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Binance's NFT Marketplace Explained
What Is Binance NF?
Binance NFT is an NFT Marketplace for Binance. It lets you create, buy, sell, and bid on NFTs using BNB and BUSD.
Binance NFT lets anyone mint and trade NFTs, acts as a marketplace for existing NFTs, features sales by leading global artists, and even offers NFT mystery boxes where you can win rare NFTs.
Binance NFT doesn’t have its own referral code. However, you can use Binance Referral code “GRYRDBZW” to create a Binance account and save 20% on fees when using Binance NFT. Learn more at our Binance referral code and platform review.
How To Use Binance NFT
To use Binance NFT, you’ll first have to set up a Binance account.
Once you have a Binance account, you then have to get some BNB or BUSD in your wallet if you want to purchase NFTs, as these are the coins you’ll use to buy and bid on NFTs on Binance NFT.
Once all of that is ready, you can use the Binance NFT Marketplace by going to https://www.binance.com/en/nft.
From there, you can either purchase NFTs, Bid on NFTs, sell your existing NFTs, auction off existing NFTs, or create your own NFTs. We’ll go over how each of these processes works below.
NFT stands for Non-Fungible Token. Each NFT is a token that represents ownership of a unique asset like a music file or a digital artwork.
How To Buy An NFT On Binance NFT
To buy an NFT, browse for the NFT you want to buy and then either bid on it or buy it outright at a fixed price. Not every NFT will have a buy now option, so in many cases, you’ll have to bid and win an auction to purchase an NFT.
To buy an NFT with a fixed price, click the “buy” button on the product page. Once the transaction is successful, the NFT will be transferred to your wallet, and your funds will be spent.
For auctions, click “make an offer”, place your bid price, and then confirm the offer. If you have the highest bid, your funds will be locked. If someone places a higher bid, your funds will be unlocked (and you can then place a new bid). If you win the auction or your bid is accepted by the person who put the NFT up for auction, you’ll win the auction, your funds will be spent, and the NFT will be transferred to your wallet.
How to Sell an NFT
To sell an NFT you bought, you can either put it up for sale at a fixed price and/or put it up for auction.
If someone buys your NFT at a fixed price, the NFT will be transferred to their wallet, and you’ll receive the funds.
If someone makes an offer on an NFT that is up for auction, you will have a limited window of time to accept the offer. If you accept it, the transaction will go through, and you’ll get the crypto amount offered, and they will get the NFT.
Please note, the Binance NFT team approves all content that goes up for listing. The process typically takes 4-8 hours for immediate listings and up to 12 hours for fixed-time listings.
How to Create an NFT
Not only can you buy and sell NFTs, but you can also create an NFT on Binance NFT. To create an NFT, Click “create” and choose your file to upload (JPG, PNG, GIF, PDF, MP4, MP3, MPEG, AVI, WAV, or SVG).
Once you create your NFT, you can’t change it. So, make sure it is the way you want it before you create it.
After you create your NFT, you can then sell it or put it up for auction at a price you choose!