What is Binance NFT Marketplace and How to Trade? - CoinNav

What is Binance NFT Marketplace?

The Binance NFT Marketplace stands as a centralized exchange that rewards individuals with BNB tokens in correlation to their trading fees. It's not astonishing, therefore, to witness their constant pursuit of fresh avenues to broaden their array of services. Presenting a platform where NFTs, or non-fungible tokens, can be both purchased and vendored, they've successfully inaugurated this marketplace.
The squad behind Binance possesses extensive expertise garnered from tenures at notable corporations like Bloomberg and Blockchain.info. The Binance marketplace's essence is succinctly encapsulated by the term "coin exchange," elucidating its core purpose.
Innovatively, the Binance NFT Marketplace serves as an avant-garde trading hub that bridges the gap between creators and enthusiasts of digital art across the globe. Demonstrating remarkable prominence in the realm of cryptocurrency exchange markets, the NFT Marketplace within the Binance ecosystem emerges as a frontrunner, distinguished by the sheer volume of NFTs, active participants, and consequential NFT transactions.

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What Can You Discover on Binance's NFT Marketplace?

At the NFT trading hub of Binance, an array of intriguing offerings awaits:
Special Events and Experiences: Delve into a realm of unparalleled NFTs, curated from the finest artists, embodying uniqueness and excellence. Binance is set to unveil premium events that cater to its audience in the wake of the Binance NFT debut. Recognized as a global hub for creators, artists, and collectors, these exclusive gatherings will showcase cutting-edge artistry and collaborations with top-tier entities. During its May 2021 launch, Binance NFT introduced a diverse range of NFTs within the Premium Event domain. Visionaries like Trevor Jones, Alphonso Davies, Michael Owen, and others left their mark. Furthermore, on June 1, a second wave of NFTs was unveiled, destined for the prestigious Premium Events section.
Marketplace Showcase: The focal point where an array of NFTs from the NFT Marketplace is exhibited (Here, you have the choice to craft, vend, and procure NFTs at set prices, or partake in vibrant auctions.)
Enigmatic Treasure Chests: Binance's enigmatic treasure chests are home to clandestine sets of NFT tokens, offered periodically (Within these acquired Mystery Boxes, the discovery of rare and exceptionally rare NFTs awaits, their value often surpassing the cryptocurrency invested in their acquisition.) Binance's enigmatic treasure chests add an innovative dimension to securing collectibles from the marketplace. Each Mystery Box encompasses unique and exclusive NFTs. The inaugural collection of mystery boxes shines the spotlight on "tokidoki," a renowned lifestyle brand. The debut series of mystery boxes encompasses 16 pieces that celebrate tokidoki characters, with 3 exclusive Binance projections included.
From Binance's expansive assortment of NFTs, enthusiasts can select their most cherished digital art pieces, forging a connection with the world of trading platforms.

Getting Started With the Binance NFT Marketplace

By now, you should possess a good understanding of the NFT scene on Binance, at least at a surface level. Let's now delve a bit deeper and explore the process of using the platform itself and acquiring your inaugural NFTs.

Step 1: Registering and Verifying

The initial step you must undertake to initiate your journey on the Binance NFT marketplace is to complete the registration process on the platform. This step is certainly expected, isn't it?
For those who haven't engaged with Binance previously, proceed to the official website of the company and commence the registration procedure. The steps are fairly intuitive, and the registration guide will seamlessly lead you through the entire process.
However, to begin utilizing Binance's services, you will also need to successfully navigate through KYC (Know Your Customer) verification. Given that Binance functions as a centralized cryptocurrency platform, they are obligated to verify the identities of their users to ensure the absence of any fraudulent activities.
Should you already be in possession of a Binance account, you can conveniently skip this phase. As highlighted in the preceding section, the Binance NFT marketplace shares the same user account as the exchange facet of the platform. If you possess an account for one, you are granted access to the other.
Once your account setup is complete, the subsequent step is to fund your account by depositing fiat currency and procuring crypto coins specific to the sets. Specifically, you need to purchase either BNB, BUSD, or Ether coins. These three cryptocurrencies are accepted as valid payment methods for NFT trading on the Binance platform.

