NFTs came, saw, and conquered the crypto space. 2021 saw a real NFT craze. The first quarter of 2022 saw $2 billion in sales. So, Binance, the biggest crypto exchange, joined this NFT party. They couldn’t stay behind.
On their exchange they have among others an NFT marketplace. And they offer a lot more NFT services. So, let’s have a look at Binance NFTs.
"What is an NFT?"
If this is a question that you might ask, read this ⤵️https://t.co/lwFpaB0ylk
— Binance (@binance) June 15, 2022
The Binance NFT Marketplace
The Binance Marketplace is a place where you can buy and sell NFTs. It runs on two blockchains, the BNB chain and on Ethereum. The big advantage of the BNB chain is the low gas fees. It’s popular with gamers, but you can find all kinds of NFTs here. For instance, art, sports, collectibles, or entertainment. There are many collections, and they also offer Mystery Boxes. In a Mystery Box is a random NFT. You pay a small, fixed price for such a Mystery Box. In the meantime, you hope for a special or rare NFT.
You can find an interesting collection on Space ID. These are .bnb domain names. With the current ENS domain name craze, this may be a good and cheaper alternative. The current floor price is almost $60. That’s a 131% increase. See the picture below.
You can also mint NFTs on this marketplace. For example, minting on BNB costs 0.005 BNB and on Ethereum that’s 0.001 ETH. Those are similar prices. However, it’s at the gas fees where the BNB chain wins hands down. Binance accepts payments here in 3 currencies. These are BNB, BUSD, and ETH.
One thing we need to clarify though, US residents can’t access this NFT marketplace. It’s only available on Binance Global and not on Binance.US. On the other hand, the platform is user-friendly and easy to use. It’s part of the Binance ecosystem. This means that beginners don’t need extra or new wallets. Binance also has plenty of educational material at the ready. For instance, videos and articles. For example, here’s a Binance article on how to get started on their NFT marketplace.
Source: Space ID
Buying and Selling Binance NFTs
Buying and Selling Binance NFTs is part of the fun. Once you bought your first NFT, there’s no holding back. As humans in general, we are all collectors, and with NFTs it’s no different. The buying and selling process is straightforward. As we already pointed out, the BNB chain offers low gas fees. This makes it an attractive option to use when buying and selling. In all fairness, the Ethereum chain has a massive NFT ecosystem as its edge, but the gas fees are expensive.
So, to buy an NFT, here are 4 easy steps.
- Top up your wallet — Make sure that you have BNB, BUSD, or ETH in your wallet.
- Visit the NFT marketplace — Either on your app or browser.
- Find an NFT to your liking — Gaming, secondary markets, or a Mystery Box. The choice is yours.
- Buy the NFT — There are 4 options to buy. Auction, Fixed Price, Make an Offer, and Mystery Box. It’s the creator or seller who determines this.
Here is more information on buying Binance NFTs.
When you want to sell an NFT, you have three options. Sell the NFT by ‘Fixed Price’, a “Live Auction’, or an ‘Offer’ from a buyer. You can also put the Mystery Boxes up for sale. Binance has an extensive overview on how you can sell an NFT.
It is also possible to import or export NFTs to the Binance NFT marketplace. This allows you to sell NFTs that you acquired at a different location. Here’s a great and short video that explains how to import your NFTs.
The Binance NFTs are easy to use and Binance offers its own marketplace. On the marketplace, you have many options available. From creating your own NFT, to buying and selling NFTs or Mystery Boxes.
The marketplace also lists recommended and top collections. Furthermore, they recommend creators and have featured NFTs. The latter are either trending NFTs, for gaming, or today’s pick. For beginners in NFTs, a great place to start.
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