Binance NFT (2024): A Comprehensive Guide for Buying and Selling Digital Assets

Binance NFT is a platform for buying and selling non-fungible tokens (NFTs). It offers a marketplace, product launches, and mystery boxes for users to browse and purchase NFTs from artists and creators around the world. The platform supports Meta Mask, Trust Wallet, and Ledger Nano wallets and charges a 1% fee on purchases and a 10% commission on sales.

Jan 3, 2023 - 08:28
Dec 18, 2023 - 13:24
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Binance NFT (2024): A Comprehensive Guide for Buying and Selling Digital Assets
Binance NFT (2023): A Comprehensive Guide for Buying and Selling Digital Assets

Non-fungible tokens (NFTs) are digital assets that represent ownership of a unique item or piece of content. They have gained significant traction in recent years, particularly in the art world, as a way for artists to sell individual digital works. Binance's NFT platform aims to unite artists, creators, and buyers of digital works in one place. The platform offers three main types of products: product launches, a marketplace, and mystery boxes.

Appearance and Ergonomics

The Binance NFT homepage features a carousel of the latest drops from brands and artists at the top, followed by a banner displaying the latest user transactions. This is meant to serve as social proof and encourage visitors to take action by buying digital work. Just below the carousel, the homepage recommends designers and collections. It's worth noting that the platform is available in Kenya and can be easily switched to by selecting it in the top right menu. At the bottom of the page is a presentation of the three types of products mentioned earlier.

To help new users understand NFTs, Binance includes a frequently asked questions section on the homepage that covers topics such as "What is a non-fungible token (NFT)?" and "How to buy an NFT?". The menu consists of a search bar and three primary tabs: "Gaming/IGO," "Marketplace," and "Mystery Boxes." The "Gaming/IGO" tab is dedicated to the extensive collection of NFTs related to video games that the platform offers. "IGO" stands for "Initial Game Offering" and refers to NFTs from game projects only available on Binance NFT. These assets can be auctioned, sold at a fixed price, or obtained through mystery boxes.

The "Marketplace" tab is a more traditional marketplace that displays NFTs according to criteria that can be refined using the left-side menu. From the best collections to the type of sale, categories, currencies, or file types, there's plenty to explore on Binance NFT. Finally, the "Mystery Boxes" tab lists the latest launches of boxes containing an NFT from a collection. Like Panini stickers, these boxes distribute items randomly to create a desire to obtain rare NFTs that can be exchanged or bought on the secondary market with other users.

Registration and Supported Wallets

You'll need to create a Binance account to trade on the platform. You don't need to take additional steps to buy or sell NFTs if you already have one. Creating an account is straightforward: after entering your personal information (email address, phone number, etc.), you must verify your identity (KYC) with an official document such as a passport or ID card.

Once your account has been validated, head over to the "main" version of Binance, and you can access the NFT platform from there. Regarding supported wallets, Binance NFT currently supports Meta Mask, Trust Wallet, and Ledger Nano. It's worth noting that you'll need to have some cryptocurrency in your wallet to purchase NFTs on the platform.

Buying and Selling NFTs

So, you've set up your account and have a supported wallet – now it's time to start buying and selling NFTs on Binance NFT. To do so, navigate the "Marketplace" tab and browse the available NFTs. You can use the left-side menu to refine your search using various criteria such as categories, collections, and file types. When you've found an NFT you'd like to purchase, click on it, and you'll be taken to a page with more information about the item. From here, you can view the full-size version of the NFT, see the seller's profile, and read the item's description. If you'd like to buy the NFT, click the "Buy Now" button and follow the prompts.

Selling an NFT on Binance NFT is just as easy. Navigate to your profile page and click the "My NFTs" tab. You can select the NFT you'd like to sell and click the "Sell" button. You'll be taken to a page where you can set the sale price and any other relevant details. Once you've finished, click the "List" button to list your NFT for sale on the marketplace.

Fees and Commission

Like any marketplace, Binance NFT charges fees for its services. When you buy an NFT, you'll be charged a 1% fee on the purchase price. When you sell an NFT, you'll be charged a 10% commission on the sale price. It's worth noting that these fees are slightly higher than those set by some other NFT platforms.

Customer Support

In terms of customer support, Binance NFT offers a variety of resources for users who need help. The platform has a comprehensive FAQ section that covers a wide range of topics. If you can't find the answer you're looking for in the FAQ, you can submit a support ticket through the platform's online form. It's worth noting that the platform doesn't currently offer live chat or phone support, which may be a drawback for some users.

Read Also; OpenSea Review 2023: The Leading Decentralized Marketplace for NFTs

Conclusion

Overall, Binance NFT is a solid platform for buying and selling NFTs. It offers a wide range of NFTs across various categories, a user-friendly interface, and support for multiple wallets. While the fees and commission may be higher than other NFT platforms, the platform's reputation and large user base may make it worth the extra cost for some users.

Joseph Richard Joseph Richard, a leading contributor to sledge.co.ke, uses his decade-long expertise in finance, business, and technology to offer clear, reliable guides and analyses. His work aids Kenyans in making informed financial and business decisions, earning him a reputation as a trusted industry authority.