?>

Binance NFT Marketplace – A Guide for Beginners

2.2 k views
Binance NFT Marketplace - A Guide for Beginners

Many people are interested in buying NFTs for a variety of reasons. First and foremost, there’s the collector aspect to it all. Non-fungible tokens, like stamps, trading cards, and vinyl records, appeal to collectors because of their rarity.

The potential value of NFTs is also of interest to collectors. Rare NFTs managed to collect millions of dollars from some buyers. International speculators are taking note of these prices, hoping to profit from what may be the next great collectible.

It is not surprising that one of the most important exchanges in the world, Binance, has joined this trend. The portal launched its NFT marketplace, and our guide will share more details about it.

What Is an NFT Marketplace?

Artists can list their digital assets for sale on an NFT Marketplace, which is a digital platform. These marketplaces allow customers to buy whatever digital product they choose. 

Essentially, NFT marketplaces are merely e-commerce platforms where you can buy any product in the form of NFTs.

There are now a lot of NFT markets out there. You can make an account here and purchase, sell, or even create your NFTs. In order to make an informed decision, you need to look at all the portals before choosing the best option.

The Binance NFT Marketplace

Using the Binance NFT Marketplace, you may trade and generate your non-fungible tokens. Both BNB Chain and Ethereum allow users to mint their NFTs, which you can transfer from one blockchain to the other.

NFTs are available through the portal’s built-in marketplace for a predetermined price or via auction. For every collectible sold on an online marketplace, there is a 1% royalty payment to its creators. 

Binance does not force you to mint your NFTs on its platform to pay royalties. In fact, you’ll get your payment regardless of the portal you choose. Those who deposit NFTs will also get a 1% royalty when someone purchases those assets.

Creating NFTs

If you’re a songwriter, artist, or producer of digital material, NFTs let you sell your work in a digital version. Unlike a standard MP3 or JPEG file, spotting a counterfeit NFT is easy.

A file connected with your NFT will be available for others to download. The role of the NFT smart contract is to prove the ownership of any digital asset. The value of an original picture is far greater than that of a copy. If you think about it, NFT technology has the primary goal of recording asset ownership.

You must create a Binance account before you can begin making, purchasing, or selling NFTs on the Binance NFT Marketplace. You will find a link to the marketplace on your homepage.

When creating or purchasing NFTs, you’ll need to put BUSD or BNB tokens in your wallet.

On the Binance NFT Marketplace site, click on the “Create” option to mint your assets. You can enter the information about your token after you’ve uploaded the media you wish to transform into an NFT.

This step will also require you to choose between creating a collection or a single NFT. Click the “Create” button if you have enough BNB in your wallet to cover the gas fees.

Buying and Selling NFTs

Click the NFT’s name to get to its page after finding the one you like. Here you will find detailed information on the NFT. For example, you’ll see a description of the sale type, the price, and other relevant factors.

Bidding is required if you’ve chosen an auction sale. Like in a classic auction, the highest bidder will get the right to own the NFT. In order to move on to the following screen, click “Place a Bid.”

If you wish to bid, click on a pop-up where you may enter a price. At the very least, your offer should be greater than the prior bidder’s. Click “Place a Bid” if you’re satisfied with the amount.

For Fixed-Price items, click either the “Buy Now” button or the “Make an Offer” link. This system will let you buy the NFT instantly or give you a chance to buy the NFT for a lower price. The seller has the option of accepting or rejecting your offer.

Alternatively, you can sell an NFT deposited into your account. Both “Auction” and “Fixed Price” are available choices for selling your NFTs. Go to your collection and choose the NFT that you wish to sell. In order to personalize your sale, click the “List NFT” option.

Select the “Highest Bid” option for an auction sale. You may set the beginning price of your listing in the “Minimum Bid” area. Click the “Set Price” option if you want to sell your item without bidding.

After that, you’ll be able to set a price for the NFT in the drop-down menu. You may also select which cryptocurrency you want to use for the transaction.

You’ll also need to set a deadline for your sale. At this point, you will need to remember that the maximum expiry date is in 30 days. Include any other benefits, features, or uses of NFT in your description.

Your listing will be simpler to locate if it’s in the correct category. Click the “Submit” button after you’re satisfied with your listing’s terms.

Key Takeaways

While Binance’s strength in the crypto sector is famous, the company is moving its first steps in the NFT business. Platforms such as OpenSea have greater experience in this industry, and we’ll see how the company will fare.

