What is the Binance NFT Marketplace? NFT coins on Binance are worth investing in

• What is Binance NFT Marketplace (Binance NFT Marketplace)?
• How to get started with the Binance NFT Marketplace?
• Create an NFT on the Binance NFT Marketplace
• How to buy an NFT on the Binance NFT marketplace
• How to Sell a Binance NFT Marketplace NFT
• Top 5 NFT coins on Binance worth investing in 2022
• Theta Network
• Axie Infinity
• Chiliz
• Enjin
• Decentraland
• frequently asked Questions
• summary

What is Binance NFT Marketplace (Binance NFT Marketplace)?

The Binance NFT Marketplace (Binance NFT Marketplace) is a platform that allows you to trade and create your own NFTs on both the Binance Smart Chain and Ethereum platforms. This platform is not only for users who are creators, but also includes big-name artists like Lewis Capaldi, Trevor Jones, Michael Owen, Alphonso Davies… The Binance NFT marketplace is part of the ecosystem. Binance, launched on June 24, 2021. With the large number of users that Binance owns, the Binance NFT marketplace will help creators easily access and promote their products.

How to get started with the Binance NFT Marketplace ?

The Binance NFT marketplace offers users 3 main features including:

• Marketplace : Users can create their own (mint) NFTs, as well as participate in buying, selling, and auctioning NFTs from creators around the world.
• Events : Users can purchase exclusive, premium NFTs released by the world's top artists, companies, and brands through events organized by the Binance NFT Marketplace.
• Mystery Box : Each Mystery Box gives you a chance to get a random NFT inside. NFTs have a varying degree of rarity from normal (N), rare (R), super rare (SR) to super rare (SSR). Mystery Box cannot be returned once purchased for any reason. But you can trade unopened Mystery Box or NFTs from Mystery Box.

Before participating in the Binance NFT market, you will need to have a KYC-enabled Binance account. You will also need some BNB or BUSD in your wallet if you want to create or participate in NFT transactions.

Create an NFT on the Binance NFT Marketplace

Step 1 : Go to binance.com/en/nft/home and then log in with your Binance account.

Step 2 : Start by clicking the “ Create ” button at the Binance NFT homepage .

Step 3 : You select the image, video, audio or file that you want to convert to NFT.

Step 4 : Please provide information about the NFT that you are creating. You can also choose to generate NFTs as a single (BEP-721) or a series of NFTs (BEP-1155). With the NFT chain, you can sell different NFT versions of the same collection. Then you click “ Create ” to create the NFT.

Step 5 : After creating NFT, Binance will provide you with the information of the newly created NFT including transaction ID, wallet address. You can choose “ NFT Asset ” to go to your NFT collection or “ List NFT ” to list this NFT on the exchange.

How to buy an NFT on the Binance NFT marketplace

In the Binance NFT marketplace, NFTs are auctioned or sold at a fixed price and can be settled in a variety of cryptocurrencies.

How to bid in the NFT auction

If you want to buy an NFT sold at auction, you need to bid to stand a chance of winning that NFT. The highest bidder at the end of the auction will purchase the NFT. 

Step 1 : Once you have selected the NFT you want to buy, click the " Place a Bid " button to start participating in the auction.

In the NFT's information page you can view information such as the description, photo, pricing history and other details about the NFT.

Step 2 : You enter the amount you want to bid, then click “ Place a Bid ” to complete.

Note : 

Minimum markup is the minimum difference between the next bid and the previous previous bid. 

Once you have entered the auction, your bid cannot be cancelled. Your coins will be locked until another user bids higher or the auction ends.

How to buy fixed price NFT

When you find the NFT you want to buy, click the “ Buy now ” button to buy that NFT.

How to Sell a Binance NFT Marketplace NFT

You can list NFT on the exchange as soon as you create it, or access your collection to take action. Step 1 : Go to binance.com/en/nft/balance and select “ Collections ” to open your NFT collection. Then you choose the NFT you want to list.

