Do you want to buy and sell NFTs in Binance? If yes, then this article is for you. Non-fungible Tokens (NFTs) are now a popular method of how to buy and sell digital assets that hold value. It allows many creators to monetize their talent and creativity, which has assisted collectors in finding a safer way to buy and store their valuables.
Non-fungible tokens are one of the fastest-growing quarters within the crypto sphere, according to blockchain analytics firm, Chainalysis, with the NFT market rocketing to just over $41 billion by the end of 2021. It is crucial to first understand how to buy and sell NFTs in Binance and how NFTs can be used to trade these asset forms.
How to Buy NFTs in Binance
Binance is a marketplace that hosts a range of tokens and allows you to buy and sell NFTs in Binance. Binance NFT Marketplace encourages artists, creators, and crypto enthusiasts to mint, buy and sell NFTs from creators around the globe and participate in events where they can buy exclusive and premium NFTs created by influential names and brands.
According to Helen Hai, head of Binance NFT statement “We aim to provide the largest NFT trading platform in the world with the best minting, buying, and exchanging experience by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community. The Binance NFT Marketplace also allows users to access mystery boxes that could provide an opportunity to win a normal (N), rare (R), super rare (SR), or super-super rare (SSR) NFT.
Blockchain hosts are primarily dependent on NFT prices and currencies; for example, BNB Chain NFTs are usually in BNB, while Ethereum NFTs use ether (ETH). Both cryptocurrencies are available on the Binance exchange and can be purchased to buy NFTs. Binance also has multi-chain support that allows users to easily transfer their NFTs to and from BNB Chain and ETH networks.
NFT’s growth has been $35 billion in net sales volume. The next big thing in the world of decentralized finance is NFTs, and they provide a channel for creators and collectors to vary their income by selling and trading in valuable tokens.
To start, you can take the following steps: Register your Binance account, complete your verification process, deposit or buy crypto, and then trade NFTs on the Binance NFT Marketplace.
Step 1: Open An Account With Binance
Firstly, you must open an account with Binance. Register on the app or website – you can do this with your phone or email. Verify via SMS/email and ensure you follow the security protocols.
Step 2: Set Up Binance Wallet
Your Binance wallet will be set up to get the BNB Chain wallet to navigate to the BNB Chain homepage and download. Simply select Binance Wallet or the wallet of your choice. It is either you install this wallet for the browser of your choice. Be assured that Binance has one of the best crypto wallets.
Step 3: Deposit Funds And Buy ETH
So, step 3 involves buying Ethereum. You must use crypto to buy your NFTs on Binance, Fund in the fiat currency of choice using a bank transfer or bank card, then navigate to Markets -> Ethereum -> Trade.
Step 4: Search For NFT
Turn off Binance Lite; if you are using the app on the menu screen, click More, then you will see Binance NFT. You can browse the NFTs available for bidding. If you are using the website, simply press NFT at the top of the homepage.
Step 5: Invest in NFTs
Press “Place a Bid” once you have opened the NFT listing page while considering the account’s minimum markup (the minimum you need to increase the bid). Your NFT will be successfully stored in your Binance wallet if you’re the highest bidder when the auction ends.
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How To Sell NFTs in Binance
After explaining how to buy NFTs on Binance from either minting it or buying it on a marketplace, you can also sell on the Binance NFT Marketplace. Includes five easy steps.
Step 1: Head over to the Binance NFT user center by clicking on the [User Center] button on the top navigation menu.
Step 2: Select the asset you wish to sell among three options – NFT Asset, Mystery Boxes, or Crypto Asset. Let’s assume you want to sell an NFT asset.
Under the NFT Asset tab, there are two tabs to choose from – ‘Collections’ and ‘On Sale’. The first tab will show you all the NFT assets you hold in your wallet that are yet to be listed on the marketplace, while the other tab will show you all listed NFT assets.
Step 3: To list a new asset, click on [Collections], then choose from the listed assets you wish to sell by drifting the mouse cursor and then clicking on the [List NFT] button that materializes on the lower side of the thumbnail.
Step 4: Select between the option to sell your asset through auction or to sell it at a fixed price. Choose [Highest Bid] for the former option and [Set Price] for the latter.
If you wish to sell an asset through auction, you must provide the starting bid price and the date and time that the auction process will end. The same thing applies if you are offering the asset for Sale. You can indicate the selling price and the time frame the asset will be for Sale on the marketplace.
Note: Description of assets are only added at the minting or creation stage. You can specify the method of selling and prices of NFTs at the listing stage, but you cannot change anything plus the origin of the art.
Step 5: Submit the NFT for listing. Reading and understanding the term and conditions of listing an NFT on the marketplace after providing all details about the listing. Once you are satisfied with the terms of service, click on the [Submit] button, and your asset will be visible to those that are interested in buying NFTs on Binance.
NFTs are an interesting and exciting novel blockchain use case that is most sought after now due to the high increase in prices the assets are controlling. The steps involved in buying and selling an NFT on Binance may seem complicated, but as discussed in this article, it can be simply based on the program you use.
We highly recommend the Binance NFT marketplace to Buy and Sell, allowing users to create the NFTs within their account and encouraging Ethereum NFTs.
Also, Binance is a large community, and NFTs created on the program could have more utility within the community when compared to minting them externally and then transferring them to Binance.
Kindly drop your view on NFTs, how to buy NFTs and how to sell NFTs as discussed in the guide.