How To Buy An NFT On Binance NFT
Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
What is an NFT?
NFTs, an acronym for non-fungible tokens, epitomize a distinctive facet of the digital realm. These tokens, rooted in the blockchain domain, serve as digital representations of a myriad of assets—ranging from artistic creations, in-game items, music, to videos. What sets NFTs apart is their inherent non-fungibility; they defy the replaceability that characterizes fungible assets. This is in stark contrast to, for instance, a Bitcoin, which can be readily substituted with another Bitcoin. In contrast, the uniqueness intrinsic to each NFT renders it irreplaceable, constituting a testament to its singular nature.
Though NFTs emerged as a concept in 2014, their ascension to prominence is chiefly attributed to their embrace by the art industry. Particularly within the past year or two, artists have harnessed the potential of NFT technology to market their creations on the blockchain—a move that imbues their works with the expansive reach of the internet coupled with the unassailable proof of ownership facilitated by blockchain mechanisms. This ingenious fusion ensures that a digital artwork's authenticity and provenance remain beyond question. The blockchain's inherent capacity to verify the originality of a piece of digital art serves as a formidable deterrent against the proliferation of counterfeits, thus alleviating one of the paramount challenges tied to showcasing artwork to a global audience.
Introducing Binance NFT
Established in 2017, Binance emerges as a prominent Asian cryptocurrency exchange, reigning as the preeminent global player in the cryptocurrency landscape, lauded for its remarkable trading volume. Renowned for its extensive reach, Binance bolsters a diverse spectrum of cryptocurrency trading pairs and extends support to various fiat currencies—a testament to its global inclusivity.
A noteworthy evolution within Binance's repertoire is the inception of an NFT marketplace—a cutting-edge arena that congregates NFT holders and enthusiasts in pursuit of trading ventures. This marketplace has quickly garnered attention and traction within the NFT ecosystem, offering a platform for the convergence of creators, collectors, and speculators in a dynamic ecosystem.
Embarking upon the realm of Binance NFT proves attractive to NFT holders for an array of reasons. The platform not only facilitates the exchange of unique digital assets but also offers a secure, authenticated environment that safeguards the authenticity and provenance of the traded NFTs. This intrinsic trust, coupled with Binance's reputation as a global cryptocurrency leader, establishes a fertile ground for engaging in NFT transactions with confidence.
For those poised to venture into the Binance NFT marketplace, the journey is seamless. It commences with an exploration of the curated assortment of NFTs available, followed by an intuitive trading process. Binance's NFT platform equips users with the tools to commence their NFT journey, fostering an environment that accommodates both seasoned collectors and newcomers alike.
Advantages of Binance NFT
Support For Multiple Blockchains
Binance supports multiple blockchains, giving you a one-stop platform to be able to easily list your NFT no matter what blockchain it was minted on. This gives you more freedom of choice. It won’t matter if you want to mint your NFT on the Ethereum blockchain or the Polygon network, with Binance you can list your NFT no matter the blockchain.
A Wide Variety of NFT Collections
Binance provides NFT speculators a marketplace with a wide variety of NFT collections that include gaming NFTs, art NFTs, sports NFTs, and more. This makes it an ideal marketplace for every NFT speculator and creator no matter what type of NFTs they are into.
Low Trading Fees
When you sell an NFT, you do not want to lose the money that you earn through trading fees. With a 1% flat fee, Binance is one of the cheapest exchange platforms to trade on, especially when minting or selling your NFT.
High Liquidity
Liquidity is one of the biggest problems when trading. If an exchange platform does not have enough liquidity then the price of the trading pair will be negatively impacted, working against you. Imagine trying to sell the cryptocurrency that you earn from an NFT sale only to have the selling price of your cryptocurrency significantly decrease. This would result in you earning less fiat value for your NFT than you could have. Fortunately, with Binance’s high trading volume, comes high amounts of liquidity. So when you sell your NFT for a few million Dollars and want to cash out the cryptocurrency you earn, then Binance is the best exchange platform to do it, and since their exchange is connected to their NFT marketplace, you can leverage the trading liquidity that their exchange platform has to offer.
Trusted Platform With a Good Reputation
In the cryptocurrency space, reputation is everything. People wouldn’t trade on an exchange that was regarded as a scam because they would risk losing their money. Keeping that in mind, earlier we mentioned that Binance is the largest cryptocurrency exchange in the world in terms of trading volume, which means that it has one of the best reputations in the cryptocurrency space. Furthermore, you can leverage this reputation when listing your NFT on Binance’s marketplace, allowing you to charge a bit more for your NFT.
Large Audience
Building on Binance’s reputation in the cryptocurrency space, their NFT marketplace gives you access to their large customer base, which gives you a larger audience to market your NFT too!
Binance Smart Chain Allows Quick Withdrawals With Low Fees
After you have sold your NFT, you can withdraw the fiat value in two ways. You can either trade the cryptocurrency that you earned in the sale with a supported fiat currency and then withdraw that fiat value into your bank account. Otherwise, if your local fiat currency is not supported on Binance, you can send the cryptocurrency from Binance to your local exchange and then exchange for, and withdraw, your local fiat currency. Going with the latter option will require you to send your cryptocurrency from Binance to your local exchange through a blockchain network. Ethereum is the most popular network to do this. However, Ethereum’s popularity comes at a price. Due to the high levels of transaction congestion on the network, transaction fees are very high and the network is relatively slower than what is possible. This is where Binance’s Smart Chain (BSC) can assist. BSC enables quicker transaction times and lower transaction fees than any other public blockchain. This, coupled with its support for multiple cryptocurrencies, makes it an attractive option when wanting to transfer your cryptocurrency and not pay exorbitant transaction fees.
