What are NFTs? | Steps To Buy/Sell NFTs on Binance NFT Marketplace!
Binance NFT Marketplace is a platform where creators and collectors can mint and trade NFTs. Anyone can create non-fungible tokens(NFT) within a few minutes and mint them by paying a small fee.
Now before Binance NFT Marketplace, Let’s understand the difference between fungible and non-fungible so that you will easily understand what NFT is.
You need a Binance account to buy or sell NFTs. If you don’t have a Binance account, you can create one using my referral link to get $300 Welcome Bonus.
Video Tutorial in Hindi (हिंदी) →
Watch the below video only if you understand The Hindi Language.
The video will be easier to understand. If you don’t understand the Hindi language, continue reading…
Fungible:
Fungible goods and assets are interchangeable or replaceable. In simple words, any goods or assets interchangeable with the same type of goods or assets are fungible.
For example, Suppose you credited a ₹1000 INR note into your bank account and a few weeks later you withdrew your money and you got two ₹500 INR notes instead of your ₹1000 INR note.
Now, does it matter if you have a ₹1000 INR note or two ₹500 INR notes?
Absolutely Not. It’s perfectly fine because paper currencies are fungible. It doesn’t matter if you have a ₹1000 note, two ₹500 notes, or ten ₹100 notes, The value of your two ₹500 notes is still ₹1000 Rupees.
Non-Fungible:
Unlike Fungible, Non-Fungible assets are unique, irreplaceable, or non-interchangeable. Art, people, and antiques are some examples of non-fungible.
For Example, You can buy an art piece by paying the money but you cannot exchange an ‘X’ art piece for a ‘Y’ art piece because ‘X’ and ‘Y’ both art pieces are unique.
What is a non-fungible token (NFT)?
A non-fungible token (NFT) is a crypto token that is not interchangeable with another token. NFTs are unique and you cannot break them into smaller bits.
For example, If you have 1 BTC, you can send .5 BTC to your friend but it’s not possible with NFTs. You cannot send .5 NFT to your friend and cannot keep .5 to yourself. If you want to send someone an NFT, You will have to send a full NFT and Make sure to get back the same NFT because each NFT is unique.
What is Binance NFT Marketplace?
Binance NFT Marketplace is a platform that allows you to create and trade digital artworks and collectibles.
Currently, NFT Marketplace supports Binance Smart Chain and Ethereum, which means you can create or mint your NFTs on both networks. And, If you want you can also transfer NFTs between Smart Chain and Ethereum.
Binance NFT Marketplace is divided into three different categories: Marketplace, Mystery Box, and Events.
1. Marketplace: Here you can create, buy and sell NFTs and Mystery Boxes. You need BNB, BUSD, or ETH to trade NFTs on the marketplace.
2. Mystery Box: As the name says, which random NFT is inside the box is a mystery. You can’t see the NFT before buying the mystery box.
The mystery box is divided into four different rarities: Normal(N), Rare(R), Super Rare(SR), and Super Super Rare(SSR). Also, you don’t have to open the mystery box straight away. You can open it whenever you want or you can trade it even without opening it.
As I said earlier, you can’t see which random NFT you will get inside the box. However, you can check the NFT description to find the probability of the different NFTs you could receive.
3. Events: Here you can find premium NFTs created by celebrities, big brands etcetera.
How To Buy an NFT →
Login to your Binance account → Go To NFT → Search For an NFT. OR You can directly click on this link to visit NFT Marketplace.
Once you’ve found an NFT that you want to buy, click on the NFT’s name to visit the NFT Page. For example, I found the below NFT.
As you can see in the above screenshot, There’s a Place a Bid option, which means I can place a bid to buy this NFT but I cannot purchase it instantly.
What buying options you will get depends on the seller. For example, You can see two options Buy Now and Make Offer in the below screenshot.
You can use Buy Now button to buy instantly or if you want to buy the NFT at a lower price, you can use the Make Offer button. No matter which button you get, you just need to follow the on-screen instructions to buy the NFT.
Okay, Coming back to the previous NFT. After clicking on the Place a Bid button, You need to click Bid Now button.
After that, You will see your order under the Bidding Order option. You need to wait until the seller accepts your bid or until the Auction Ends.
If other users will bid a higher amount, the seller will accept his bid instead of mine.
After 5–6 hours, I received an email from Binance that “Bid is Successful”. This means, The seller has accepted my Bid and my Buy order is successful.
How To Sell an NFT →
Now Let’s see How To Sell an NFT.
Login to your Binance account → Go To NFT → User Center → Asset → NFT Assets. Here you will see all the NFTs that you currently own.
Click on the NFT to list it for the sale. On the next page, You will see two options: List NFT and Withdraw.
If you want to withdraw your NFT to another place/wallet, You can use Withdraw option.
Click on the List NFT button to list the NFT for the sale. After that, You need to enter some details to list your NFT.
For Price, You will get two options: Set Price and Highest Bid. If you will use Set Price, users will get Buy Now button and the Make Offer button. And If you will use Highest Bid, users will get the Place a Bid option.
For start time, you will get two options: List immediately after review and Custom List Time. As the name says, List immediately will list your NFT instantly after review and you can set a custom listing time using the Custom List Time option.
After that, Enter the Expiration Date. The expiration date should be ≥ 12 Hours and ≤ 7 Days.
Enter all the details and Click Submit. After that, you will see a pop-up like the below screenshot.
Click Confirm button and your NFT will be listed. In some cases, you need to wait for approval for listing.
You can also create your own NFT and List it on NFT Marketplace for sale.
Now, This article has come to an end. I hope you found this article helpful. However, if you have any queries and questions, please ask in the comment section below.
