Binance NFT: Characteristics to Take into Account to Understand the Market
Binance NFT Marketplace is part of the exchange where you can buy newly added NFTs on your device. It includes some of the most popular NFT collections.
NFTs (digital certificates or tokens) are rapidly growing in popularity. With this in mind, Binance, the world’s largest cryptocurrency exchange, has developed a platform for artists, musicians, collectors, and even athletes to showcase their talents on a Binance NFT.
What Are NFTs?
NFTs imitate real-world items like art, music, in-game items, and videos as digital assets. People buy and sell them online, typically using cryptocurrency, and they often share the same underlying software as many cryptocurrencies.
Despite being around since 2014, NFTs are now gaining popularity as they become an increasingly popular way to buy and sell digital art. NFTs are usually of one type, or at least a very limited type, and have a unique identification code.
In essence, they create a digital divide. This is in stark contrast to most digital works, which are almost always in unlimited supply. Assuming there is demand, a supply interruption should increase the value of the particular asset. But at least in the early days, many NFTs were digital works that somehow already existed elsewhere, like iconic NBA game clips or securitized versions of digital art already circulating on Instagram.
For example, the famous digital artist Mike Winkleman (better known as “Beeple”) combined 5,000 daily drawings to create perhaps the most famous NFT of the moment. Anyone can view individual photos or even entire photo collages of this NFT collection online for free.
So, why are people willing to spend millions on something that can be easily picked up or downloaded? NFT allows buyers to get the original product. Not only that, but it also has built-in authentication that acts as proof of ownership. Collectors value these “digital rights” almost more than the objects themselves.
What Are NFTs Used For?
Blockchain technology and NFTs offer artists and other content creators an exclusive chance to monetize their products.
For example, artists can sell their art directly to the consumer, and no longer rely on galleries or auction houses to sell their art. This also allows them to keep a bigger share of the profits.
Additionally, artists can schedule royalties to receive a percentage of sales each time their art is sold to a new owner. This is an attractive feature as artists typically receive no future profit after their art is first sold.
Technically, any asset can become an NFT through a process that in the jargon of the crypto world is known as “tokenization” and implies, in a nutshell, registering its data on a Blockchain.
That is, a global database that makes it possible to permanently record encrypted information and that operates as support for all cryptocurrencies. By doing this, that asset “converts” into a token that can be bought and sold on the market enabled by various platforms and exchanges.
The popularity of NFTs grows thanks to the community of digital artists; that is, artists who create 100% of their work with digital materials (specifically, with Adobe software instead of brushes and canvas). That is why these works are not “digitized” but are digital in themselves.
They provide a certificate of ownership permanently attached to the work and the possibility of commercializing those pieces easily as it happens with any digital asset, without intermediaries, curators, or art galleries.
Just as a physical painting or sculpture is engraved with the artist’s signature and a certificate of authenticity, an NFT performs an analogous process with a digital work.
NFT: Why Are They So Popular?
They have been around for a couple of years. In fact, in 2017 the Ethereum network was congested by the enormous demand for CryptoKitties, one of the pioneering players in the use of these tokens, which offers collectible digital kittens.
Over time, it has grown in popularity not only among cryptocurrency users, but also among digital artists, gamers, musicians, and collectors.
They offer to have full ownership of the digital assets of a game or a project, as well as earn money with them through the appreciation of the pieces and subsequent resale.
For the most recognized artists, being able to sell artwork digitally directly to a global audience of buyers without relying on intermediaries allows them to keep a larger share of the profits they earn from the sales of their works.
While these and other platforms are home to thousands of NFT creators and collectors, be sure to do your research before you buy. Some artists have fallen victim to imitators who have recorded and sold their work without permission.
Also, the verification process for NFT creators and list builders is not uniform across all platforms; some are stricter than others. For example, OpenSea and Rarible owners do not need to verify NFT registrations. Buyer protection can seem weak at best, so it’s best to be careful when buying NFTs.
Why Create An NFT?
If you are an artist, musician, or content creator, NFT allows you to sell your work digitally and in a limited format. Unlike plain MP3 or JPEG files, NFTs are unique and cannot be copied.
While your NFT is an associated file that people can copy, the NFT is more about reflecting ownership. Acquiring an original painting is more valuable than an identical copy.
NFTs simply allow this concept to be replicated in a digital format. On the other hand, NFTs have a huge and growing market, making them a great way to sell your work.
In addition, its features never stop growing, with all the options available such as “reward”, co-broadcasting rights, and collection rights. In general, NFTs provide more opportunities to create, buy, and share collectibles. After paying a fairly small minting fee, your property will be available for anyone to explore and purchase.
How To Buy Binance NFT?
As we already discussed, NFT markets are the first choice if you want to buy non-fungible tokens. But this information is not enough. You cannot just buy NFTs with a credit card or PayPal. This process requires a cryptocurrency wallet and some cryptocurrency.
In the case of BNB NFTs, the price is almost always displayed in BNB. Ethereum NFTs typically use Ether (ETH). You can buy both cryptocurrencies on the Binance exchange. After purchasing the cryptocurrency of your choice, transfer the funds to a wallet that can interact with the NFT market.
Binance Chain Wallet and MetaMask are good options. Both can be connected to NFT markets. Simply transfer your Binance cryptocurrency to your wallet, visit the exchange’s website, and connect (the connect button is usually in the top right corner).
Beware of fake or suspicious web pages. Double-check the URL and add it to your favorites if you use it frequently. If you prefer mobile, try Trust Wallet. It is available for iOS and Android devices and is compatible with multiple blockchains.
What Is the Binance NFT Market?
Binance NFT Market is a platform that allows you to trade and create non-fungible tokens. You will be able to create your NFTs on Binance Smart Chain and Ethereum, and even transfer them between the two blockchains.
And it’s not just about the creators. Collectors can purchase NFTs at a fixed price or through auctions on the built-in marketplace. When a collectible is sold on the Marketplace, its creator receives a 1% royalty.
Binance also distributes these “rewards” to creators who create NFTs on other platforms. In the case of depositors, they receive a 1% royalty every time a user purchases an NFT that they deposit.
There are many marketplaces that allow you to create your own NFTs. However, not all exchanges can benefit from an existing community as large as Binance.
The Binance NFT marketplace uses its own ecosystem. If you’re looking to sell or auction your NFTs, it’s easy to connect with Binance’s huge user base and get the best price and value for your artwork. This pre-existing user base is also perfect for NFT liquidity and visibility.
How To Get Started on The Binance NFT Market?
Binance NFT Marketplace brings together artists, creators, and enthusiasts from across the crypto ecosystem on one platform to create and trade NFTs. The platform has 3 product lines:
- Marketplace: Create, sell, bid, and buy NFTs from creators around the world.
- Events: Buy premium and exclusive NFTs created by the world’s leading artists and the most influential people and brands. The event includes offerings from digital artists, musicians, athletes, and celebrities.
- Mystery Boxes: Each mystery box guarantees a random NFT. Open it to have a chance of winning a Normal (N), Rare (R), Super Rare (SR), or Super Super Rare (SSR) NFT. Please note that you cannot return purchased Mystery Boxes for any reason, but you can trade unopened Mystery Boxes or NFTs found after opening the boxes on the Binance NFT platform.
If you are new to Binance, you can begin in four quick and easy steps:
- Step 1: Register a Binance account.
- Step 2: Full Verification.
- Step 3: Deposit or Buy Crypto.
- Step 4: Trade your NFT on the Binance NFT Market.
Learn more about the world of NFT’s on our site Mecanica Diesel