What Is NFT Binance? It is a new feature that has appeared on the Binance platform since June 2021. How is Binance NFT created and traded? In this article, we will take a closer look at this feature.
Table of Contents:
What Is NFT Binance?
NFT stands for Non-fungible Token (NFT), which is a digital token that represents a single resource. It can be a fully digital asset or a tokenized version of a real-world purchase.
NFTs can range from paintings/art games to music and sports.
NFT Binance is a feature that allows you to create or buy/sell/trade NFT on Binance’s blockchain infrastructure. The NFT platform on Binance currently has 3 product lines, including:
- Trading market: mining, selling, auctioning and buying NFT.
- Premium Events: Buy premium and exclusive NFTs created by the world’s best artists and the most influential names and brands. Events include productions by digital artists and musicians, as well as athletes and celebrities.
- Mystery Box: Each Mystery Box is guaranteed to have a random NFT inside. Unlock the chance to win a regular (N), rare (R), super rare (SR) or super rare (SSR) NFT.
Does Binance’s NFT market have potential?
NFT Binance is a global form of digital ownership. With NFT products, the owner proves his unique ownership.
Ownership is becoming more and more important in life. Therefore, NFT promises excellent growth potential.
This market will be attractive to both creative artists and collectors. NFT holders have the opportunity to exchange exclusive works around the world.
How to trade NFT Binance?
Step 1: To start trading with NFT, you need to open a Binance account to complete account verification.
Step 2: To trade NFT, you need to deposit cryptocurrency (BNB or BUSD or ETH) into the Spot wallet.
Step 3: Then enter the NFT function on the toolbar and perform the transaction at the link: https://www.binance.com/en/nft/home
Currently, the coinage (generation of NFT is not popular among all users, but Binance promises that everyone will use this feature in the future.
Below is a detailed guide for buying and selling NFT.
How to buy NFT Binance?
- Visit the NFT page: https://www.binance.com/en/nft/home
- Find your favorite NFT
- Click on its name to access the page of that NFT. Here you can view detailed information about NFT: Description, transaction form, price…
If the NFT of your choice is to be auctioned, do the following:
- You can scroll down to see the bids placed.
- Then click “Make a bid” to make an offer.
- If you have the highest master price, you own that NFT.
- A window pops up and you have to enter the price you offered for this NFT.
- If the amount of coins you currently have is not enough, click Crypto/Deposit to top up.
- Then click Make a bid to complete the auction.
If the NFT you choose has a fixed price.
- Click Buy Now.
- Then, the transaction window appears. Click Confirm to complete.
How to sell NFT Binance?
Currently, Binance’s NFT sales feature is only available to select artists. After this, Binance will enable the sales part for everyone.
The sale of NFT is for the person who created the NFT or bought the NFT. There are two options for selling NFT: auction or fixed price. The steps are as follows:
- Go to Collections.
- Click List of NPTs to select NFT you want to sell.
With an auction, do the following:
- Select Highest Bid (Highest Bid)
- In the Minimum bid box, enter the starting price for your NFT.
- Fill out the description for the NFT so that the buyer can learn and decide to spend money to buy that NFT.
- Then click Submit
If you want to sell NFT immediately, do the following:
- Select Set Price.
- Then enter the amount you want to sell NFT in the Price box
- Fill out the description for the NFT so that the buyer can learn and decide to spend money to buy that NFT.
- Click Submit to complete.
You should choose an end date for this NFT sale, up to 30 days from the date of purchase. The more detailed the NFT description, the easier it is for you to be approved by Binance and interested users.
If all the information matches the requirements, Binance will send you a confirmation email in 4-8 hours.
Summary
NFT Binance, although new, demonstrates the high applicability of blockchain technology. It is a prominent feature, with good potential for future development. In particular, after Binance has completed the features that allow everyone to have equal rights to mint and trade NFT, this market will be very active and will attract many users around the world.
