As the leading crypto trading platform, Binance is a hotspot for digital traders all over the globe. Since its launch date in June 2021, the Binance NFT marketplace is now the leading platform, with over 2.5 million NFTs covering gaming, arts, and collectibles.
If you’re interested in the exploding NFT trading platform at Binance, this guide should give you a head start. If you’re not already a Binance user, make sure to sign up with the exclusive Binance referral ID code: VPN8DS4Y as that will guarantee you lower fees on the entire exchange.
What is Binance NFT?
Binance NFT is a centralized marketplace on the Binance website where anyone can trade or browse through a diverse collection of NFTs. The list of NFT coins on Binance is impressive from art, luxury fashion, collectibles, eSports, virtual land, and entertainment.
In addition to its diverse collection of digital tokens, Binance NFT stands out because of its low trading fees and collaboration with the top names from multiple industries. Binance NFT Mystery Box, the first of its kind in the crypto world, is also a hit among the traders on the platform and has raised over $360 million in just a short time.
Overall, Binance has millions of users already registered on the site, with a major chunk of them trading NFTs, which we will cover in the next section.
How to Sell NFTs on Binance
Before you can start buying or selling NFTs on Binance, you need to have registered an account on the platform, completed the verification process, and deposited or bought cryptocurrency of your choice.
On the Binance NFT marketplace, two types of NFT sales take place –
- One, traders who sell a digital token in their collection and
- Two, creators who create their digital token
How to sell NFT in your collection
- Access the Binance NFT page and click on “NFT Asset” or “Mystery Box” to view your collections.
- Select which NFT you want to sell and click “List NFT.”
You will see the two options to sell your token towards the bottom:
Highest Bid: It is essentially an auction, so if you choose this, you need to set the minimum price and choose which cryptocurrency you want to be paid.
You also need to set an expiration date, which can be no more than 30 days. To wrap up the NFT listing, choose a single category that best describes your token and write a relevant description.
Elaborating about the extra features of the NFT increases its chance of getting across the market to a potential bidder.
Set Price: As the name implies, you set the value of the NFT coin Binance and set the preferred cryptocurrency for your payment. For this type of NFT sale, Binance allows no more than 7 days for the expiration date.
- If you agree with the fees for selling your NFT, click submit.
- The Binance team will review your NFT listing to confirm that it meets their standards, which does not take more than 8 hours.
- Now you wait for someone to pick up and buy your NFT.
How to create NFT and sell it on Binance
- After you successfully create your NFT on Binance, you will see this page
- Click “List NFT”, and you can follow the same listing procedure explained above.
How to Buy NFTs on Binance
To buy NFT tokens on Binance, here are the steps to get you started.
- Log in to Binance.com and use your credentials – email or phone number and password. Complete the 2FA and access your account on the Binance dashboard.
- At the top left-hand corner, click “Buy Crypto.” Binance gives you options to buy crypto through bank deposit, credit/debit card, P2P trading, cash balance and third party Payment. Choose your preferred payment method and buy the crypto of your choice. Crypto coins supported by the Binance NFT marketplace are ETH, BNB and BUSD.
- Next, deposit the crypto into your Binance account.
- Access the Binance home page and select NFT at the top on browsers, and it will take you to Binance NFT Marketplace. If you are using the Binance app on mobile, click on “More” on the Binance homepage and proceed to the Binance NFT icon.
- Next is finding the right NFT on the Binance platform. Binance has millions of NFTs, but you can filter them according to your preference. You have options to choose from Gaming/IGO, marketplace and Mystery Boxes.
- After you pick the NFT, you will get these options:
- Bidding: Click “Place a Bid” and enter your price, and you will see a confirmation. The highest bidder gets the NFT in their possession when the auction time is up.
- Set Price: Click “Buy Now” on the listed NFT and pay the price set by the seller. A popup window will confirm your purchase, and you can view the NFT in your Collection.
- Mystery Box: Click “Buy” on the Mystery Box to reveal the Order Detail popup window. Pay the price and click confirm to complete the NFT purchase.
Binance NFT Marketplace FAQs
Currently, Binance partners and selected Binance artists can mint on the platform. However, Binance aims to open this feature to all registered users in the future so watch out for the Binance NFT airdrop.
Assuming that you have a Metamask wallet connected to both your Binance and Opensea account, withdrawing and selling your NFT should be easy.
– To withdraw your Binance NFT, access your Binance account and go to the NFT Asset page.
– Click withdraw and choose the NFT or the Mystery Boxes you want to sell and confirm. If you want to sell a Binance NFT that is already listed, you can go to the listing page and click withdraw.
– Next, pay the gas fees in the network’s native coins, select the “Destination Wallet Address”, and confirm it. (Note: OpenSea is part of the ETH network)
– Open your Metamask wallet and open the NFT library. If it is empty, click import.
You can now access your Opensea account and trade your NFTs on the platform.
Creating an NFT on Binance is straightforward.
– Choose the type of file – image, video, or audio.
– Decide whether you want a single or a series of NFT
– Name your NFT, and write a description
– Click create, and Binance will mint your NFT within seconds
Here’s Binance’s guide on how to create NFT