Non-fungible tokens have become wildly popular with investors as the cryptocurrency craze takes over the world of digital art. Cryptocurrency digital media headlines have been dominated lately by NFT-related news, which has led to immense popularity for these types of tokens.
An NFT is a type of token developed at the end of 2017 under the ERC-721 standard for the Ethereum network. Its distinctiveness is that it represents unique and non-fungible values, unlike, for example, Bitcoin, whose standard is fungible and the tokens are nonunique. An NFT Marketplace is a marketplace where digital art, collectibles, sports, gaming items, utilities, and other digital products are bought and sold.
Last month Binance launched its own NFT Marketplace for creators and collectors to mint and trade NFTs. Now everyone can create non-fungible tokens and experience the benefits of unique digital property rights. A market where both mainstream artists and the general public can participate by minting and selling their works of art, as well as collectors, who can import tokens from other exchanges and resell them. This way both collectors and creatives can easily prove the authenticity of their assets.
What is the Binance NFT Marketplace and what makes it different from the rest?
The Binance NFT Marketplace is a platform that allows you to operate and create non-fungible tokens, developed so that artists, musicians, collectors and even athletes can showcase their talent and achieve a fair monetization within everyone’s reach, where they can register, sell, auction and display art, games, music, etc.
NFTs can be minted on both Binance Smart Chain and Ethereum and even transferred between the two blockchains. If the creator sells a collection on the market, he receives a 1% royalty, as do creators who have minted NFT on other platforms.
Binance has a sizeable community compared to other platforms. Its popularity makes it the most attractive platform for artists and content creators. Having such a large user base makes it excellent for liquidity and getting better prices and values on works of art for users.
Why create and collect an NFT?
NFTs transform digital work into a work of art, easily traded in the crypto world. Therefore, artists, musicians and influencers are turning to them as a way to get investors to bet on their projects, which allows them to sell their work in a limited digital format that is impossible to duplicate.
The growth of NFT has become an excellent mechanism to sell creations, its functionality also continues to grow, offering accessibility to create, buy and share collectibles. After paying a reasonably small minting fee, your asset is available for everyone to explore and purchase. It allows you to monetize your collectibles, so much so that some buyers have spent millions of dollars on NFTs.
Impact of NFT’s in the World
NFTs offer a a system to transfer the authenticity of works from the analog world to the digital world. They provide a way to show that a digital property is verifiable. In addition, the blockchain guarantees their privacy and security. For example, anyone can see exactly who owns an NFT and their past purchase history.
In addition to this, for the first time, artists can sell their works in purely digital form and with a collectible item. All this, achieved with the aforementioned characteristics, has left a great impact on the world that is still growing.
How to create and mint NFT’s?
At first, only certain creators will have access to this function of creating an NFT, but it will soon be open to all users. In five minutes, you can have your collectibles live and ready to trade. You can also deposit and withdraw the tokens on a compatible wallet or other exchange.
Just get started by clicking [Create] on the Binance NFT Marketplace home page.
After uploading the image, video, audio, or file you want to convert to an NFT, you can start filling in your non-fungible token details. This information also includes the choice of minting a single NFT or a collection. Make sure you have enough BNB for the rate and click [Create].
The only requirements to create, buy or sell an NFT are to have a verified account on Binance.com and to own BNB or BUSD when bidding in an auction. The procedure is simple, and the exchange takes the funds directly from the “spot” account (the same one used for trading), which saves users from needing to make any extra transactions.
How to buy and sell an NFT?
Once you have found an NFT that you would like to purchase, click on its name to be directed to its specific page. Here you will find more details about the NFT, including a description, type of sale, price, and other important information.
If you have selected an auction, you will need to place a bid. The user with the highest bid at the end of the auction will win the NFT. Click [Make an Offer] to go to the next screen.
A pop-up window should appear where you can enter your offer. Your bid must be higher than the previous one by at least the minimum margin. When you are satisfied with the quantity, click [Place an offer] to confirm.
To buy a fixed price item, click the [Buy Now] button to buy the NFT immediately or try to buy the NFT for a lower price with the [Make an offer] button. The seller can choose to accept or reject your offer.
To sell an NFT, go to your [Collections] and click on the NFT you want to list. Click the [NFT List] button to customize your sale.
For an auction, choose [Highest bid]. In the [Minimum bid] field, you can enter the starting price of your posting. If you want to have an instant sale without bidding, select [Set price].
You will then see a [Price] field where you can choose how much you want to sell the NFT for. Both options also allow you to choose which cryptocurrency you would like to receive as payment.
You must also choose an end date for your sale. This date can be a maximum of 30 days from the moment of the quotation.
Once you are satisfied with the terms of your ad, click [Submit].
The Binance team will review your NFT to make sure it meets their standards before listing. Expect this to take around 4-8 hours before you receive an email or SMS once complete. You can choose a specific time for your listing to go live (at least 12 hours after submitting your listing request) or allow Binance to list your NFT immediately after approval.
Unlike what happens in decentralized platforms, minted works of art will go through a selection process. The team will approve the content to make sure it is appropriate for publication.
The Mystery Box and Premium events
Binance NFT has also integrated the concept of “mystery boxes” where users will be able to unlock special NFTs, from limited edition pieces to the most common collectibles on the market. A mystery box provides the opportunity to receive a random NFT from a collection. Each NFT has a different level of rarity: normal (N), rare (R), super rare (SR), and super super rare (SSR). It is sold at a fixed price, so all you need to do is select the quantity you want to buy. Below the item description, you will also find the probability of the different NFTs you could receive.
The mystery box cannot be returned. But it can be sold by listing on the NFT Marketplace.
The “Premium Event” category is for the most requested collaborations, big name brands, and a “Marketplace” that will allow users to easily create their NFTs at minimal cost. These offers are from digital artists, musicians, and even athletes and celebrities. You can access the [Events] page from the home page, where the event will appear on the home page banner.
With this Marketplace Binance has proposed a mission to lead the future of the Metaverse. Having innovative creators, diverse and quality works, greater benefits and a dynamic platform that can help achieve it. On the other hand, there is now a great opportunity for anyone interested in NFTs to start getting involved. It’s much easier for creatives and collectors to stick with a trusted and well-known team in the crypto scene.
It’s a great time for artists to finally be able to distribute their works in a collectible digital form. The arrival to the NFT market of the cryptocurrency exchange with the highest volume of trade may produce a new upward rally for cryptocurrencies. It is only a matter of time before we can see the impact that Binance’s NFT Marketplace will have on the world.
For more information about buying and selling NFT’s, please reference the guide on Binance’s website here.