NFT is a non-fungible token that allows you to create unique assets that are unlike other blocks in the chain. This creates the possibility of determining a different price for each lot. A block may contain a digital analog of a physical asset.
Such a system allows you to confirm the authenticity of the value and protect copyright since it’s impossible to change the data in the blockchain. Open source makes it possible to use the technology for marketplaces’ development and integration of other digital goods and services.
Binance NFT is a platform for buying and selling non-fungible coins, which was launched on June 24, 2021. The marketplace is a standard trading space for digital collectibles and art based on the BSC blockchain infrastructure. One can say that the marketplace will be able to take a leading position at an early stage of development thanks to a large community of DEX that provides high liquidity for all new products.
Binance NFT Marketplace: Key Features to Know
Binance is a major player in the blockchain project market, which can easily follow every trend due to its trading volume. After the community had responded positively to many emerging marketplaces, Binance decided to launch its own marketplace that would be able to grow faster thanks to the available resources and attention from the community.
Binance NFT users will have the opportunity to purchase exclusive collectibles from various fields: sports, games, music, arts, etc. At the same time, you do not need to create a new account in the system to use the marketplace.
Due to the existing opportunities, Binance can attract large resources to promote its own platform. The first auction launched was Genesis, which collected works on the theme of the Renaissance. Here you could even buy an NFT of Dante’s Divine Comedy, where images related to blockchain and cryptocurrency were added to the art.
The marketplace divides all sold NFTs into several categories.
- Art — paintings, gif-images, drawings, etc.;
- Sports — sports club uniform, trophies, historical moments from matches, etc.;
- Entertainment — memes, songs, videos, newspaper clippings, etc.;
- Gaming — cards, inventory, skins, etc.;
- Collectibles — mainly cards, trophies, etc.;
- Esports — cards, historical moments, art;
- NFT for good.
One lot can belong to several categories at once. This makes it easier to find the right token. New collections and thematic auctions are constantly appearing on the marketplace.
Free NFTs and Airdrops
Binance supports the APRENFT (NFT) airdrop program. TRON (TRX), BitTorrent (BTT), and JUST (JST) holders are eligible to participate in the airdrop. The system will take snapshots of the token balance at 12:00 UTC on the 10th of every month. The first drop took place in June 2021, and the program will run until June 2023.
NFT tokens are distributed according to the formulas:
- NFTs claimed by TRX holder A = (Amount of TRX held by TRX holder A at the snapshot time / Total amount of TRX held by the exchange at the snapshot time) * Total NFT airdropped to Binance from holding TRX;
- NFT claimed by BTT holder A = (Amount of BTT held by BTT holder A at the snapshot time / Total amount of BTT held by the exchange at the snapshot time) * Total NFT airdropped to Binance from holding BTT;
- NFTs claimed by JST holder A = (Amount of JST held by JST holder A at the snapshot time / Total amount of JST held by the exchange at the snapshot time) * Total NFT airdropped to Binance from holding JST.
Only users with more than 100 TRX or 2,000 BTT, or 100 JST on their balance are allowed to participate in the airdrop. Funds borrowed on DeFi platforms will not be considered when calculating the balance.
What Are Mystery Boxes?
It is a unique feature implemented by Binance. Mystery boxes allow attracting a lot of interest to the platform and provide users with a tool to satisfy the excitement. It is enough to purchase a box and then open it to participate in the event.
The airdrop is randomly generated, but each reward will contain at least one random NFT. The box may drop a premium token or rare limited collectibles that can be sold at a good price.
Mystery boxes are divided into categories. The first series of boxes was called tokidoki, which means ‘sometimes’ in Japanese. Tokidori is a famous brand based on the ideas of the Italian artist Simone Legno. A few minutes after the release, all 110,000 mystery boxes were sold.
How to Buy and Sell NFTs?
You will need to register with the Binance system to make any transactions. After that, you need to deposit some BNB, BUSD, or ETH to be able to pay for the desired purchase. If you need to withdraw funds after the transaction, then you can do this through any token that supports the BEP-721 and BEP-1155 standards. A single account is used for the exchange and the marketplace.
How to Buy NFTs on the Binance NFT Marketplace?
- Open the page of the desired item.
- If the price is set, then just click on the ‘Buy Now’ button and make the payment.
- If an auction is being held, the ‘Place a Bid’ button will be available, by clicking on which a new window will pop up.
- Enter the bid amount, and it cannot be less than the specified amount.
If the user wins the auction, they will become the owner of the NFT.
How to Sell NFTs on the Binance NFT Marketplace?
- Open the NFT Asset page and go to Collections. Select a token for sale.
- Fill out a page with a description and history of origin.
- Click ‘List NFT’ to go to listing settings.
- Choose one of the options: sell at a set or auction price. When choosing the first, it is enough to indicate the price. The auction allows you to set a minimum bid, which will be the starting point of sales. The user independently chooses the duration of the auction. Still, it cannot exceed 30 days.
- Select the cryptocurrency for payment: BNB, BUSD, or ETH.
- Specify lot categories.
- Write a description.
- Read the information about commissions and ‘Submit’ the token for sale.
NFT comes to moderation, which takes about 8 hours. Upon completion of the verification, a response from the Binance team will be sent to the specified email address.
Where Can I Track Price History?
To track the price of tokens in the BSC network, you will need to use the bscscan service, which collects all statistics on NFT transactions. To get information, you need to copy the address of the token contract (it looks like this: 0x1dDB2C0897daF18632662E71fdD2dbDC0eB3a9Ec) and paste it into the search field.
The service shows complete data about the transaction: from whom and to whom it was sent, the price of the transaction, in which block it is stored. All tokens in the Binance NFT system operate on the BSC network, so make sure to use an appropriate scanner.
How to Create Your Own NFT on Binance NFT?
Creating your own token is a quick process. Initially, on Binance NFT, this feature is only available to specific users, but the feature will open to all marketplace users over time. To create your own NFT, you need to go through the following steps:
- Click the Create button located at the top of the page.
- Upload file.
- Fill in additional information about your NFT. The settings allow the release of a series of identical NFTs, each of which will have a unique number.
- Charging a fee for creating a token.
- Transactions are regulated through the History section.
There is no NFT staking on Binance. The only way to receive a token investment is to sell it and receive coins backed by active pools.
Earning on NFT is a complex process that usually requires initial investments. The main way to receive dividends is to buy and then resell the token when it increases in price.
Also, creative individuals who get the opportunity to upload their own work to the platform can make money this way. These can be video files, pictures, images, drawings, songs, and any other asset transferred into digital form.
Have you ever used the Binance NFT marketplace? Feel free to share your experience in the comments below. Have a great weekend!