs. The platform features 3 product lines as listed below:
1. The Marketplace
This allows users to mint, sell, bid, and purchase NFTs from creators around the world.
2. Events:
For this, users are able to buy premium and exclusive NFTs created by leading global artists and the most influential names and brands. Events will include offerings from digital artists, musicians, as well as athletes and celebrities.
3. Mystery Boxes:
For this, a Mystery Box is guaranteed to have one random NFT inside. Owners can open for a chance to win a Normal (N), Rare (R), Super Rare (SR), or Super Super Rare (SSR) NFT respectively. Most importantly about this, users should know that purchased Mystery Boxes cannot be returned for any reason, but you can trade the unopened Mystery Box or the NFT it contains after opening the Box on the Binance NFT Marketplace.
How to Buy NFTs on Binance NFT Marketplace (Buy only on Website Version)
In order to buy NFTs on Binance NFT Marketplace, kindly follow the procedure step by step as explained below:
Before you begin this process, make sure to have funded your Binance account with some BUSD or BNB (as well as ETH if you’re purchasing an NFT listed from OpenSea) as those are the means of payment there on Binance NFT Marketplace.
Step 1.
Login to your Binance account (Web version)
Step 2.
Goto Binance NFT Marketplace by clicking the menu icon there at the top right corner of your screen beside profile icon.
Step 3.
Scroll down to ‘NFT’ option; click on it to proceed
Step 4.
Accept Binance Terms and Conditions first when you get here then click on ‘Explore’ icon there at the bottom of the page.
Step 5.
Select any NFT of your preference that matches your buying capability and proceed to buy.
Note that NFTs in Binance NFT Marketplace are sold in two ways; either at a fixed price or on auction. When you buy at a fixed price, you will get your asset instantly and when you buy on auction, you will only get your asset when the auction period ends or when the seller chose to release to you over the other buyers in the same auction or when you submit offer that carries the buyout price if set by the seller. You know, the higher the bidding price, the higher the chances of winning the bid.
So choose what’s best for you or what you feel like doing, the good thing here is that you and your asset are safe on Binance.
Step 6.
Confirm the price and other necessary information of the selected item and click on ‘Buy’ icon to purchase the NFT (if the NFT is being sold at a fixed price) or Submit offer with your preferred price to the seller to place a bid (if the NFT is being sold on live auction).
7. Confirm your purchase to finalise the process.
This is how you can buy NFTs on Binance NFT Marketplace.
To view your asset, just click on the ‘My NFT’ icon there at the bottom right corner of your current page > under ‘Collected’ category, you will see your asset. From there, you can choose to sell or hold it.
How to Sell NFTs on Binance NFT Marketplace (Mobile app or Web version)
In order to sell NFTs on Binance NFT Marketplace, kindly follow the procedure step by step as explained below:
Step 1.
Login to your Binance account
Step 2.
Goto Binance NFT Marketplace
App version: Tap on the ‘More’ icon there at the centre of your homepage and move to ‘Trade’ category; under it, there’s ‘Binance NFT’; tap on it to proceed.
Web version: Goto Binance NFT Marketplace by clicking on the ‘Menu’ icon there at the top right corner of your screen beside profile icon. Scroll down to ‘NFT’ option; click on it to proceed. Accept Binance Terms and Conditions first when you get here.
Step 3.
For Both Mobile app and Web: Tap on ‘My NFT’ icon there at the bottom right corner of your screen to view your asset.
Mobile:
Website:
Step 4
Under ‘collected’ category, you will see what you have purchased so far. Select any NFT you intend to sell. Once you click or tap on it, it will give you option to ‘List’. Click or tap on ‘List’ to place it on sale.
Mobile:
Website:
Step 5.
Select to sale either at a fixed price or on auction.
When selling at a fixed price:
- Select the payment token (BNB or BUSD)
- Insert selling price of your preference
- Select preferred duration, this can be from 12hrs — 30 days
-Confirm your sales data and tap or click on ‘Confirm’ to finalise the process
Mobile:
Website:
When selling on auction:
- Select the payment token (BNB or BUSD)
- Select starting price (the least or minimum bidding price, must not be <0.1USD)
- Select buyout price (exact bidding price that grants sale-out; this is optional)
- Select minimum markup in percentage (5%, 10% and 20%)
- Select auction duration (12hrs — 30days)
- Confirm your sales data and tap or click on ‘Confirm’ to finalise the process.
Mobile:
Website:
To confirm that your asset has been successfully placed on sale, you will receive a notification instantly via email confirming your listing.
From this point, is either your asset is sold to an interested buyer within the selling period set or it gets delisted when the selling period is over without having a buyer; for this reason, you would have to list your asset again. And if your NFT is sold, you will get your funds directly credited into your Binance account.
There is huge number of buyers on Binance NFT Marketplace more than I can say.
