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
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.