As a crypto enthusiast, you would have come across at least one scenario that made you hear the term Non-Fungible Tokens (NFTs). In recent years, there has been quite a lot of talk about NFTs and their emergence in such a short period of time. In fact, these tokens became all the rage in the world of digital collectibles. The potential of these assets keeps on soaring high, and new innovations are showing up day after day. Its astonishing growth and unique traits have seized the attention of audiences in the crypto space, and each one is attempting to make the best use of this resource. In this line, the fame of NFTs further skyrocketed when Binance confirmed its own NFT marketplace project – Binance NFT. This blog brings out all the ins and outs of the Binance NFT marketplace and describes the necessity to kick-start your own platform similar to Binance NFT.
Binance NFT – Explained:
Binance NFT is an NFT marketplace that allows world-class artists and other creators to tokenize their masterpieces into NFTs, which can be traded with avid collectors all over the world. Through Binance NFT, the users can purchase, sell, mint, trade, and hold NFTs effectively and effortlessly. It leverages the world of digital arts with the concept of NFTs and digital collectibles. It bestows digital ownership records to the artists and paves a path to make them earn an excellent passive income through royalties. Each time when the assets of artists get sold, they earn royalties. It is comprehensively developed on the BSC infrastructure and community. The platform renders high liquidity for the participants who wish to mint and sell NFTs.
Binance NFT’s Ecosystem:
Binance NFT’s ecosystem is meticulously designed in such a way to bring the creators, collectors, and NFT lovers into a single interface. It is comprehensively made up of three product verticals, which includes,
- Marketplace: It is a platform where the users can productively trade NFTs without any complications. The buyers can purchase their desired NFTs either from auctions or fixed price listings.
- Events: It is a place to purchase superior, unique, and rare NFTs from well-famed creators around the world, including artists, celebrities, musicians, and athletes. The NFTs will be powered by the most prestigious names and brands.
- Mystery Boxes: These are the assured boxes that will hold one random NFT. The users can purchase these boxes and sell them among other traders for the price equivalent to the NFTs inside. However, the purchased NFTs cannot be returned for any reason. The prime categories of mystery boxes include Normal (N), Rare (R), Super Rare (SR), Super Super Rare (SSR).
How To Purchase NFTs?
As discussed, the participants can purchase NFTs either through auctions or fixed price listings. The purchase is accompanied by a small percentage of the fee for the platform bearer. In addition, the artists who tokenize their digital artworks will receive a 1% royalty payment. This is also applicable for the creators who bring external NFTs into the marketplace. In order to buy an NFT, it is imperative to have a Binance account. It will not take more than five minutes to create one.
If the listed asset belongs to the auction sale, then the buyer has to place bids and grab the chance of winning the auction. The buyer who has the highest bid will eventually end up in buying the NFTs. To break it down,
- If you are sure of purchasing the artwork, click on the Place a Bid button found below the description of the NFT.
- A pop-up window will appear. It shows the minimum markup value. Your bid must be higher than this value.
- Enter the right value and click the Place a Bid button.
- If your spot wallet does not have enough cryptos, it prompts you to deposit BNB or BUSD, or ETH to purchase the asset.
- If your spot wallet already has enough cryptos, you can see a confirmation screen stating that you have successfully placed a bid.
From Fixed Price Listing:
- It is an easy way to purchase your desired NFT when compared to the auctions.
- Here you can click on the Buy Now button below the description of the NFT.
- Also, you can use the Make an Offer button to propose your price for the listed NFT.
- If the creator accepts your offer, then you can pay the price to purchase it.
- If the creator rejects your offer, the fixed price has to be paid to own the NFT.
Develop Your Own Binance NFT Marketplace:
By this time, you would have got an idea of the Binance NFT marketplace. As a crypto-preneur, you should not leave a single opportunity that comes near your hand. The demand and craze for NFTs are huge in the market. Though some of the NFTs touch the million-dollar club, the average price of NFTs sold is approximately $3500 – $5000. Think of the platform bearers of marketplaces who receive commissions for each purchase, trade, and minting of NFTs. The profit is remarkably high. This is the opportunity you have. Make the best use of this trend by shaping and launching your own NFT marketplace like Binance NFT. Ultimately, it would reap you unimaginable revenues.
Which Is The Right Place For Binance NFT Marketplace Development?
Amidst a plethora of cryptocurrency and blockchain service providers, Cryptocurrency Exchange Script has secured its own position by rendering quality solutions to its clients all over the world. We are specialists in providing NFT services, and in fact, we are a one-stop shop for all your NFT-based requirements. Our world-class developers and experts would lend an ear to your needs and develop the exact product, which will exceed your expectations. Our Binance NFT marketplace development service is entirely customizable. All the features and functionalities can be personalized to make it in line with your business essentials. We also bestow post-launch services that will enhance your brand visibility to the targeted audience worldwide.
Do you wish to join the million-dollar club? Then schedule a meeting with our NFT experts now!