Binance NFT: How to earn on tokens?

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NFT is a special form of digital asset that is rapidly gaining popularity among investors. NFTs are non-fungible tokens that cannot be swapped or split. These tokens confirm the right of the owner to a specific digital object, which makes it an attractive investment tool.

The Binance exchange allows its customers to invest in NFT tokens. To make it happen, the exchange opened a proprietary NFT marketplace, which allows any user of the platform to list their own NFT on the exchange, or buy an existing one with the hope of selling it at a profit in the future.

How does Binance NFT work? What are its advantages and disadvantages? How to start trading NFTs on Binance? Experts at the Traders Union prepared this article that will help you answer these questions and understand all the details of Binance NFT, as well as learn how to profit from NFTs.

What is NFT?

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An NFT is a unique, non-fungible token. It is impossible to replace an NFT, and all the information contained in the token is unique. The cost of an NFT depends on what data is stored in it.

Unlike conventional tokens, NFTs cannot be split and the information contained in them cannot be damaged or changed.

However, NFTs can be composite. For example, an album of 10 songs can be encrypted in 10 different tokens.

Information such as images, music, text, video, 3D models, etc., can be encrypted in an NFT token.

Due to their unique nature, NFTs can be used to certify the right to unique objects, such as collectibles or luxury items.

Concept of Binance NFT

Binance is one of the largest and most popular cryptocurrency exchanges in the world. The exchange was launched in 2017 during the time of the hype for digital assets, and over the years it managed to win the trust of hundreds of thousands of customers. Binance offers customers over 300 cryptocurrencies and tokens from which to choose, and the list is constantly updated with new coins. In addition to trading cryptocurrencies, Binance launched a proprietary marketplace in 2023 where users can work with NFTs.

Binance NFT allows traders to trade NFTs of any type. Any user of the exchange can publish a token, approval from the administration is not required. Payment for NFTs is made in Ethereum, Binance Coin, or Binance USD. To trade both cryptocurrencies and NFTs on Binance only one trading account is necessary.

Advantages of Binance NFT

Support of several blockchains

Binance allows customers to stake their NFT tokens regardless of which blockchain it was developed or mined on.

Wide variety of NFT collections

Binance provides a wide variety of collections, on Binance you can buy gaming, art, sports, and other NFT collections.

Low commissions

Commissions are an important detail to consider when choosing a marketplace. Binance is one of the cheapest NFT trading platforms.

High liquidity

The Binance exchange has a good level of liquidity due to its high trading volume. This means that when you sell an NFT token for cryptocurrency, you can cash it out at an attractive price, about which exchanges with low liquidity cannot boast.

Platform reliability and good reputation

When choosing a cryptocurrency exchange, it is important to make sure that the platform has a good reputation among its users. Binance has a reputation for being a trustworthy cryptocurrency exchange. Even though the exchange does not have a license from well-known regulators, Binance cares about its reputation and tries to quickly resolve conflicts with its users if they arise.

Disadvantages of Binance NFT

The disadvantages of Binance NFT are related to the disadvantages of the exchange itself. These include:

  • Lack of reliable regulation

  • A history of being hacked

NFT Binance Marketplace

Binance NFT Marketplace

Binance NFT Marketplace

To get to the NFT Marketplaces section, on the Binance home page, you need to select NFT, which is a separate tab at the top of the home page. You will be taken to Binance NFT. Three tabs will be available there — Games/IGO, Marketplace, and Mystery Boxes. These will be discussed in more detail later.

On the marketplace, you can see a huge number of different NFT paintings that are available for purchase. You can buy NFTs with currencies such as BNB, BUSD, and Ethereum (Ξ). You can find options for many e-wallets. Binance NFT has a user-friendly interface that will help you filter the pictures that are perfect for your search. You can search by collections, filter by status (on sale or pending), by type of sale (fixed price or auction), and you can specify in which cryptocurrency you want to purchase a painting, as well as set an upper and lower price limit to get paintings in the acceptable price range. You can also sort NFT tokens by file type. If you are not interested in paintings, you can study the audio or video recordings available for purchase in the NFT token format.

Binance NFT Mystery boxes

Binance Mystery Boxes

Binance Mystery Boxes

Mystery boxes are a product that contains one or more NFTs. As the name implies, you will know what is contained inside such a box only after you open it. The content can be either cheaper than the price you paid for the mystery box or it may be much more expensive. Also, you can keep mystery boxes closed, but wait until they grow in price and sell them unopened. You cannot sell open boxes in the form in which you bought them, but you can sell the products you received on the Binance NFT marketplace in the usual way.

To get acquainted with the list of mystery boxes available for purchase, you need to go to the Mystery Boxes tab. Next, open the offer that interests you. There will be a rough description of mystery boxing, and a general outline of what to expect. Then, decide whether you want to buy the box, or look for other, more suitable offers. When you have found a suitable mystery box, you can either buy it or participate in the auction. Like NFT tokens, mystery boxes can only be purchased with BNB, BUSD, or ETH.

