Binance NFT – Explore and trade NFTs on BNB Chain and Ethereum

Non-fungible tokens, better known simply as NFTs, are a type of digital token on the blockchain used to create unique digital objects. NFTs can be associated with various media, such as images, videos or audio. However, their potential uses also extend beyond media, as NFTs can be used to represent things like event tickets, physical objects, video game items, or even real estate.

NFTs exploded in popularity in 2021 thanks to PFP (profile picture) NFT projects like CryptoPunks and Bored Ape Yacht Club. These types of NFTs allow users to own a visually unique avatar to represent their identity online.

NFTs are traded on a number of NFT marketplaces. The most popular option at the moment is OpenSea, although the competition is certainly not sleeping. Cryptocurrency exchanges have recognized that the demand for NFTs is significant, and users now have a wide variety of NFT trading platforms to choose from.

Binance, the world’s most popular cryptocurrency exchange, entered the NFT world in a big way with the launch of the Binance NFT Marketplace in June 2021. Since its launch, the platform has seen a number of improvements, making it one of the most convenient places for users to create, buy and sell NFTs.

Trade NFTs on Binance NFT

Why use Binance NFT for trading NFT?

With so many NFT marketplaces available at the moment, it’s hard to decide which one to choose. Realistically, one of the main reasons to choose a particular platform is the blockchain platform(s) it supports. Some marketplaces are focused on a single blockchain, while others can be used to trade NFTs on multiple blockchains.

Binance NFT does well here because it supports NFTs on both the Ethereum and BNB Chain platforms. This selection covers a lot, as they are two of the most popular blockchains out there.

A key aspect to consider when choosing an NFT marketplace is the user experience. Ideally, the platform should make it easy to find specific NFTs you are interested in, or explore NFT collections that you may not be familiar with.

This simplicity should also apply to payments, as the process of buying and selling should be quick and easy with convenient payment options. Binance NFT supports payments in ETH, BNB and BUSD stablecoin. Selling an NFT on Binance NFT comes with a 1% fee, which is a competitive fee rate.

Another benefit of using Binance NFT is that the exchange offers 24/7 customer support – this is not something you can expect from most other NFT marketplaces.

Now that we know some of the basics, let’s take a closer look at the Binance NFT marketplace and what it offers to NFT collectors and traders. We also show you how to buy an NFT on Binance. Before we begin, we need to create an account on Binance. Please note that you must complete an identity verification process if you wish to use Binance’s services.

If you want to buy an NFT, you need to fill up your funding wallet with some crypto. For now, you can top up your wallet with either ETH, BNB or BUSD. You don’t need to worry about this right now, as you will have the option to top up your wallet when you try to buy an NFT (if you don’t have enough funds in your funding wallet).

Finding the right NFT

Of course, the first step is to actually find a cool NFT that you want to buy. Fortunately, the Binance NFT platform makes it very easy to sort through all the NFTs available on the market and find the right one for you. Let’s head over to the “Marketplace” section using the navigation bar.

On the left side of the user interface you will see a wealth of options for filtering between different NFTs. The first choice to make is “Asset Type”. This allows you to choose whether you only want to see regular NFTs, or whether you want to see mystery boxes as well.

Mystery boxes are a digital product that contains a random NFT from the associated collection. The upside is that you have a chance to open a higher rarity NFT, but the downside is that you don’t know exactly what you’re going to get. We’ll stick with regular NFTs for now, but the choice is up to you.

If you know exactly which NFT collection you are interested in, use the “Collections” section. You can also scroll through this menu to see a list of the different NFT collections offered on the marketplace. Just as an example, let’s say we want to see NFTs from the TUD NFT collection.

Since TUD NFT is an example of a Premier Collection, this is a good time to explain Binance NFT’s system for categorizing NFT collections as either Premium Collections or Standard Collections.

Premier Collections

Binance NFT categorizes some NFT pools as Premier Pools based on various factors. According to Binance, this can include factors such as trading volume, sales volume, as well as the number of followers the collection has on Binance NFT and other social media platforms.

You can easily identify Premier Collections by the orange tick that appears next to the collection’s name.

This categorization can help you more easily identify popular and high-quality NFT collections, although it should not be seen as a strict rule. In other words, just because a collection is categorized as a Premier Collection is no guarantee that it will increase in value or have long-term appeal.

Standard Collections

Simply put, all collections on Binance NFT that are not Premier Collections are categorized as Standard Collections. For example, if you were to launch an NFT collection through Binance NFT right now, it would first be categorized as a standard collection.

The Standard Collection designation in itself does not mean that the collection is of low quality. However, you may want to be a little more cautious and do some extra research before buying an NFT from a standard collection.

The platform will display a risk reminder when viewing an NFT from a standard collection.

Other filtering options

You can also filter NFTs by a number of other parameters. Let’s take a quick look at some examples.

• Sales types: Filter NFTs by how they are sold. You can choose between “Fixed price” and “Live Auction” sales. You can also choose to only see NFTs that already have buy offers.
• Network: Choose between NFTs on the Ethereum blockchain or the BNB Chain blockchain.
• Currencies: Choose between NTs depending on which cryptocurrency they are sold for. You can choose between ETH, BNB and BUSD.
• Categories: Choose from different categories of NFTs (entertainment, e-sports, art and so on).
• File Types: Filter through NFTs depending on media type – image, video or audio.

Buy an NFT

Once you find an NFT you’re interested in, you can go ahead and buy it. There are two ways NFTs are sold on Binance NFT.

Fixed price

An NFT owner may choose to list their NFT for sale at a fixed price. If you think the price is fair and want to buy NFT, just click the “Buy Now” button.

If you think it’s possible to get a better deal, click the “Make Offer” button to make your offer. The NFT in our example is listed at a fixed price of 440 BUSD. This is how you would go about making an offer of 400 BUSD.

After making an offer, the funds will be frozen until the offer expires or is cancelled. If the offer is accepted, the funds will automatically be moved to the seller and you will receive NFT.

Auctions

Some sellers decide to auction their NFTs instead of listing them at a fixed price. You can place a bid by offering more than the current highest bid. Each auction has a minimum bid – for example, if the current highest bid is $300B and the minimum bid is $1B, you must bid at least $301B.

After placing a bid in an NFT auction, your funds will be frozen until someone else places a higher bid, or until the auction ends (if you have the highest bid).

Bottom Line – Binance NFT is a solid NFT marketplace for BNB Chain and Ethereum

Binance has successfully created an NFT marketplace that is user-friendly in terms of both convenience and cost. With Binance NFT, it’s easy to find exactly the NFT you like among the sea of ​​digital collectibles available. The platform’s multi-chain support as well as the fact that you can use BNB, BUSD or ETH make it suitable for almost any crypto enthusiast.

Binance caters heavily to the BNB Chain ecosystem, and has many features that make life easier for BNB Chain users. From my experience, the Binance NFT marketplace seems best suited for BNB Chain NFT collections, although you can definitely find some interesting Ethereum-based NFTs on the platform as well.