Binance NFT Platform: Learn how to make nft on Binance and buy and sell NFT on it

The creation of NFT on the Binance platform and the buying and selling of all kinds of digital and collectible works of art have drawn a lot of attention to this popular NFT market.

Launched in June 2021, Binance NFT Market is a platform where users can create, buy and sell NFTs. Even though Binance is relatively new to the NFT sector, it can influence the entire ecosystem of its platform. The new platform uses both the Binance Smart Chain (BSC) which is native to the Binance ecosystem, and users can access Ethereum assets to transfer NFTs between the two blockchains. Support for more blockchains is also planned in the future.

 

 
Binance NFT is a mixed marketplace that has different categories of NFTs including gaming, sports, entertainment, art and even Mystery Boxes where you can collect amazing NFTs with different rarities. However, one of the most exciting features for developers is the creation of NFTs on the Binance platform. You can easily mint NFTs and build your collections on Binance Smart Chain (BSC) and Ethereum (ETH).

Introducing the Binance NFT market

Binance NFT Exchange brings artists, creators and cryptocurrency enthusiasts together on a single platform to create and exchange premium NFTs.

What is Binance NFT Market?

Binance NFT Exchange is a marketplace that houses all kinds of digital art and collectibles. Backed by the Binance Blockchain infrastructure and community, Binance NFT Market provides the highest liquidity platform for users to launch and trade NFTs.

What is the difference between Binance's NFT market and its competitors?

Binance and other competitors like Coinbase are designed for different types of users. Creating NFTs on the Binance platform is easy, but the sheer number of options can be overwhelming for a new user, other platforms often offer a simpler user interface for newcomers. Binance, on the other hand, is more suitable for people who are familiar with crypto language and investment options.

Binance, like other exchanges, offers mobile apps with different functions.
Binance Academy provides something similar to Gemini's Cryptopedia, where users can access useful tutorials or articles similar to cryptocurrency trading courses.

Another major difference is that a platform like Coinbase is a US-regulated cryptocurrency exchange that allows users to buy, sell, send, receive and trade altcoins through a web browser or mobile app. Binance is also an exchange, but the US version for users does not include all the features of the full site.

What is NFT?

NFTs are tokens that we can use to provide ownership of unique items. They allow us to tokenize things like art, collectibles, and even real estate. NFTs can only have one official owner at any time and are secured by the Ethereum blockchain, so no one can change the ownership history or copy/paste a new NFT.

What is nft construction?

Creating an NFT is the process of taking a physical or digital asset and turning it into a digital file stored on the blockchain.

NFT making tutorial

In short, making an NFT consists of 6 simple steps:

1. First you need to get a complete understanding of NFT and know what exactly NFT is.
2. Make sure you really intend to sell NFTs.
3. Choose a platform to sell your NFT.
4. Set up a wallet.
5. Connect your wallet to the desired platform.
6. Build your own NFT.

NFT making tutorial on Rarible platform

It takes less than 5 minutes to convert your works to NFT in Rearbell. Click "Create item" and sign the transactions with your wallet. That's how easy it is to have your art listed on Rarible.

NFT making training on the OPENSEA platform

In OpenC, click the "Create" tab in the upper right corner. You will be taken to the Create NFT Item page where you can upload and name your NFT file and write a description about it. After completing the fields, you can further customize your NFT and make it your own.

NFT making tutorial on Mintable platform

Create an item. In the guide at the top of the page, click on "Mint an Item" and select "Create a New Item". Also, you have to choose how you want to do the mint. Enter your product details and start selling.

NFT making tutorial on BakerySwap platform

Before using BakerySwap, users must create a Binance Smart Chain (BNB) wallet. Users can create a new smart chain wallet in Coin98 wallet or import an existing smart chain Binance wallet from other wallets to Coin98 wallet.

What is the Binance NFT platform?

Binance NFT Platform brings artists, creators and cryptocurrency enthusiasts together on a single platform to create and exchange premium NFTs. Binance NFT Exchange is basically a digital marketplace where traders can buy and sell NFT tokens using various cryptocurrencies or in some cases even fiat (government version) currencies.

Training to make NFT in Binance: zero to hundred

Before starting, please make sure you have enough BNB or ETH balance in your spotwallet to cover the mint fees. You will also need to complete identity verification. Only verified users can make NFT on Binance.