Perhaps, this is how to sell NFTs on Binance NFT Marketplace.
Things I like about Selling NFTs Binance NFT Marketplace
As for me, there are several things I like about Binance NFT Marketplace based on experience. This includes but not limited to:
- It is simple and easy to comprehend
- Maximum security
- High number of creators and traders
- Convenient charges that is very close to none
- Its efficient features
- Reliability
- Having highest liquidity market
- Easy access and Fastness, and so on
Top Reasons to Sell NFTs on Binance NFT Marketplace
There are so many reasons why someone should sell NFTs on Binance NFT Marketplace.
Let us refer to these seven reasons why NFT collectors, traders, and more prefer Binance NFT — the official NFT Marketplace of Binance, as their go-to platform for NFT selling. Since its launch in June 2021, Binance NFT has become the world’s largest and fastest-growing centralized NFT marketplace, selling more than 3 million NFTs and exciting collaborations with popular celebrities, sports players and brands worldwide.
1. Industry-leading Liquidity and Volume
The term “volume” refers to the total quantity of NFTs traded during a given time, while “liquidity” refers to the speed with which an NFT asset can be bought or sold for its market price.
With high volume and liquidity, Binance NFT sellers or creators can make fast and easy transactions, sell and trade on a grander scale and gain exposure to the largest crypto community in the world.
2. Lowest Fees
Binance NFT charges a flat 1% platform fee for all NFT sellers and creators. Compared to other marketplaces that collect up to 7.5% in fees, BinanceNFT provides the lowest fees in the market. In addition, sellers only need to pay a 1–10% royalty fee to the creator. Binance NFT’s attractive low fees allow NFT sellers to enjoy better returns on their assets. For further information please refer to NFT Transaction Fees.
3. Easy Deposits from the ETH and BNB Chain Networks
With our recent feature updates, NFT collectors can quickly deposit and sell NFTs from other networks on Binance NFT. However, there are some requirements to keep in mind.
Binance only accepts NFT contract addresses fully integrated with the Binance NFT Marketplace. Users will not be able to deposit NFTs with non-approved smart contract addresses. Binance will continue to update and expand the approved smart contract list. You can visit BinanceNFT listing page or follow @TheBinanceNFT on Twitter for the latest updates.
Please read the complete list of Binance NFT Supported Contract Addresses and Not Supported Contract Addresses on Binance.
Here is a short tutorial on how to connect your wallet:
To deposit NFT, goto ‘User Centre’ and simply click on ‘Deposit’ to connect your wallet, and you’ll be able to select the NFTs from the collection you want to deposit. Click ‘Deposit Now’ and that’s over.
Once the deposit is confirmed, users can find and list their deposited NFTs for sale in their Profile via Collected NFTs. For detailed steps and further information, please refer to the How to Deposit NFT FAQ.
4. Quick Fiat Cash Out
BinanceNFT provides a quick, easy and secure way to cash out to Binance from the NFT Marketplace. All Binance users can use their existing accounts and Binance wallets to trade on Binance NFT Marketplace — with no extra steps required.
5. Access NFTs on the go with Binance Mobile App
The Binance NFT Marketplace is automatically linked to your user account and wallet on theBinance mobile app. When using the Binance mobile app, click ‘More’ on the homepage. Under Trade, click ‘Binance NFT’ to access the Binance NFT Mini App. You can also use the Progressive Web App (PWA) to easily make NFT purchases across different devices.
6. Ranking feature
Binance NFT spotlights the top-performing NFT collections on the homepage, and the most popular NFT collections, NFTs, Mystery Boxes, and creators on the ranking boards under Stats. Artists and their collections get more exposure, while collectors can easily find new and trending pieces to grow their collections. The ranking boards also enable collectors to assess better and price their asset value more accurately, increasing the chances of a more profitable sale.
Here comes the end of this, you have so far learned about Binance NFT Marketplace, how to buy and sell NFTs on Binance NFT Marketplace as well as reasons to sell NFTs on Binance NFT Marketplace.
Lastly, I call on you to understand that the NFT space is all about community. Once your NFT is listed on a marketplace, promotion and community engagement is a vital step. For more tips on connecting and engaging with your community, read about guide to NFT advertising from Binance.
As a marketplace, Binance NFT Marketplace regularly launch monthly features upgrades that improve users’ buying and selling experience on Binance NFT. Join our Binance NFT Community on Telegram or follow Binance NFT on Twitter and Instagramfor the latest news and updates.
7. Simple Token Conversions
Holders on Binance NFT can easily convert NFT crypto profits to their preferred token or product on the Binance ecosystem. The Binance ecosystem provides various features that meet different crypto goals. Cash out your profits, send them anywhere globally, or subscribe to an Earn product and generate crypto rewards and much more.
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Thank you for reading,
Altaaf The Binancian.
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