Step 2 : Now, you will be directed to the page describing the information of the NFT you want to list. You click on “ List NFT ” to go to the setting page of NFT selling listing options.

Note : You can only add a description when creating the NFT. This description will not be editable after the NFT has been created. When you resell the NFT, you also cannot edit the description.

Step 3 : You set up options for your NFT before listing on the exchange.

First, you will choose how you want to list in the form of NFT auction (Highest Bid) or bid form (Set Price).

If you choose an auction, you will need to set a minimum purchase price and the cryptocurrency you want to pay with. This is the price that will start the auction.

If you choose to bid, set the price with the cryptocurrency that you want the buyer to be able to pay immediately for this NFT.

Next, you specify the end date and time of the auction or sale at a fixed price, the end time should not exceed 7 days from the time of listing in the “Expiration Date” or “Auction ends in ” section .

You then select a category for your NFT, provide a description for the NFT, and then click “ Submit ” to submit a listing request to the Binance NFT marketplace.

Note : The Binance team will review your NFT to ensure it meets the standards prior to being listed. This process will take approximately 4 to 8 hours and you will receive an email or SMS once the review is complete.

Top 5 NFT coins on Binance worth investing in 202 2

Theta Network

Theta Network is a decentralized video distribution network based on blockchain technology built and developed in 2017 by Theta Labs. Content creators and users can upload their own videos as well as stream videos about areas of life such as sports, education, news, etc. The platform supports users to stream videos. High quality from HD, 4K to 8K at low cost, as well as multiple incentive mechanisms for decentralized bandwidth and content sharing.

Theta Network is currently cooperating with many major media companies and studios such as Youtube, Twitch, Samsung, MGM, Lionsgate... to develop its platform. With the explosion of video streaming in recent years, Theta Network is expected to become a Youtube of the decentralized platform.

Theta Network uses 2 types of tokens: 

• Theta token (THETA) : THETA is the governance token of Theta Network. THETA coin holders have the right to participate in the system administration process as well as contribute ideas to build the Theta Network. Users can also stake THETA to become nodes and earn more rewards.
• TFUEL token (TFUEL) : TFUEL is used to pay fees such as transaction fees, smart contract deployment fees, etc. of Theta Network. TFUEL is also a reward for users when uploading videos, staking THETA, sharing bandwidth… on this platform.

Axie Infinity

Axie Infinity is a game built on the Ethereum blockchain. In the game, players will collect, nurture, train Axie pets then assemble 3 pets into a team to do missions as well as compete with other players to receive rewards. Axie pets are divided into groups with different attributes and encoded into NFTs.

Key features of Axie Infinity include:

• Battle System : Axies can fight each other to level up and grow.
• Breeding : Players can breed Axies to create new Axies. Breeding Axie will cost a small fee of AXS and SLP tokens. However, the number of reproductions is limited to a maximum of 7 times.
• Land : The Axie Infinity world is divided into NFT-coded plots of land. They can be the home or base of activity for pets. You can of course also upgrade your land by doing quests. Currently, there are more than 90,000 land lots in Axie Infinity.
• Marketplace : This is a place for players to trade pets, land, resources or other items earned during the game.

Axie Infinity is a product from Sky Mavis, a game company established in early 2018 in Vietnam. Some prominent partners of Axie Infinity can be mentioned such as MakerDAO, Samsung, Binance, Kyber Network...

The AXS token is the official utility token of Axie Infinity and is used for:

• Staking : Players can stake AXS and receive weekly rewards.
• Governance : Players holding AXS have the right to vote on the features they want in the game as well as some rules and policies.
• Means of payment : AXS is used to perform transactions in the game such as buying and selling land, resources, breeding ...

Chiliz

Chiliz is the first platform to apply blockchain technology to the sports industry. The Chiliz founding team has developed a platform called Socios.com, which allows users to both own cryptocurrencies and vote for their favorite clubs or sports.

