In brief

Binance NFT is a new platform that helps creators and collectors mint and trade NFTs. Now everyone can create non-fungible tokens and experience the benefits of unique, digital ownership. In just a few minutes and a small fee, plus something worth minting, you can create your own NFT.

Introduce

The popularity of non-fungible tokens (NFTs) and their adoption have grown massively over the past year. For the first time, mainstream artists entered a new market and the public recognized their involvement.

Binance has launched an NFT trading platform to help creators mint and sell their works of art. Collectors can also deposit tokens from other exchanges and resell them there.

Before NFTs, content creators had no easy way to authenticate authorship and digital ownership. Now both collectors and creators can easily prove the authenticity of their tokens. Whether it's the first release of a song or a rare sports trading card, NFTs will disrupt the way we handle collectibles.

What is Binance NFT Market?

Binance NFT Marketplace is a platform that allows you to trade and create non-fungible tokens. You can mint your own NFTs on both Binance Smart Chain and Ethereum, and even transfer them between the two blockchains. This market is not just for creators. Collectors can purchase NFTs available on the market for a fixed price or through auctions.

When you sell a collection on the marketplace, the creator receives a 1% royalty. Binance will also process these royalties for creators who mint their NFTs on other platforms. Sellers also receive a 1% royalty whenever a user purchases an NFT they put on the exchange.

What makes the Binance NFT Marketplace different?

There are already plenty of platforms that allow you to mint your own NFTs. However, not every platform has a large user community like Binance. The Binance NFT marketplace is part of the Binance ecosystem. This platform not only has creative users, but also big-name artists.

When it comes to selling or auctioning NFTs, Binance's large user base makes it easy to get the best price and value for your artwork. This pre-existing user base is also advantageous for the liquidity and visibility of your NFTs.

Why create NFTs？

If you are an artist, musician or content creator, an NFT allows you to sell your works in a digital and limited format. NFT cannot be copied and it can exist only, unlike simple MP3 or JPEG format files. While there will be an associated file per NFT and it can be copied, NFTs are more about showing ownership. Owning an original painting is much more valuable than an identical print. NTFs only allow you to copy concepts in digital format.

Additionally, the NFT market is expanding and growing. So, creating NFTs is also a great way for you to display and sell your works. The functionality of NFTs is also continuing to be developed. With multiple features for royalty distribution, general transfer rights, and collection creation, all are available options.

Overall, NFTs provide accessibility in creating, purchasing, and sharing collectibles. After paying a small and reasonable minting fee, your property is ready for the world to browse and purchase.

Why do people collect NFTs?

There are a few reasons why many people are interested in owning NFTs. First of all is the collectible factor. Like stamps, trading cards or vinyl records, the limited nature of non-fungible tokens makes them attractive to collectors. There are many musicians, artists, sports stars, and big brands that are exploiting NFTs. These tokens added a digital aspect to attract fans.

Collectors are also interested in the possible value of NFTs. Some buyers have spent millions of dollars on rare NFTs. These prices have attracted the interest of speculators around the world, who are looking for the next big money-making opportunity. Some NFTs also provide benefits to their holders. For example, an NFT from BakerySwap can help you profit by staking. PancakeSwap has NFTs that can be traded for CAKE tokens, and they can even be used as lottery tickets.

How are NFTs disrupting the world?

Rights and ownership are difficult issues to resolve when it comes to the digital world. How do you prove something is original if we can all easily copy and paste stuff? Until now, creators have not had many means to solve this problem.

However, NFTs already provide a digital and verifiable way of proving ownership. We can know exactly who owns the NFT and its past purchase history. For the first time, artists can sell their work in fully digital form and make it collectable. There aren't many industries where you can sell your art in the same space as famous artists like Aphex Twin or Grimes.

How to create your own NFTs

One of the most exciting features for creators on the Binance NFT marketplace is the minting of non-fungible tokens. At first, only certain creators will have access to this feature, but it will soon be open to all users. While other platforms also allow you to create NFTs, Binance is the largest cryptocurrency exchange that makes it possible to quickly mint non-fungible tokens.

