What is NFT Binance? How to buy and sell NFT Binance?

TutorialsAugust 6, 2021

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What is NFT Binance? It is a new feature that appeared on the Binance platform from June 2021. How is NFT Binance created and traded? In this article, we will take a closer look at this feature.

What is NFT Binance?

NFT stands for Non-fungible Token (NFT), meaning a digital token representing a single asset. It can be a fully digital asset or a tokenized version of a real-world purchase. NFTs can range from paintings/artwork games to music and sports.

NFT Binance is a feature that allows you to create or buy/sell/trade NFTs on the Binance blockchain infrastructure. The NFT platform on Binance currently has 3 product lines, including:

  • Trading Market: Mining, selling, auctioning, and buying NFTs.
  • Premium Events: Buy premium and exclusive NFTs created by the world’s top artists and the most influential names and brands. Events include productions from 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 the Binance NFT Market Have Potential?

NFT Binance is a global form of digital ownership. With NFT products, the owner proves his sole ownership.

Ownership is becoming more and more important in life. Therefore, NFT promises an excellent growth potential.

This market will be attractive to creative artists and collectors alike. NFT holders have the opportunity to trade exclusive works worldwide.

How to trading with NFT Binance?

Step 1: To start trading with NFT, you need to open a Binance account complete account verification.

* See more: The complete guide Binance from a to z

Step 2: To trade NFT, you need to deposit cryptocurrency (BNB or BUSD or ETH) into the Spot wallet.

Step 3: Then access the NFT feature on the toolbar and conduct the transaction at the link: https://www.binance.com/en/nft/home

Currently, minting (generating NFTs is not popular with all users, but Binance promises that everyone will use this feature in the future.

The following 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 go to that NFT’s own page. Here you will see detailed information about NFT: Description, transaction form, price…

If the NFT of your choice has to be auctioned, do the following:

  • You can scroll down to see the bids being placed.
  • Then click “Place a Bid” to bid.
  • If you have the highest master price, you own that NFT.
How to buy NFT Binance
  • A window pops up, and you need to enter the price you bid for this NFT.
  • If the amount of coins you currently have is not enough, click on Crypto/Deposit to top up.
  • Then click Place a Bid to complete the auction.
How to buy NFT Binance 2

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, the Binance NFT sale feature is only available to selected artists. After this is, Binance will enable the selling 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 on List of NFTs to select NFTs you want to sell.

With an auction, you do the following:

  • Select Highest Bid (highest bid)
  • In the Minimum Bid box, enter the starting price for your NFT.
  • Fill in the description for the NFT so that the buyer can learn and decide to spend money to buy that NFT.
  • Then click Submit
How to sell NFT Binance 2

If you want to sell NFT immediately, do the following:

  • Select Set Price.
  • Then enter the amount you want to sell NFT in the box Price
  • Fill in 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.

See more: Create NFT Binance step by step in detail

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 completes the features that allow everyone to have equal rights to mint and trade NFTs, this market will be very active and attract many users worldwide.

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