We are living in amazing times. A new model of economic relations is being tested right now before our very eyes. The Renaissance era opened the doors for the transition from the Middle Ages to the modernity, and the advent of digital money symbolized the end of the industrial period and the beginning of the era of cyber economy.
The coming changes will inevitably affect all spheres of human activity, including art.
One of the examples of the invasion of innovative technologies into the field of high matters is the emergence of non-fungible tokens – NFTs, which make it possible to digitize and transfer literally the entire cultural heritage of mankind to the blockchain. Each NFT token is unique and can become the subject of a collection, the value of which will only grow over time.
In order for people interested in non-fungible tokens to be able to freely buy and sell them, special web marketplaces are needed and they have already been launched.
Today we will tell you how the NFT platform Binance works, which already displays a number of digitized works of world art, including the Divine Comedy by Dante Alighieri with illustrations by the famous Spanish artist Salvador Dali.
What is the Binance NFT Marketplace?
The Binance NFT trading platform is a site that deals with the purchase / sale of collections of non-fungible tokens and other digital art items. The Binance Smart Chain infrastructure provides security and high speed of execution of financial transactions, and a large community provides a high level of liquidity.
Non-fungible tokens (NFT) are a type of digital coin, each of which is different and has a different selling price. An NFT token can be a unique creation of a contemporary artist, or a tokenized form of a real thing.
You can digitize not only objects of art, but almost any real thing. For example, an apartment, a plot of land, or a car. In this case, the non-fungible token will act as a certificate of ownership. NFT tokens can be called the building blocks of the modern blockchain economy.
Binance NFT tokens are created according to BEP-721 and BEP-1155 standards and are stored on the Binance Smart Chain (BSC). In terms of their functionality, they are direct analogues of the ERC-721 , ERC-1155 tokens , which operate on the Ethereum blockchain, but minting and executing transactions on the Binance Smart Chain is much cheaper. BEP-721 and BEP-1155 tokens can be stored in the Trust Wallet.
Unlike conventional cryptocurrencies, NFT tokens do not have one common address in the wallet. A separate code is created for each of them, which cannot be broadcast over the network without the permission of the owner of the digital asset.
The platform brings together authors and fans of contemporary digital art. Here, three digital product lines are supported within the same ecosystem:
- Issue and sale of non-fungible tokens.
- NFT presentations by artists, athletes and other prominent people.
- Mystery boxing.
In the third section, NFT coins are sold in closed boxes. Here you can buy a very rare token relatively inexpensively, but that’s if you’re lucky. The box may contain an ordinary NFT of low cost. An unopened mystery box can be exchanged for another, but the money cannot be returned.
You can get to the Binance NFT platform from any page on the exchange’s official website, link https://www.binance.com/ru/nft/home.
In appearance, this section is similar to an art exhibition. The upper part is painted in the style of street graffiti, the most popular lots are displayed under it, and even lower there is a user manual and an information section.
Trades can be held in the form of an auction or a regular sale at a price pre-set by the author.
To work on the NFT platform, you need:
- Register on the platform https://binance.com.
- Pass KYC.
- Replenish the deposit.
- Go to the NFT section and click the » Start » button .
The procedure for creating an account is described in a separate instruction on our website, so we will retell it very briefly.
Go to the official Binance website https://binance.com and create an account:
Done account created. It remains to activate additional protection functions and go through KYC. To verify your identity you need:
- Fill out the form;
- Upload photocopies of documents;
- Complete the face check by following the prompts.
If everything is in order, then in a maximum of a day, your status will be confirmed and you will have access to all the services of the exchange.
How to top up the balance of the wallet?
You can buy an NFT token on Binance with BNB, BUSD or Ether. There are four ways to fund an exchange deposit.
To buy cryptocurrency on the exchange for rubles or other national currency, you need to go through full identity verification. After BNB, BUSD or ETH arrive on the wallet, you can choose NFT.
How do I bid on the NFT auction?
To participate in the auction, enter the exchange, open the NFT marketplace and select the token you like. For the convenience of buyers, NFTs are divided by subject. If the required token is sold at an auction, the current bid and the time until the end of the auction will be displayed to the right of the picture.
Click the button to bid and enter your price. For each lot, the minimum step for increasing the transaction amount is preset. Write your price and confirm the operation. Your current balance is displayed in the order window above the » Place a Bet » button , if there is not enough money, there is a » Buy Crypto / Enter » button next to it .
After the bid has been made, it remains to wait for the completion of the bidding. If someone outbids your price, you will need to make a new, higher rate, or refuse to buy this NFT token.
How do I buy NFT at a fixed price?
It is even easier to purchase a non-fungible token at a fixed price. Choose NFT and, if the price suits you, press the » Buy Now » button and proceed with the payment.
The wording of the order is the same as in the auction, only on the confirmation button instead of «Place a bet» it will say » Buy now «. The purchased tokens are posted in the «User Center / My NFTs» section.
How do I sell NFT?
You can sell a token purchased or minted here on the site, or on another service. NFTs on Binance can be issued only by a limited number of persons admitted to minting by the administration of the exchange. To put up for auction one or more copies from your personal collection, you need to go through the listing procedure.
First, choose the form of sale. As we said, this can be a fixed price or an auction. Then indicate the coin for payment and the cost of the lot. If you want to sell NFT at the auction, then write the amount of the minimum bid, from which the bidding will begin.
After that, you need to indicate the maximum period of NFT stay on the marketplace (no more than 7 days from the start of sales) and make a short description of the token. And also accept the terms of service, familiarize yourself with the scheme for withholding commissions and confirm the application.
Setting up your NFT on Binance
Verification of each NFT lasts on average 4 to 8 hours, but in some cases, exchange employees need more time.
If half a day has passed and the token has not yet been put up for trading, the client can set a fixed verification period. However, the exchange may not be in time for the specified term, and then the listing will be continued indefinitely. However, this is extremely rare.
Even 7-8 years ago, many crypto enthusiasts were confident that blockchain can only be used in the field of finance. Now we see that this is not so, the technology of distributed ledgers has a wider range of applications and NFT has clearly proved this.
Probably, in the near future, this type of tokens will become an integral part of the blockchain industry, and NFT trading is a new way of making money on cryptocurrency, which can be mastered today.