What is Binance NFT marketplace

What is Binance NFT marketplace

Contents

Binance NFT marketplace is one of the important platforms of Binance. However, even members on the Binance exchange do not really understand this platform. That is also why we want to share information about Binance NFT in the article below!

Learn about Binance NFT marketplace

What is Binance NFT marketplace?

What is NFT?

NFT is an acronym for Non-fungible Token. This is a string of numbers and they are used for IDENTIFICATION represent property. That asset can be a digital painting, a domain name, a digital asset, a tokenized version of a real asset (paintings, land, collectibles, etc.) or any other asset.

To define more clearly what NFT is, we specifically analyze the following:

    NF – Non-fungible: Unique, not interchangeableToken: A cryptocurrency developed based on a certain blockchain or project

Any NFT has the following 3 properties and it is these properties that make it special:

Uniqueness:

    • Each NFT has its own properties, so no two NFTs are alike

Scarcity:

    • Because each NFT is unique and they are not interchangeable, there is no way to replace them. It is this that creates value for NFT. For example, the rarer and unique the assets, the higher the value, such as the Mona Lisa – Leonardo da Vinci painting, etc.

Inseparable:

    No matter which method is used, any method cannot split the NFT. For example, you can split 10 BTC but not split NFT. Assuming the NFT represents the asset as 1 picture, you wouldn’t split the picture into different pieces.

What is NFT?Need to understand what NFT is?

In addition, NFTs are transferable, fraud-proof, and are secured by a blockchain that allows traceability.

Learn about Binance NFT marketplace

Although many people understand NFT, they don’t really understand it What is Binance NFT?. Binance NFT is known as a platform that allows users to make transactions and create NFT tokens, launched in June 2021. Can imagine Binance NFT like Opensea or Rarible.

See Also  What is Binance Launchpad ? Buy Coin98 (C98) On Binance Launchpad

On Ethereum and Binance Smart Chain you can mint your own NFT, even transfer NFT between these 2 blockchains. In addition, collectors can also purchase NFT through auction or fixed price from Binance.

Creators who mined Binance’s NFTs will receive 1% royalties for selling the collection on the marketplace. Creator royalties are handled by Binance across different platforms. Depositors’ royalties on selling NFTs are also 1%.

You can use cryptocurrencies like RTH, BNB or BSD to buy NFT on Binance.

Highlights of Binance’s NFT marketplace

Artists, users, creators create and trade NFT on Binance NFT marketplace. Currently, the Binance NFT marketplace is supported by the infrastructure of the Binance development team and the support of the Binance user community. The advantage of the Binance NFT marketplace is that it provides a platform with high liquidity, large community, low fees… making it easier to create and trade NFTs.

NFT marketplace Binance has all 3 separate product lines, which are:

Marketplace (Marketplace):

    • Allows users to create, sell and bid NFT

Event (Event):

    • Offers NFTs from top artists

Mystery Box (Secret Box):

    Supply scarce NFT with varying degrees

NFT Binance Secret BoxNFT Binance Secret Box

Binance allows users to use their Binance.com accounts to buy and sell NFTs on the Binance NFT marketplace. This means that users can also use any functionality Binance has to offer, depositing funds into their Binance wallet to trade on the Binance NFT marketplace.

Currently, there are many different marketplace platforms that allow users to create their own NFTs. However, Binance has always been an outstanding market because it has a very strong developer community. At the same time, the advent of Binance NFT marketplace also gave impetus to the Binance ecosystem. Participating in the marketplace is not only with creations from users but also from many famous artists.

See Also  What is XLM coin (Stellar)? Detailed information and instructions on how to own

Since Binance has a large community available, it becomes easier to sell and auction your NFTs. As well you can get good rates for your NFT. High liquidity, NFT visibility is also a plus point for Binance NFT marketplace.

REGISTER A BINANCE FURNITURE ACCOUNT AT THE LINK GET NOW DISCOUNT 10% TRANSACTION FEE FROM US, ONLY LINK ABOVE!

On the Binance NFT marketplace, art products (NFT art) can easily be verified by owner and author. Therefore, it is easier to handle issues of ownership and counterfeit work.

For NFT Game – the items in the game from the beginning existed in the form of lines of code. Therefore, bringing NFTs into the game is also extremely simple and convenient. In fact, there have been many projects using games as leverage to help NFT projects develop more. Typically, the project of simulating the game Pokemon – Axie Infinity helps create NFT Pokemon.

Domain names also become an NFT product and they possess properties such as uniqueness, difference.

Today, the NFT is becoming more and more diverse. They can be technical content or tweets, memes, music, etc. There have been many tweets sold for millions of dollars. The Twitter founder’s tweets, for example, were sold for up to $2.5 million.

Tweet sold for $2.5 millionTweet sold for $2.5 million

High-value items are also gradually being tokenized, sold as NFTs with the aim of avoiding counterfeiting. Typically, in February 2020, there was a bottle of Fine wine sold as this NFT.

Besides, there are also many financial products that cannot be replaced and cannot be exchanged. Let’s say the mortgage on your house, for example. Therefore, when it is converted to NFT form, it will also be easier to manage and transact.

See Also  What is Bitcoin Cash (BCH)? What is the difference between bitcoin and bitcoin cash

Event tickets are easy to fake in the real world. However, not with the blockchain world. Therefore, football organizations have gradually changed the sale of traditional football tickets with online tickets on blockchain technology. Typically in 2020, the UEFA Champions League did this.

Closing and Disclaimer

With the information we shared above, we hope you have a good understanding of NFT and What is Binance NFT?. The birth of the Binance NFT marketplace has really contributed to the development and diversity of the Binance ecosystem.

Disclaimer: The above information is for reference only. We do not give any advice or advice on investing Binance NFT. When trading cryptocurrencies you will be exposed to many market risks. So consider and trade carefully. We are not responsible for any damage to your trading!

Note, the above content is the knowledge and experience of the author himself in the long time participating in the Crypto market, not investment advice for readers. If you feel that the knowledge shared by the author is reasonable and accurate, you can apply it to yourself. And of course, participating in the game, there must be winners and losers, so I wish you all a successful investment!

Currently, the Vietnamese state does not provide legal support for any electronic currency, you still have the right to mine and use it, however, when there is a dispute or conflict, the state has no obligation to assist in resolving these issues. this problem.

5/5 - (3 votes)
Back to top button