• Go to NFT Market home page and click on “Create”.

• Read and accept the Binance NFT Market Terms and Conditions.

Please note that you will not be able to create your NFT if your account violates Binance's risk management rules. In this case, please contact customer service.

 

• You will be redirected to Minting page. Enter your NFT details, including:

• Name : Choose a name for your NFT.
• Description (optional) : Write a brief description about the NFT.
• Network : Select your NFT network. We set it to BNB Smart Chain (BSC) by default, but you can also use the Ethereum (ETH) network.
• Collection : Choose from the drop-down list which collection your NFT will be classified into. You will only see the collections you have selected on the grid. For example, if you selected BNB Smart Chain, 

you will only see the NFT collection on BNB Smart Chain.

You can select the created collection or click "Add a new Collection +" and create another collection.

 

• Feature : Select the features of You can add up to 100 attributes for your NFT by clicking "Add More".

 

• After setting the details, you will see the estimated cost of Mint. Read the terms and conditions of the Binance NFT Minting service and click "Create" after agreeing to them.

• Your file will start uploading. Please wait patiently for your NFT to be verified. This review is done through an automatic verification system.

After completing the minting and NFT creation process on the Binance platform, you will see a "Minting Completed" pop-up with your contract address and NFT token ID. Click "View Item" to go to your collection, or click "List NFT" to list it for sale.

If the system needs more time to process your NFT, you will see a "Successfully Requested" pop-up. You will be notified by email when your NFT is generated.

You can enable Mint status notification from "User Center", "Settings", "Notification".

• If NFT creation fails, you will see an error message on the Binance platform. This error may occur for various reasons. For example, the review determines that your NFT contains inappropriate content. Please note that if this happens 3 or more times within 24 hours, you will be suspended from multiplying for the next 24 hours.

Is it possible to make free NFT on Binance?

If you want to make NFT for free, there are many suitable platforms to do so, but to start working on the Binance smart chain, you need to top up your spot wallet first. The cost of creating an NFT on the Binance platform will be 0.022 BNB.

How to sell NFT on Binance

You can sell your NFTs on the Binance NFT Market using a fixed price, auction, or accepting bids from buyers, or choose your payment method from among several different cryptocurrencies.

As a developer, you will receive a 1-10% royalty for every NFT transaction you make on the platform.
Whether you sell your own NFT or one of your portfolios, the process is similar and simple. The Binance team will review your submission before listing it on the Binance NFT market.

You can list a newly minted NFT from the Minting Completed page. By clicking on "List NFT" you will see the list options.

To list an NFT in your collection, go to "user center", "collected".

 

• Click on NFT/Mystery Box and "List NFT".

• Go to NFT details page and click on “List NFT”.

How to set up your NFT list ?

• Choose "Set Price" or "Highest Bid" by choosing your selling method.

• Price Setting: Buyers can instantly buy your NFT at a set price.
• Highest Bid: Your NFT will be auctioned and sold to the highest bidder.

If you are using set pricing:

Select your desired cryptocurrency and enter your NFT sale price. This functionality also allows buyers to bid on your NFT.

If you use the highest bid

• Select the currency you want and enter the minimum bid amount for your sale. This is the price at which the bidding starts. For both fixed and auction prices, the minimum bid price must be above $0.1.
• You can also enter your desired sale price (buy price) under "Auction a Bid" (for NFT sales) or "Buy-out Price" (for crypto box sales). Buyers can buy the product immediately if the purchase price is offered or when the auction reaches this price.
• Select the minimum markup percentage. In this way, you will limit the buyer's offer to 5%, 10% or 20% more than the minimum price increase.

 

• You can list NFTs immediately after evaluation through an automated verification system. Please note that the review usually takes about 10 minutes.

Select a specific time and date for the listing. The first time should be 12 hours after sending the list for review. If the review is not completed by the time of your desired listing, your NFT will be listed immediately upon approval.

• Set your NFT sale date and time. This sale must last at least 12 hours and more than 7 days from the time of registration.
• Your NFT category will automatically be applied under the same portfolio category. This system makes it easier for NFT buyers to find you.
• Please make sure you read and understand the fees associated with selling your NFT before clicking “Submit”. Before being listed, each NFT will be evaluated through an automated verification system to ensure that it does not conflict with Binance standards. This process usually takes 10 minutes. Please be patient, you will be notified when your NFT is listed.
• Once your NFT is successfully listed, there will be a "Listing Completed" pop-up as well as an option to share the listing on various social media channels, including Facebook, Twitter and Telegram.

