Learn more about the Binance NFT platform and its guide to using it

php Editor Strawberry Binance NFT platform is a new service launched by Binance Exchange, aiming to provide users with a safe and convenient non-fungible token trading platform. NFT, or non-fungible token, is an application of blockchain technology that can represent unique digital assets, such as artwork, music, game props, etc. On the Binance NFT platform, users can buy, sell, and auction various NFTs and enjoy the fun of digital asset trading. This article will give you a detailed introduction to the usage and precautions of the Binance NFT platform, so that you can easily play with the Binance NFT platform.

As we all know, the NFT market is currently very popular and has become a sector that has attracted much attention in the currency circle. In this field, Binance has also taken active actions and launched its own NFT trading platform in June 2021, aiming to become one of the world's leading NFT platforms.

So, what is the Binance NFT platform? Let the editor take you through the Binance NFT platform in this article.

What is the Binance NFT platform?

Binance plans to launch an NFT trading platform in June 2021 and is committed to becoming the world's leading platform. Users will enjoy the best creation and trading experience, as well as the lowest fees and the highest liquidity. The platform will offer high-value collectible tokens in various forms, including visual arts, music, games, sports and the metaverse.

“Our goal is to fully leverage the Binance blockchain infrastructure to provide efficient and affordable solutions to the community and build the world’s largest NFT trading platform while providing best-in-class minting, purchasing and trading experience.” said Helen Hai, head of Binance’s NFT department.

Binance has launched a landing page for its NFT platform, providing collaboration opportunities for artists and creators. Mobile versions (iOS and Android) will be available soon.

The Binance NFT platform shares an account system with Binance.com. Existing Binance users can directly enter the NFT platform and use their existing Binance accounts for transactions. New users only need to register on Binance.com to create and trade on the Binance NFT platform.

The Binance platform provides services to tens of millions of users around the world, and now users can directly get involved in the NFT field. Binance’s NFT platform will provide small value creators with the best liquidity and the lowest user fees to support their creations. This will promote the free flow of global value and create an inclusive ecosystem. Binance CEO Changpeng Zhao (CZ) expressed the importance of this move.

The Binance NFT platform will be composed of two main parts: the high-end selected trading market and the general trading market. The high-end section will select works from high-end exhibitions and global auctions for display and sale. In the initial stage, 90% of the sales proceeds will go directly into the creator's account as profit, maximizing value for the creator.

In the ordinary trading market, every user can become a creator and mint his own NFT with minimal fees. Users can also deposit NFT to the Binance NFT platform for sale or auction. In the initial stage, Binance only charges a 1% handling fee, and creators or rechargers will continue to receive a 1% copyright fee to encourage creators to mint high-end, high-value NFTs, thereby obtaining more generous copyright fees.

One article to play with the Binance NFT platform

To purchase NFT, you first need a Binance account. It's easy to do in just a few minutes.

1. How to bid for auction collections in NFT

If the NFT collections sold are auctioned using a bidding mode, you need to [bid] to have a chance to bid. At the end of the auction, the highest bidder can successfully purchase the NFT.

In the listing page below, you can see the NFT's description, image, bid history, and other details. After confirming that you want to bid, click the [Bid] button.

At this point, you will see a prompt box to enter the bid amount. Note the minimum markup: This is the minimum amount you need to increase your last bid to make a new bid. After entering the correct amount, click [Bid].

If you do not have any or enough digital currency in your account, you will be prompted to top up your spot wallet. Make sure to buy BNB or BUSD, ETH to participate in the Binance NFT market.

After successfully bidding, you will see a confirmation splash screen.

2. How to buy fixed-price NFT or blind box

Buying NFT instantly is easier than bidding in the auction. Once you find the NFT you wish to purchase, click the [Buy Now] button to pay the full price.

3. How to purchase a blind box

The blind box contains a random NFT, and you will only know what it is when you open the box. You may find 4 rarity levels: N - Common; R - Rare; SR - Super Rare; SSR - Super Rare

To purchase a blind box, please go to the [Blind Box] page for more information. Then, you will see the corresponding price and available quantity of each blind box.

On this page you can also find information about the number of available NFTs and their percentage of appearing in mystery boxes. Select the number of mystery boxes you want to purchase and click [Buy].

The [Order Details] pop-up window will appear, asking you to confirm the purchase details. After confirming the information, click [Confirm].

After purchasing a blind box, you can choose to open it immediately or add it to your collection. Please note that blind boxes are non-refundable once purchased. But you can resell the blind box again on the NFT market or sell the NFT in the blind box you have opened.

I would like to remind all investors that you can use your own Binance account to directly access Binance’s NFT platform. If you are not a Binance user, just create one directly. Currently, Binance NFT The market supports BNB, BUSD and ETH. Although identity verification is not required to register Binance NFT, we will be able to complete the purchase of digital currency after completion.

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