How to Deposit & Sell NFTs on Binance Marketplace
Deposit & Sell NFTs on Binance NFT Marketplace
These are incredible times. A new model of economic relations is being tested before our eyes. The Renaissance era opened the doors to the transition from the Middle Ages to modernity, and the advent of digital money symbolized the end of the industrial period and the beginning of the era of the cyber economy. These changes will inevitably affect all spheres of human activity, including art.
One of the examples of the invasion of innovative technologies in the field of high materials is the emergence of non-fungible tokens, which allow the digitization and transfer of literally all the cultural heritage of humanity to the blockchain. Each NFT token is unique and can be collected, the value of which will only increase over time.
What are NFTs?
Non-fungible tokens (NFTs) are a type of digital coin, each of them is different and has a separate selling value. An NFT token can be either a rare design by a modern artist, or it can be a tokenized form of something real. In principle, you can digitize not only art objects but almost any real thing. Such as an office building, a plot of property, or a vehicle. NFTs can also be referred to as constituent elements of today’s blockchain economy.
Today, special web marketplaces are required for users interested in non-fungible tokens to be able to freely buy and trade them, and they have already been launched. In this article, we’ll explain how the Binance NFT marketplace works, which already displays several digitized world artworks, including Dante Alighieri’s Divine Comedy, illustrated by the famous Spanish artist Salvador Dali.
What is Binance NFT marketplace?
The Binance NFT trading platform is a digital marketplace that handles the buy/sell of non-fungible token sets and other pieces of digital art. Despite its recent launch in early 2021, the platform has quickly become a favorite among digital currency and NFT traders. The NFT marketplace With Binance Smart Chain technology guarantees the security and high-speed execution of monetary transactions, and a large network of community users ensures high liquidity.
It’s a platform where authors and art lovers meet to share their knowledge of virtual art. There are three different types of digital product lines which are addressed inside a single ecosystem:
- Issuance and sale of non-fungible tokens.
- NFT presentations by artists, athletes, and other personalities.
- Mystery box
Under the 3rd category( Mystery box), you can buy NFTs in closed packages. In this case, you might be able to purchase a highly valuable token at a fairly cheap rate, depending on whether you’re lucky or not. The box might include a low-cost regular NFT. An unopened mysterious box can be traded for a new one, but the cash will not be refunded.
On the surface, it is similar to a fine art show. The upper section is decorated in street graffiti style, the hottest batches are shown below, and even deeper down, a user’s guide and a section of useful information are included.
Reasons to deposit and sell your NFTs on Binance NFT marketplace
Binance not only has mechanisms that help you avoid falling into the hands of fraudsters, but it also gives you in its guide a series of recommendations that if you learn and follow them you will hardly be scammed, and it even offers more services such as:
Binance NFT allows users to trade NFTs minted on the Ethereum(ETH) and Binance Smart Chain(BSC) blockchain as well. It is one step ahead compared to its competitors who only support the etherium blockchain.
A wide variety of NFT collections (gaming, art, sports, and more)
It is really impressive when we see the amount of NFT tokens available on Binance, just take a look at the section of the market and you will have a better idea of it. Overwhelming the figures that are handled, only in main collections there is a volume of sales that passes the 1.5 billion dollars, in Main creators passes the 1.3 billion dollars, that can give you an idea of how this market is moving, high volume of content distributed in categories such as art, games, sports, music, and others.
Low trading fee at 1%
Standard Market, where anyone will be able to offer their tokens for sale, and in which a 1% entry fee will be charged to the creators. These, subsequently, will receive 1% of each of the transactions, as royalties.
“We aim to deliver the largest NFT exchange trading platform globally providing users with the ultimate minting, purchasing as well as sharing support, taking full advantage of Binance’s infrastructure and blockchain community,” commented Helen Hai, head of Binance NFT.
The scammers are less likely to prosper in an atmosphere where all NFT Marketplace users have Binance verified accounts.
