Teach you to play with the freshly baked Binance NFT market

Winkrypto

特邀专栏作者

2021-06-24 18:52 (UTC+8)

This article is about 2464 words, reading the full article takes about 4 minutes

How is it different from on-chain NFT marketplaces like OpenSea? What functions does it provide? How to do it?

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How is it different from on-chain NFT marketplaces like OpenSea? What functions does it provide? How to do it?

This afternoon, the highly anticipated Binance NFT marketplace went live as scheduled. As the first centralized NFT platform launched by an exchange, Binance NFT Market has attracted the attention of many community NFT enthusiasts and collectors.

Binance NFT Marketplace Homepage

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What is Binance NFT Marketplace?

The Binance NFT Marketplace is a marketplace featuring various forms of digital artwork and collectibles. Backed by the Binance blockchain infrastructure and community, Binance NFT Marketplace provides a highly liquid centralized exchange for users to launch and trade NFTs.

Currently, the Binance NFT marketplace consists of three product lines:

Trading market: Provides basic functions of minting, buying and selling NFT (minting function is not yet open to ordinary users)
Events: for exhibitions and unique collectibles, etc.
Blind box: Participants randomly select NFT works with different rarity attributes

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Minting (currently only available to licensed creators)

Click the "Create" button on the NFT marketplace homepage to start minting NFT works.

You can select the image, video, audio or document you want to be made into an NFT on the upload page.

Next is to add all the relevant information needed to create the NFT. Such as choosing whether to create a single NFT (BEP-721) or a series (BEP-1155). Series works allow you to sell multiple versions of your collection, each uniquely distinguished by an identifier.

Make sure you have enough BNB in your account to pay the minting fee before clicking "Create".

After confirmation, the NFT will start to be minted, and the contract address and Token ID can be seen on the completion interface.

On the Collections page under NFTAsset, you can find all the NFTs you currently own. There is also an option to import and view NFTs from other wallets.

common problem

1. Who is eligible to mint NFTs on the Binance NFT marketplace?

Currently only authorized creators can directly mint NFT. However, this feature will be available to all registered users in the future.

2. On which blockchain will the bonded blockchain mint the NFT?

Minted NFTs will exist on BSC and will support multiple blockchains in the future.

3. How much is the casting fee?

The minting fee for each NFT on BSC is 0.005BNB.

4. What file formats are accepted, and what is the maximum upload size?

Images: JPEG, PNG, SVG, and GIF
Video: MP4, MPEG and AVI
Audio: WAV and MP3
Document: PDF

All files should be less than 50MB.

5. Can I cancel the creation while it is being minted?

Once the fee is paid, casting starts and cannot be aborted. Since creating NFTs is an on-chain activity, teams cannot delete or change information that has been added to the blockchain.

6. Where is the content of NFT stored?

Binance will store these contents in a centralized server. These contents are not on the chain, but the NFT works associated with them are on the chain.

7. Can minted NFTs be modified?

Buy

In addition to minting NFTs, the Binance NFT marketplace also allows users to directly purchase listed NFTs. Binance users can participate in auctions or direct purchases at a fixed price. Currently, Binance supports BNB, ETH, and BUSD and other cryptocurrencies for payment.

NFT creators, as well as those who import existing NFT works into the platform, will receive a 1% cut of all transactions of that work.

How to Participate in the NFT Auction

The auction form is not difficult to understand. The highest bidder within a limited time can purchase the NFT works sold in the auction form.

The NFT's description, image, bidding history, and other details can be viewed on the details page. Click the "Submit Bid" button to confirm submitting your bid.

In the dialog box that pops up, you can enter the bid amount. The minimum price increase requirement means that you need to increase the last bid by at least this amount to make a bid. If the amount filled in meets the conditions, click "Bid" to complete the bid.

If there is insufficient funds in your account, the market will prompt you to recharge.

Once you bid successfully, you will see a successful bid reminder.

How to Buy a Fixed Price NFT

Buying NFTs in instant sales is easier than at auctions. Once you find the NFT you want to buy, click "Buy Now" to pay the full amount directly for the work.

You can also make a relatively low offer price, which the seller can decide to accept or reject.

How to buy a blind box

The blind box contains a random NFT that is only revealed when you open the box. There are four levels of NFTs that can be issued in the blind box, which are divided into SSR, SR, R and N in order of rarity from high to low.

The purchase interface of the blind box will display the price of the blind box and the quantity available for sale.

The introduction page will also display the odds of being able to purchase works of various rarities.

Enter the number of blind boxes to be purchased and click "Buy" to enter the order confirmation interface.

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List and sell

Selling NFT works on the platform can also choose to sell at a fixed price or in the form of auction. NFT creators who import existing NFT works into the platform or complete casting directly on the platform can get 1% of each transaction of the work.

How to Sell NFTs on Binance NFT Marketplace

First of all, you need to confirm the form and duration of the sale and submit the information. After the platform review is completed, the work can be put on the shelves according to the seller's wishes.

Once the NFT has been successfully created, you will see the Minting Complete screen. Click the "ListNFT" button to put the minted NFT works on the shelves.

If you want to list your favorite NFT, you can visit the "NFTAsset" page and click on the NFT you want to list.

Click "ListNFT" to jump to the interface for setting sales rules.

Under the form of "the highest bidder wins", you can set the starting price of the works on the shelves, and you can also set a specific cryptocurrency payment form on this page.

In the form of "set price", the expected price can be set. Once someone is willing to pay the preset price, they can directly buy this NFT work.

The next step is to specify a date and time when the auction or fixed-price sale will end, limited to no more than 30 days from when the listing began. It is also possible to select the best matching suitable category for the NFT. To make it easier for buyers to find your NFT. At the same time, the seller can also add some descriptions to show the characteristics of the NFT to interested buyers.

After confirming that the information is correct, click the "Submit" button to submit.

The platform will conduct a review before the NFT works are put on the shelves. This process usually takes 4-8 hours. Once the review is completed, you will receive an email or text message. In addition, users can also customize the listing time of NFT.