Binance NFT Mystery Boxes
NFT mystery boxes can be purchased from NFT marketplaces like Binance NFT. You can open the mystery box whenever you want or try to sell it without opening it for a profit, if you are lucky, you can get a super rare NFT that sells for thousands or millions of dollars. If not, you will likely get a common NFT that your fellow mystery box owners also have in their collection.
How to Deposit Your NFT on Binance NFT
Before we take a look at how to deposit your NFT on Binance’s NFT marketplace, there are a few requirements to be aware of.
Requirements
- Binance only accepts NFT contract addresses that have been fully integrated with Binance NFT. It is important to note that you will NOT be able to deposit NFTs with non-approved smart contracts addresses.
- Binance is constantly working to expand its list of supported NFT smart contracts.
Now that we have gone over the requirements to be aware of before making your deposit, let’s continue.
Connect Your Wallet
The first step is to connect your wallet. To do so, follow these steps:
- Go to User Centre and click on Deposit.
- Choose the network of your wallet, this can either be Binance Smart Chain or Ethereum, then click Confirm.
- Select which wallet you want to connect. This can either be MetaMask or WalletConnect, then click Sign.
Please note that you need to install the MetaMask extension in your Chrome browser before initiating the deposit process.
Make Your First Deposit
The next step is to make the deposit, which can be achieved through the following steps:
- Click Deposit NFT. Then paste your NFT’s contract address under Contract Address. Lastly, click Confirm. Do NOT enter the contract address manually.
- After verifying the contract address, you’ll be presented with your NFT collection. Choose the one that you want to deposit and click Confirm Deposit.
- Set the gas fee for your deposit and click Confirm.
Now that we have taken a look at how to deposit your NFT to Binance, let’s take a look at how to list your NFT on Binance NFT.
Listing Your NFT on Binance NFT
Upon depositing your NFT onto Binance, the subsequent steps to list it on the NFT marketplace are straightforward. Navigate to the NFT Asset page to embark on this process, ensuring your focus is directed towards the Collections section. From here, opt for the specific NFT you intend to list, subsequently journeying to the NFT's Description page. The pivotal moment arrives as you click "List NFT," propelling you into the realm of listing options for your prized digital asset.
Crucial to the listing process is the determination of your NFT's sale settings. This encompasses pivotal choices, such as whether you wish to auction the NFT or set a fixed price, alongside specifying the duration of the sale. If the path of auctioning beckons, the "Highest Bid" option should resonate as your choice of sale method. Conversely, if the intent revolves around a fixed-price sale, the "Set Price" option is your beacon.
Should you opt for an auction, the ensuing step entails defining the minimum bid—the inaugural starting point for the bidding journey. Conversely, for a fixed-price sale, it's a seamless endeavor of setting the price for your NFT. Both avenues afford you the privilege of stipulating the cryptocurrency you seek to receive in exchange for your digital masterpiece.
The countdown gains momentum as you pinpoint the precise date and time for the culmination of your auction or fixed-price sale—within a span not exceeding 7 days from the listing moment. Categorizing your NFT follows suit—a strategic maneuver designed to attract a fitting audience aligned with your creation's essence. Prior to submitting the NFT listing request for review, your description embellished with pertinent utility, such as in-game benefits, serves as the finishing touch.
The denouement materializes with a decisive click on the "Submit" button. From here, the Binance team undertakes a manual review—a process that transpires over a span of 4-8 hours. Customizing the listing time is also within your purview, set to commence a minimum of 12 hours after the submission. If the review is pending upon your designated listing time, the Binance team promptly lists the NFT upon approval.
With your NFT in the capable hands of the Binance review process, the next facet beckons—an exploration of tips to elevate your NFT's sales and promotional endeavors within the Binance ecosystem.
Tips on Selling and Promoting Your NFT on Binance
Research The Most-Purchased Categories
Research is probably the most important thing to do if you want to increase the chances of your NFT selling. See if you can find information regarding the most popular NFT categories that people are trying to get their hands on. Equipped with this knowledge, you can then create an NFT that falls under the most popular categories.
Come In Lower Than Your Competitors
Also, something that you will be able to do with a little bit of research, try to see what the average price for NFTs similar to the ones you are selling are going for in the marketplace. Then come in with a price lower than all of your competitors.
Create Exclusive Collections
Speculators are crazy about NFTs that are exclusive, especially collections. See if you can market your NFT as exclusive and as part of a themed collection. This way you can also sell more NFTs for anyone that wants to get their hands on the whole collection.
Final Thoughts
NFTs are the latest craze in the cryptocurrency space. So much so, that one of the largest cryptocurrency exchanges in the world, Binance, has created its own NFT marketplace. Listing your NFT on Binance NFT comes with all the benefits that the Binance exchange has to offer. Users can also benefit from Binance’s Smart Chain, which enables lower network fees and quicker transaction times.
If you'd like to sign up for Binance and get a 20% discount on trading fees, you can do so by inserting our Binance Referral Code STWNRF0Q during the sign-up process.