How to deposit your NFTs on Binance NFT?
In order to create, purchase or manage NFTs on the Binance Marketplace, you must first create an account on Binance before you participate in the NFT Marketplace. However, if you have an existing crypto trading Binance account, you will not be required to set up another one. Alternatively, you will still probably need some BNB or BUSD coins if you wish as well to purchase or create NFTs.
Disclaimer: Users can only deposit NFTs with approved smart contracts addresses.
As we discussed earlier that Binance supports metamask wallet (BSC) and etherium wallet (ETH), so we will choose either wallet and proceed with the deposit. On the NFT deposit page just hit [Create] and select which file you wish to upload. The formats supported are JPEG, GIF, PNG, PDF, JPG, MP4, MP3, MPEG, AVI, WAV as well as SVG. Be aware of the fact that once your NFT is uploaded, it can not be edited or reviewed. In order to make a new/revised NFT, the process needs to be redone.
The Binance team must first verify and approve your uploaded file to ensure that it is eligible for listing before an NFT may be posted for sale. Typically it will take 4 to 8 hours to complete the process.
Once you have successfully created an NFT, you will see the [Minting Completed] screen. Click the [NFT List] button to go to the list options. Go to the Settings section of your listing. Include an NFT in your collection, go to the [NFT Asset] page. Ensure you are located in the collections department and select any NFT you want to list so that it may be accessed by others.
Now you will find yourself at the NFT [Description] page, which will display an overview of your NFT (in case it is already available), along with its offering record and its source. Please select [List NFT] in order for you to access your NFT listing choices for your NFT sale.
After setting up your listing the very next step is to select if you wish either to auction your NFT using the [Highest Bid] feature or instantly sell it via the [Set Price] button. Well, let’s begin by having a quick overview of the available auction options.
Once you actually click on the [Highest Bid], you must enter your minimum bid rate to sell your NFT. Now, this is where the bidding will start. You can as well pick the desired cryptocurrency on the right corner as your payout.
If you wish to have a fixed-price sale, just simply hit the [Fixed Price] button to switch between your sales options. As opposed to establishing a minimum bid, here, just simply fix a price you would like for someone to instantly pay for your NFT.
As mentioned in the example above, you can also choose the cryptocurrency you want as payment. Click on the cryptocurrency logo on the right side to see the list of available cryptocurrencies.
The following Step consists of indicating the end date and hour of the fixed-price sale or auction, limited to 7 days after the inscription. Select the most appropriate category for your NFT. And a good NFT categorization allows purchasers to find your NFT much faster and easier.
Next, write an appropriate description for the NFT. Be sure to include any additional features it may have, such as any usefulness it may have in a game. Lastly, please be certain to review the charges involved with selling your NFT and make sure you fully understand them. You will be able to quickly notice these fees directly over the [“Submit”] key. Once you have all the information, hit the [Submit] button.
The Binance team will manually review each NFT before quoting to ensure it meets their standards. Typically it takes about 4 to 8 hours for this process to complete.
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Tips on selling and promoting your NFTs on Binance NFT
Making art would be wonderful, having someone discover it that way and pay you some money for it, yet it doesn’t usually work out that way. In order to get someone to purchase any of your stunning pieces, they must be aware of their existence first. You must fight the urge to dismiss and ignore marketing, as it is simply not good enough to keep you going in the long run. Sure, the next obvious question is “how do you market?”. Oh well, there are many different methods of doing it:
Social media – using social media (Facebook, Reddit, Instagram, etc.), various tactics are available to you.
Community Awareness – this includes putting in time where NFT investors and artists meet.
Naturally, this is a community where you should be a member, not a pest. However, once you start joining these groups and start trying to get your work out there, nobody is going to notice you, since they probably don’t even recognize you. Is it a difficult job? It certainly depends on who you are as an individual. But if you are going to be successful, you must be prepared to compromise.