Cryptocurrency company Binance from a conventional spot cryptocurrency exchange has taken a dominant position in the market by 2021, because in comparison with other companies, it offers the widest range of services in the cryptocurrency industry. The last service that became available on the Binance exchange was the NFT market (non-fungible token). You can read more about NFT and the history of the development of this direction in blockchain technologies in our other material: What is an NFT token? How to create, store, buy and sell crypto art? Due to the high interest in digital art nominated in NFT among crypto enthusiasts and collectors, the monthly volume of this market is estimated at $ 400 million in mid-2021, or about $ 5 billion in annual terms. At the same time, the entire world market for art or antiques for 2020 is estimated at $ 50 billion. In order not to miss a promising new market in the field of crypto technologies, Binance launched its own NFT market (auction) in June 2021 and, as always, with the highest level of service, reliability and opportunities for collectors and artists.
The main distinguishing feature of the NFT market from Binance is the moderation of the tokens put up for auction, i.e. frankly garbage and duplicated NFT projects will not be able to trade here, which provides some protection for investors.
With the help of such strict moderation of NFT projects, Binance went on the same path of clearing the market from scams as with the ICO (Initial coin offering) market in 2017, when Binance launched its Launchpad service for ICO projects. Such a collection of investments for future projects using well-known cryptocurrency exchanges became known as IEO (Initial exchange offering)
To use the Binance NFT auction, you need to register, how to do this we have already written in a special instruction: The most profitable referral ID (code) for registration on the Binance exchange for spot and futures trading
One Binance account is used for all available services: spot and futures trading, P2P exchange, mining pool, NFT market and many other tools.
If you already have a Binance account, then no additional steps are required to buy and sell NFT on the relevant market.
To get into the Binance NFT MarketPlace, there is a special section of the same name in the menu.
At the moment there are two sections available: Marketplaces and Mystery Boxes
Binance NFT Marketplaces
In this section you can buy NFTs of famous authors at a fixed price or participate in an auction.
If you already have NFT tokens purchased on this site, then you can put them up for sale.
To sell the NFT token you created, you will need to go through verification and send your token for moderation. Moderation can take up to 8 hours.
The Binance NFT market wallet is linked to the exchange's spot wallet, which you can fund in a variety of ways, including using Visa and Mastercard bank cards. The withdrawal of the earned cryptocurrency on the sale of NFT can also be carried out in national currency to a bank card in various ways.
Example of NFT at a fixed price
An example of an NFT auction:
Binance Mystery Boxes
In this section, not the NFTs themselves are sold, but closed boxes with NFTs at a fixed price, in which you can get both cheap NFTs and very rare and, accordingly, expensive copies of digital art. Usually, using this service, NFT tokens of well-known and verified authors are randomly distributed.
Mystery Boxed purchase example
Conclusion: Binance developing its cryptocurrency business makes it not only popular and safe, but convenient by combining various services on one site. Binance can be called a window into the crypto world for people who have not previously encountered cryptocurrencies and everything that surrounds blockchain technology. The Binance NFT marketplace reviewed today fits seamlessly into the previously created functionality, which is trusted by hundreds of millions of people around the world. And he will definitely become popular among famous personalities to sell their NFTs, and wealthy cryptocurrency investors will catch up with them.