Step 2: Buying the NFTs

Acquiring the actual NFTs from the Binance NFT marketplace is a straightforward process, resembling any digital shopping experience. However, there exist various approaches you can adopt.
Primarily, the most straightforward method to obtain a specific NFT is by making an immediate purchase. This is applicable to NFTs with fixed prices. In simpler terms, if you encounter an NFT landing page that mentions "bid," this approach wouldn't be feasible.
Nonetheless, fixed-price NFTs are among the most popular choices, so you needn't be concerned about a limited selection. After you have identified the ideal non-fungible token for yourself, simply click the prominent "Purchase Now" button and complete the payment for the full price. That concludes the process!
Moving forward, NFT auctions present the next option. These particular tokens are open for bidding, allowing you to engage in competition with fellow NFT enthusiasts. Similar to conventional auctions, the individual with the highest bid at the conclusion of the auction period will secure ownership of the NFT.
The bidding process itself is not intricate. Firstly, you must identify an NFT that you wish to bid on. Once you're on the NFT's page, locate and click "Place a Bid."
A pop-up window will appear, prompting you to specify the amount of cryptocurrency you intend to bid for the respective NFT. It's important to note that the type of cryptocurrency required for the bid can vary depending on the specific token, so be mindful of this detail.
Moreover, each bid entails a minimum markup requirement. To place a bid, you can opt to either increase the bid by the minimum amount or input a higher value of your own (as long as it surpasses the minimum markup, naturally).
After thoroughly reviewing the figures and confirming your satisfaction with the bidding amount, simply click "Place a Bid" once again, and your part is done – all that remains is to await the outcome!
The cryptocurrency amount you've bid will be temporarily held in your account throughout the auction period or until another participant submits a higher bid for the NFT.
Lastly, another avenue is the acquisition of Mystery Boxes, unique NFT events that were previously discussed in this guide. These boxes are exclusive to the Binance NFT marketplace.
Mystery Boxes are priced with predetermined amounts. Additionally, you have the option to buy them in larger quantities - simply choose a box, indicate the desired number of boxes for purchase, and complete the order. Subsequently, these boxes will be visible within your NFT inventory, where you can either choose to open them or integrate them into your collection.
Each Mystery Box comes with a predetermined probability of containing NFTs of varying rarities. The precise percentages can be located on the landing pages dedicated to each individual box.
Upon purchasing a Mystery Box, it's important to note that the transaction is final and non-refundable. In other words, you cannot reverse the purchase and receive a refund. Nevertheless, you have the option to either sell the Mystery Box to other individuals or open it to unveil a random NFT. This NFT can subsequently be put up for sale as well.
To summarize, the Binance NFT marketplace offers various approaches for acquiring NFTs. Each method caters to different preferences, providing the flexibility to select the most suitable approach for your preferences.

Step 3: NFT Sales

Considering that we will delve into the NFT creation process shortly, to maintain coherence, let's assume that you are interested in selling an NFT that you already possess.
The Binance NFT marketplace streamlines the process of selling NFTs for its users. To initiate the process, access the "NFT Assets" section and proceed to the collection page. At this point, you will need to select the specific NFT that you intend to put up for sale.
Upon selecting the desired NFT, the next step involves listing it on the marketplace. This stage allows you to determine the specific parameters for your listing.
Firstly, you'll need to specify the preferred type of sale. You have the option to either establish a fixed price for your NFT or initiate a timed auction. Opting for the fixed price approach entails setting a specific value for your NFT and designating the cryptocurrency you wish to receive as payment.
Conversely, if you opt for the auction route, you'll be prompted to set the minimum bid amount that potential buyers can offer for your NFT.
Following the steps detailed above, you will then need to designate a time frame for the duration your NFT will be available on the Binance NFT marketplace. This time frame can extend up to one week from the moment of listing.
Subsequently, you will also be required to allocate a category for your tokens and compose a descriptive text that aids potential buyers in identifying and gaining insights about the NFT you're offering for sale. Once these steps are completed, you can proceed to submit your NFT for listing.
It's worth noting that the listing procedure undergoes validation by a dedicated team at Binance. This verification process typically takes around 8 hours, contingent upon the time of your submission and the volume of tokens undergoing verification.
And that's all there is to it! Once Binance verifies your NFT listing, the token will become visible on the Binance NFT marketplace, accessible for all to peruse, examine, and either purchase or bid on.