What makes the Chiliz platform unique is the fact that it allows sports fans and clubs to interact with each other in a variety of ways. In addition to the usual interactions such as likes, shares or comments, fans can support their favorite club directly through Chiliz's system. They will also be able to vote on important club-related activities such as voting for the next season's uniform, the best athlete, etc. Users will use CHZ tokens and the club's own tokens. set on the Chiliz platform to participate in these voting and voting.

Currently, Chiliz has announced that Socios.com is an official partner of the world's leading sports clubs such as Paris Saint-Germain, Juventus, AS Roma, West Ham United, Barcelona, ​​Atlético de Madrid, Galatasaray …

CHZ is a token in the Chiliz ecosystem, used for the following purposes:

• Payment : CHZ is used to pay for services such as converting club tokens into CHZ, voting, voting, etc.
• Profit Sharing : All eSports teams, clubs, leagues, sports organizations that contribute to the creation of an ecosystem on Chiliz will get a share of a percentage of the revenue and paid in CHZ.

Enjin

Enjin is a platform that provides products and services related to online games based on blockchain technology. Enjin makes it possible for game developers to code and manage in-game items through Ethereum's blockchain platform. Enjin provides many tools that allow gamers or game developers to easily create community Web sites, forums to buy and sell items or characters in their games.

Enjin's big and reputable partners include Samsung, Microsoft, Binance, CoinMarketCap...

Enjin Coin (ENJ) is the official token of the Enjin ecosystem. Users can ENJ to buy, sell, exchange items and games in Enjin's ecosystem. ENJ can also be used to pay for service fees when you want to release a game, item or currency used in that game.

Decentraland

Decentraland is a decentralized virtual reality platform built on the Ethereum blockchain. In the world of Decentraland, users can own, buy, sell and develop plots of land according to their preferences. The land itself, as well as the virtual assets built on it, are NFTs. Users can also connect and interact peer-to-peer with other users, participate in many activities, events, business... at Decentraland similar to in the real world.

MANA is an official utility token of Decentraland. Users can use MANA to purchase land, items, collectibles, and entertainment in Decentraland.

frequently asked Questions

What is NFT? 

NFT stands for Non-fungible token. This is a token that is encrypted on the blockchain, representing a unique asset.

What makes an NFT valuable?

The value of the NFT comes from the exclusivity as well as the rarity of the asset it represents such as a work of art, audio, video, games, etc.

What is the connection between NFT and cryptocurrency?

NFTs are not cryptocurrencies, but they are also built and created based on blockchain technology. The blockchain also holds a record of all transactions connected to the NFT and the assets it represents.

Where does the money that you make in NFT games come from?

The amount you can earn playing NFT games depends on the mechanics of each game and market demand. That money comes from players who have a need to play games, speculating through the purchase and sale of cryptocurrencies, NFTs, game items.

How to get NFT Binance Market Account?

You can use your regular Binance account to access the Binance NFT Marketplace.

Which cryptocurrency is used to buy, sell, trade NFT on the Binance NFT Marketplace? 

NFT Market Binance supports 3 cryptocurrencies, BNB, BUSD and ETH for the purchase and sale of NFTs.

Do users need to complete identity verification before trading NFT on NFT on the Binance NFT Marketplace?

You need to complete the identity verification process on your Binance account to be able to start trading NFT on the Binance NFT Marketplace.

summary

Through this article, TraderH4 has provided you with the most basic information about the Binance NFT Market along with the top 5 NFT coins listed on Binance that are worth investing in. With the trend of GameFi and Metaverse emerging recently, these projects promise to continue to attract a lot of attention and investment from many investors in 2022. Hopefully the above information. help you gain more knowledge about projects as well as make the best investment decisions.

• Binance denies accusations of manipulating the cryptocurrency market
• Cryptocurrency Exchange Binance Aims to Register for UK Operations