In five minutes, you can have your collection built and ready to trade. You can also deposit and withdraw tokens to a compatible wallet or other exchange.

Create a Binance account and deposit some crypto

Before you can start creating, buying, or selling NFTs on the Binance NFT platform, you need to open a Binance account. If you already have a cryptocurrency trading account on Binance, you do not need to open a new account.

You will need some cryptocurrency (BNB or BUSD) if you want to create or buy an NFT. For more details on how to add crypto to your Binance spot wallet, read our Binance Beginner's Guide article.

Minting an NFT

Start by clicking [Create] from the Binance NFT homepage.

After uploading the image, video, audio or file you want to convert into an NFT, you can start filling in the details of your non-fungible token. This information includes whether to mint a single NFT or mint a collection. You also need to make sure you have enough BNB in ​​your account to pay the minting cost before clicking [Create].

How to buy an NFT

Once you've found an NFT you want to purchase, click on its name to go to the product details page. Here you will find detailed information about NFTs, including descriptions, sales, pricing, and other important information.

If you choose Auction sale, you will need to place a bid. The highest bidder when the auction ends will purchase that NFT. Click [Place a Bid] to move to the next screen.

A pop-up will appear where you can enter your bid. Your bid must be higher than the previous bid by at least the minimum amount. Once you agree to the amount, click [Place a Bid] to confirm.

To buy a Fixed Price item, click the [Buy Now] button to buy the NFT immediately, or try buying the NFT at a lower price using the [Make an Offer] button. The seller can then accept or decline your offer.

How to sell an NFT

Initially, this feature will only be available to select artists, but it will soon be enabled for all users.

Once you create an NFT, you can store the NFT in your collection or start the listing process immediately. You can also sell NFTs you've deposited into your account or NFTs you've purchased. There are two possible options for selling your NFTs: Auction or Fixed Price.

To sell NFTs, go to your [Collections] and click on the NFT you want to list on the exchange. Click the [List NFT] button to customize your sale.

For Auction, select [Highest Bid]. In the [Minimum Bid] field, you can enter the starting price for your NFT. If you want to sell immediately without going through auction, select [Set Price].

You will then see a [Price] field where you can select the number of prices you want to sell the NFT for. On the right side, you can select the cryptocurrency you want to use for payment.

You should also choose an end date for your sale. You can set a maximum of 30 days from the time of listing. Be sure to include an accurate description of the NFT, including any other benefits, features, or amenities it may have. Think carefully about the category for your NFT, as this will make it easier for buyers to find your NFT.

When all is done, click [Submit].

The Binance team will review your NFT to ensure it meets standards before being listed. This process will take approximately 4-8 hours and you will receive an email or SMS once completed. You can choose a specific time for your NFT to go live (at least 12 hours after you submit your listing request), or allow Binance to list your NFT immediately upon approval.

If the review completion time exceeds your expected listing time, we will list your NFT immediately upon completion of the review process.

What is the Secret Box?

The Secret Box gives you the chance to receive a random NFT from a collection. Each NFT has a different rarity level: normal (N), rare (R), super rare (SR), and super super rare (SSR). Once you have purchased the Secret Box, you do not need to open it immediately. You can open it whenever you want or even trade it without having to open it first.

The Secret Box is sold at a fixed price, so all you need to do is choose how much to buy. Below the item's description, you will also find the probabilities of the different NFTs you can receive.

Once you have purchased the Mystery Box, you cannot return it. However, you can resell it by listing it on an NFT marketplace.

What is an Event?

Events on the Binance NFT platform are a catalog of exclusive and premium NFTs, created by big-name creators and brands. These products are created by digital artists, musicians, and even athletes and celebrities. You can access the [Events] page from the homepage, where events will be listed on the banners on the homepage.

summary

There is a great opportunity for those who are interested and want to participate in the NFT market. For a long time, choosing the right platform or place to trade has been quite a challenge. The entire ecosystem is fragmented and difficult to navigate for beginners. However, Binance has provided a place to create and trade NFTs. This is a simple, reliable option for creators and collectors to use, as Binance has a lot of knowledge in this area. This is also a great time for artists to distribute their work as digital and collectible products.