Step 4: NFT Creation

In a somewhat unconventional order, I have deliberately saved the discussion about the NFT creation process for the final segment of our guide. This choice is rooted in the fact that, at the time of composing this content, the ability to mint a personal token on the Binance NFT marketplace is accessible through invitation only.
Although Binance assures that this service will soon be available to a wider audience, the capability to mint BEP-based NFTs remains exclusive for now. Nevertheless, it's still advantageous to familiarize yourself with the creation process in advance, ensuring that you can efficiently craft your own NFT when the feature becomes universally accessible.
Initiating the process involves visiting the Binance NFT marketplace and selecting the "Create" button situated at the upper-right corner of the screen. By doing so, you will be prompted to indicate the preferred type of NFT creation - whether it's an image, audio file, or video.
At this juncture, you will also need to determine whether you intend to create a single NFT or a series of NFTs. The latter option proves most relevant to those aiming to mint an entire assortment of non-fungible tokens.
Continuing on, you will proceed to upload your file, assign it a name, and compose a description. Subsequently, you will also be presented with the minting fee displayed at the bottom of the page - it's important to ensure you possess adequate BNB to cover this fee. Unlike Ether's gas fees, however, the BNB fee should be comparatively modest (at the time of writing, it stands at 0.005 BNB).
Following the successful completion of the minting process and the appearance of the congratulatory pop-up, your freshly minted NFT will be accessible in the "Collection" section of your profile. This tab not only allows you to view the token's history but also provides supplementary details.
As we've previously discussed in this guide, it's worth reiterating that the Binance NFT marketplace extends a 1% royalty on all subsequent sales involving your NFT, after you've sold it to another user. In simpler terms, you will consistently receive a 1% commission each time someone else sells your NFT, indefinitely - a rather appealing feature!
What's particularly exciting is that you needn't be the creator of a non-fungible token to reap the benefits of this 1% royalty. Instead, by depositing (bringing in) any external non-fungible token to the Binance NFT marketplace, you automatically become eligible to receive the same 1% royalty.
All things considered, Binance streamlines the NFT creation process, rendering it both efficient and user-friendly. Even if you're a novice in the realm of NFT minting or possess limited familiarity with cryptocurrencies, the entire process, from initiation to completion, is designed to be swift and devoid of frustration or confusion.
It's worth noting that all of your NFTs, whether self-created or purchased, can be located in the "Collection" section of your Binance NFT marketplace profile. From this centralized location, you'll be able to seamlessly manage your tokens with ease.

The Binance NFT Marketplace: A Balance of Advantages and Drawbacks

Advantages:

1. Premium NFT Offering: Benefit from the top-tier NFT marketplace affiliated with the globe's most renowned cryptocurrency exchange, Binance.
2. Diverse Selection: Access an extensive array of NFTs available for purchase, including numerous exclusives that broaden your choices.
3. Selling Opportunity: Join the ranks of NFT sellers by showcasing your own tokens and collections on the marketplace.
4. Credibility: Associate with a distinguished and widely recognized name within the cryptocurrency realm, bolstering your trust in the platform.
5. Varied NFT Range: Revel in the broad spectrum of available NFTs catering to diverse tastes.
6. Fee-Free Listings: Enjoy the advantage of listing your NFTs without incurring any upfront charges.
7. Royalty Perks: Garner a 1% royalty fee from subsequent sales, a feature that rewards creators in perpetuity.
8. Minimal Minting Fee: Encounter a nominal minting cost of just 0.000001 BNB.

Drawbacks:

1. Account Verification Prerequisite: Participating in the marketplace necessitates prior validation of your account on the Binance exchange.
2. Customer Support Comparison: In contrast to other platforms like Crypto.com, the customer service responsiveness on the Binance NFT Marketplace could be comparatively less prompt.