• To view your listed NFTs, go to User Center, Collection, or if you created the NFT, go to User Center and Created.

Methods of buying NFT in Binance exchange

Before starting, you need to create a Binance account and load your wallet with BNB, BUSD or ETH. These are the three digital currencies accepted in the Binance NFT market.

Since Binance NFT is part of the larger Binance ecosystem, you can easily buy cryptocurrency or top up your Binance wallet on the same platform. Here are some steps to buy crypto on Binance:

• Sign up for a Binance account.
• buy crypto You can do this in several ways, including buying with a credit or debit card, buying it on Binance P2P, or buying it through third-party channels.
• Deposit the cryptocurrency to your Binance account. This only applies to crypto holders who hold currency on another platform, or intend to purchase cryptocurrency through third-party channels.

Once you have BNB, BUSD, or ETH in your Binance account, you're ready to search the Binance NFT market. There are two ways to access the Binance NFT market.

Binance app

• On the main page of the app, press "More" and then "Binance NFT". You can find it in the "Trade" section.

Desktop browser

• Click on "NFT" at the top of the Binance.com homepage and you will be connected to the NFT market.

Here are some quick tips to find the right NFT before you hit the buy button:

• If you are a gamer, you can visit the Binance Gaming Gallery by clicking [Gaming/IGO] at the top of the Binance NFT homepage. You will find all collections of NFT game and its later versions. Click on the game project that interests you to visit their collection page.
• Use the filter on the secondary market or the mystery box market. You can find NFTs by different categories/collections, sale types, NFT types and more.
• Check out the featured sets and makers or popular NFTs on the home page.
• Visit the leaderboards on the market page, where top performing NFTs, portfolios and makers are highlighted.

Now that you've selected your NFT, you're ready to buy! There are three different ways to buy NFTs depending on how the maker/seller sets up the sales format. The three selling formats are auction, fixed price and mystery box.

How to bid on an NFT via auction?

 

• On the NFT listing page, click the "Place a Bid" button.
• Enter your bid amount and click "Place a Bid". Note the minimal markup. This is the minimum amount you need to raise your last bid to make your new bid.
• Once you have successfully submitted your bid, you will see a confirmation screen. When the auction closes, the highest bid successfully buys the NFT.

Please note, bids cannot be canceled and your funds will be locked until a new bid is submitted or the auction ends.

How to buy a fixed price NFT ?

 

• On the NFT listing page, click the "Buy Now" button to pay the full price.
• You will then see a pop-up window showing the approved amount for payment. Click "Confirm" to complete your purchase.
• After successful payment, you will see another pop-up box indicating that your purchase was successful. Click "Collections" in the pop-up to view your NFT.

How to buy an NFT ( Mystery Box )?

The mystery box contains a hidden surprise NFT that is revealed once the box is opened. There are four types of NFTs you may find: Super Super Rare (SSR), Super Rare (SR), Rare (R), and Normal (N).

• On the Mystery Box listing page, you will see a fixed price for the box. Click "Buy" to buy.
• An "Order Detail" pop-up will appear asking you to confirm your purchase details. Click "Confirm" to complete your purchase.
• Once your purchase is successful, click "Collections" in the confirmation pop-up window to view your unopened Mystery Box. Alternatively, you can visit User Center > Mystery Box > Collections.

Frequently asked questions about making NFTs on Binance

In the following, we will review some frequently asked questions regarding the creation of NFT on the Binance platform.

Is it possible to make free NFT on Binance?

As mentioned in the article, it is not possible to make NFT for free on Binance and you need to top up your wallet first.

last word

NFT Market Binance entered the growing NFT arena relatively late. The company faces tough competition from NFT markets that have been around for longer.

OpenSea has been leading NFT manufacturing and sales since 2017 and is the largest and most popular NFT marketplace to date. Other major competitors include Nifty Gateway, Rarible, and Mintable, all of which offer higher royalty percentages.

If you're looking to monetize your NFT resale, Binance might not be the right choice for you. However, its marketplace is easy to use, has simple registration, and offers a free mobile app. So for new NFT collectors, it could be a good start.

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