Bitcoin coin symbol
Btc
Bitcoin
$62.547
price
red chart
decrease symbol0.84959%
price change
TRADE NOW

Our guide provided a quick set of crucial details on the platform. Those wishing to learn more about the portal can navigate it through their Binance account.

Previous

Terra’s Crash Could Have Been a Conspiracy, New Research Suggests 

Next

Three Gold-Backed Crypto to Consider in the Current Inflationary Economy

Written by

257 posts

Born in Italy, Gianluca is a finance and data specialist, coming from an academic education at Sorbonne University in Paris and a career as Senior Advisor at Ernst & Young in the Banking and Blockchain sector.

VIEW AUTHOR

More author posts

Banana NFT Goes Live on Telegram After Steam Success

Following the concept's success on Steam, a team of developers has brought the popular Banana Game to Telegram. The "Banana NFT" project introduces a new meta for gamers to earn rewards while playing.  This team has also implemented a unique feature. Specifically, users can mine and collect NFTs, with special bonuses for discovering rare bananas. The upcoming giveaway event will attract attention and spread the word about this new game.  From Steam to Telegram The Banana NFT team took full…

AeoN-X – A Hybrid Exchange with Proprietary Chain & Earn System Launching Soon

The centralized vs decentralized exchange debate has been ongoing, but what if you could have both on one platform? AeoN-X is introducing a hybrid exchange with a proprietary blockchain and a crypto-earning system.  With an experienced team and a complete listing strategy, many Web3 fans are more and more curious about AeoN-X. Let's examine what this AI-based platform offers and how it's rethinking the exchange model. Keep in mind that this project is set to go live through a presale…

Simplified Crypto Trading for Everyone: BYDFi’s Beginner-Friendly Platform

Over recent years, there has been a growing interest in cryptocurrency trading among a wide audience. However, the complexity of the crypto market often deters potential traders, especially beginners. Platforms like BYDFi are dedicated to making crypto trading more accessible and user-friendly for everyone. In this article, we'll explore how BYDFi simplifies crypto trading, making it easier for beginners to navigate the world of Web3. What Is BYDFi? Originally known as BitYard, BYDFi is a leading centralized exchange in the…

Driving the Beat: How Sonorus’ TrendFi Plans to Democratize the Music Industry

Sonorus is working to revolutionize the music industry by bringing fans and artists together. With their innovative TrendFi system, they are creating a space where community engagement drives music trends. Moreover, the project’s ecosystem rewards both fans and artists. Sonorus is more than just a platform. This is a movement set to reshape the way we value and experience music in the digital age. So, how exactly does TrendFi work? Let's dive in and find out. What Is Sonorus? Sonorus…

Spot On Chain – Harnessing AI and On-Chain Analytics for Smarter Crypto Investments

The world of cryptocurrency is an enigmatic labyrinth, full of potential yet rife with complexities. How can one traverse this digital terrain with confidence? A recent project, Spot On Chain (SOC), harnesses AI and on-chain analytics to provide a smarter solution to crypto investments. Today, we'll make sure to look into all the features brought together by this team. From Onchain Signals Newsfeed to Blockchain Personal AI Analyst, the project has a wide offer for the everyday crypto user. What…

The Problems Killing Web3 Projects – How Enflux’s 2-Week Free Solution Can Help

In the rapidly growing burgeoning realm of Web3, projects face unexpected hurdles that threaten their success. One of the primary challenges lies with the market makers: their lack of transparency and collaboration. This article delves into these pressing issues, exploring their implications and unveiling how they stalled growth for numerous projects. We're also shedding light on solutions that could help projects navigate through these murky waters. The Lack of Transparency Among Market Makers The cryptocurrency market, known for its pillars…

Publish your own article

Guest post article. Guaranteed publishing with just a few clicks

START PUBLISHING ADVERTISE WITH US

Browse categories

Explore trending topics in the crypto community right now.

Bitcoin

SEC Greenlights Multiple Bitcoin ETFs, Signaling Major Leap for Cryptocurrency Markets

The U.S. Securities and Exchange Commission (SEC) has made a landmark decision by approving 11 spot bitcoin exchange-traded funds (ETFs). This move represents a significant moment in the cryptocurrency industry, marking a shift towards greater institutional adoption and accessibility for investors. The approved ETFs include products from major firms such as BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin…

Bitcoin Should be Banned in the United States: Charlie Munger

Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China.  In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…

Tesla’s BTC Positions Remained Unchanged in Q4 of 2022

According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…

Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF

The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF.  Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor.  Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…

MORE ARTICLES

Ethereum

Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live

At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…

Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears

Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system.  However, since the Beacon launch…

