BINANCE NFT MARKETPLACE: REVIEW AND DETAILED USER’S GUIDELINE

Attention! This article is for informational purposes only and does not contain recommendations or calls to action.

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The release of Binance NFT marketplace took place in June 2021. The protocols are based on the BNB Smart Chain blockchain network, so selling and buying tokens is cheaper than on the Ethereum network.

Non-fungible token (NFT) is a token that has unique parameters. It cannot be divided into parts or replaced without changes by another asset.

An NFT token can be created as an image, audio or video file. In this case, only the owner of the token gets the right to use this file, which solves the problem of fakes and unauthorized copying. In some cases, NFT is based on partial ownership of an asset.

The marketplace supports two token standards: BEP-721 for a single NFT and BEP-1155 for a series of tokens (collections). Three cryptocurrencies are used for trading operations: BNB, BUSD and ETH on the BSC network. The sale token is determined by the owner of the NFT.

Only selected artists can create Binance NFT tokens. In the future, developers will give this opportunity to all registered users.

To sell and buy NFTs on Binance, you need to register. To do this, follow Binance NFT website and click on the "Register" button.

A window will appear where you need to specify the data: email or phone number. You will also need to create a password.

If you plan to buy NFT, you need to fund your Binance wallet with BNB, BUSD, or ETH tokens. Make sure you use the BEP-20 network for ETH transactions.

Binance NFT offers users the following products:

1. Marketplace. Trading NFT tokens through auctions or at a fixed price.
2. NFT Events. Collaborated Binance NFT projects with celebrities, famous brands and popular artists.
3. Mystery boxes. A kind of lottery - buying a random NFT for a fixed price. There is a chance to find rare and expensive tokens in the box.

Binance plans to add new blockchain networks to the protocol, which will expand the number of projects. Let's take a look at Binance NFT products.

Click on the "Marketplace" button. A list of all available NFT tokens opens. Use filters for convenience.

The basic information about the token shows the current rate and the approximate value of the asset in US dollars (optional). NFT holders can use two selling models: auction and fixed price.

In the first case, the seller chooses the auction period. During this time, other users can place bids. The one with the highest bid at the end of the auction wins. Also, the seller can specify a fixed rate for NFT, without trading. In this case, the first buyer will become the new owner of the token.

To redeem NFTs, click on the product icon. A trading interface will open showing the auction period, current price and bid history. In the "Provenance" section, you can see all past NFT holders.

We return to the homepage. All current NFT events launched by Binance are listed here. To get more information about the project, just click on the page promotion.

The event page opens with a detailed description. The same interface is used for buying NFTs on the marketplace. Events are held in the form of an auction or the announcement of exclusive NFT collections.

Follow the "Mystery boxes" section. A list of promotions held by Binance NFT Mystery-box will open. Click on the available sale of mystery boxes.

The information about the project indicates the time of the selling start and the cost of the mystery box. Each box is guaranteed to contain one NFT, which vary in rarity: Common (N), Rare (R), Super Rare (SR), and Ultra Rare (SSR).

Binance continues to develop its NFT marketplace. In the future, additional blockchain networks and the ability to create custom tokens will be added to the protocol. The developers also plan to allow the deposit and withdrawal of NFTs from the trading platform, which will expand the market opportunities. The advantage of Binance NFT is high liquidity thanks to the BSC blockchain.