FTX Hacker Converts 50k Stolen ETH to BTC

Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%.  https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…

Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant

According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US  Treasury Department. Indeed, the OFAC administers and enforces US  financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash.  According to…

MORE ARTICLES

Trading

How to Leverage Arbitrage Opportunities in Crypto Markets

Cryptocurrency arbitrage has become an increasingly popular investment strategy as the crypto market grows and evolves. Arbitrage involves taking advantage of pricing discrepancies between markets or exchanges to profit.  Investors can leverage profit opportunities by understanding cryptocurrency arbitrage while managing associated risks. In this guide, we'll explore cryptocurrency arbitrage and how it works. A Bitcoin-related example will help us illustrate the concepts of this strategy. What is Arbitrage and How Does it Work in Crypto Markets Crypto arbitrage trading is…

The Different Types of Copy Trading in Crypto

Are you interested in trading cryptocurrencies but feel intimidated by the complexity of the process? Copy trading is a great way to get into crypto without needing to be an experienced trader. With copy trading, investors can benefit from the experience and knowledge of more experienced traders, allowing even beginners to succeed. How does copy trading work, and which tips do you need to know to succeed? In this article, we'll explore all aspects of copy trading in crypto. What…

How to Spot an Unsafe Crypto Exchange

Cryptocurrency exchanges have become increasingly popular as they provide a platform for people to buy and sell digital assets. Unfortunately, not all crypto exchanges are safe or reliable.  With the rise of cybercrime and fraud, you must learn to spot an unsafe crypto exchange before investing your money. This guide will help beginners identify and avoid potential risks when selecting a cryptocurrency exchange.  The Role of Crypto Exchanges on the Digital Assets Market Cryptocurrency exchanges play a crucial role in…

What Is Grid Trading in Crypto?

Crypto grid trading has become a popular strategy because of its ability to help traders capitalize on market volatility. Grid trading means you can produce consistent profits by taking advantage of price differences in different markets or time frames. By establishing buy and sell orders at predetermined intervals, you can take advantage of these fluctuations in an automated way. This guide will explore the different aspects of grid trading and provide an overview of its benefits, challenges, and more. Through…

MORE ARTICLES

Tech

Introducing una Messenger: A Paradigm Shift in Blockchain Connectivity

The digital landscape is set for an unprecedented transformation with the introduction of una Messenger, the latest innovation from web3 development powerhouse Wemade. This platform represents an evolution of the "PAPYRUS Messenger," serving as the cornerstone of the ambitious "unagi" initiative, aimed at catalyzing the mass adoption of blockchain technology. The "Unbound Networking & Accelerating Growth Initiative" seeks to bridge the divides between diverse blockchain services and networks, heralding a new era of interconnectedness. A New Frontier in Blockchain Communication…

Bit2Me Champions WEMIX Token in Pioneering European Listing

Bit2Me, Spain's premier virtual asset exchange, has recently broadened the horizons for cryptocurrency enthusiasts by listing WEMIX, the cornerstone token of the WEMIX3.0 blockchain ecosystem. This marks a notable achievement as WEMIX's inaugural venture into the European market, emphasizing the token's role in facilitating a range of blockchain-based activities, from gaming transactions to decentralized finance (DeFi) applications. Launched with the intention to democratize access to WEMIX for the 450 million Spanish speakers around the globe, this strategic move aligns with…

CryptoVirally Expands with Fresh Crypto Marketing Offers and Cointelegraph Upgrades

In an exciting update for the cryptocurrency marketing landscape, CryptoVirally has announced a series of new entries and enhancements to its already comprehensive range of services. These updates, aimed at providing tailored marketing solutions for crypto projects, include new limited-time offers and expanded options for Cointelegraph publications. Limited Offers: A Game-Changer in Crypto Marketing  CryptoVirally's limited offers section presents an enticing opportunity for crypto projects to leverage high-impact marketing services at discounted rates. These offers, available for a limited period,…

Breaking Boundaries in Blockchain: WEMIX’s ‘una Wallet’ Sets New Standard for Multi-Chain Asset Management

The WEMIX Foundation has unveiled 'una Wallet,' a revolutionary digital wallet designed to offer unparalleled convenience and security in managing digital assets across various blockchain networks. The announcement, made on January 17, 2024, signifies a new era in the seamless integration of multiple blockchain protocols, including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX3.0. 'una Wallet' is more than just a digital wallet; it represents the culmination of WEMIX's innovative efforts in the blockchain space. It serves…

MORE ARTICLES