How to start trading Binance NFTs

To start trading Binance NFTs is easy. Just follow the below steps.

Registration

Before you start trading with Binance NFT, open a trading account with Binance. To do this, go to the official Binance website and start registration.

Registration on Binance

Registration on Binance

Once you have clicked on the “Register” button, you will be taken to a special page where you will need to provide certain data that is necessary to create a Binance account. Provide an email and phone number, create a password, and provide other information that Binance requires during registration.

Registration on Binance

Registration on Binance

Verification

After you have completed the registration, you need to verify your account. Verification on Binance is not required, however, the Traders Union encourages you to complete it because unverified accounts have certain restrictions that prevent the trader from fully enjoying all the functions of the platform. There are two types of Binance verification: Standard and Plus. Standard verification takes up to 10 business days, and you must provide personal information, pass facial recognition and provide the platform with a photo of a government-issued document. It can be an internal or foreign passport or a driver’s license. Binance does not accept documents that have expired. Verification Plus requires address verification. The term for consideration of the application is up to three working days.

Funding the account

Funding the account

Funding the account

After you have registered with the Binance exchange and verified your account, you need to fund your account. The account can be funded with 12 fiat currencies and cryptocurrencies. You can fund your account using a credit/debit card, e-wallets, bank transfers, and cryptocurrencies. Funds are credited quickly; with a debit or credit card, funding occurs almost instantly. The speed of funding by bank transfers depends on the speed of the bank you have chosen.

NFT trading on Binance

After you have money in your wallet, you must convert it to cryptocurrency. Binance NFTs are only traded for BNB, ETH, and BUSD. One or more of these coins must be in your account in sufficient quantity to purchase the NFT in which you are interested. You can convert fiat currency or other cryptocurrencies into one of these coins on the Binance exchange. Go to the NFT section and select the desired NFT. Then, click “Buy Now”, or offer your price, perhaps the seller will agree to sell the token for less. Once you have clicked buy a token, the required amount you used to pay for the purchase will be frozen in your wallet until the seller confirms or cancels the transaction. As soon as the transaction is confirmed by both parties, the NFT becomes your property. Please note that not all NFTs can be bought immediately, some tokens are traded at auction and may cost you more than you expected.

Summary

Binance NFT is a fairly young section of the Binance exchange. The marketplace was launched in 2023 but is already considered one of the best NFT marketplaces. The Binance exchange offers good liquidity, has a reputation as a reliable cryptocurrency exchange, has a wide variety of NFT collections, low fees, and other advantages that attract more and more new customers who develop the exchange, including Binance NFT. If you are interested in NFT tokens, you should pay attention to the Binance exchange.

FAQs

How much can I earn on NFT?

Earnings on NFT are not limited. The value of NFT depends on the type of token you are trading and what asset it is linked to. The more valuable the asset, the more expensive is the NFT. If you want to make money on NFTs, you should study in-depth which tokens have the potential to rise in price and whether they will be of interest to other users.

Are NFTs legal?

Most countries do not regulate the trading of cryptocurrencies, including NFTs. However, there is no ban on the use of NFTs in most countries.

Is it possible to buy NFTs on Binance using fiat currencies?

You can only buy NFT tokens on Binance with BNB, BUSD, and ETH. You cannot make purchases with fiat currencies.

Team that worked on the article

Alamin Morshed
Contributor

Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.

Over the past four years, Alamin has been working independently and through online employment platforms such as Upwork and Fiverr, and also contributing to some reputable blogs. His goal is to balance informative content and provide an entertaining read to his readers.

His motto is: I can dream or I can do—I choose action.

Johnathan Maverick
Financial Markets Expert

Johnathan M. is a U.S.-based writer and investor, a contributor to the Traders Union website. His two primary areas of expertise include finance and investing (specifically, forex and commodity trading) and religion/spirituality/meditation.

His experience includes writing articles for Investopedia.com, being the head writer for the Steve Pomeranz Show, a personal finance radio program on NPR. Johnathan is also an active currency (forex) trader, with over 20 years of investing experience.

Johnathan has been doing freelance writing – primarily on finance, small business, and investing – for over 20 years. He has ghostwritten several books, including complete guides to forex trading, spiritual autobiographies, and a book on cosmetic dentistry. He has also done a lot of editing and proofreading work (the Corporate Finance Institute hired him to edit over 2,000 existing articles on its website). In addition, he has published one novel – "A Cross of Hearts" (available on Amazon).

Johnathan’s experience includes writing 5-10 articles per week for Investopedia.com for about two years, and being the head writer for the Steve Pomeranz Show, a personal finance radio program on NPR. He is an active currency (forex) trader, with over 20 years of investing experience, having worked as a broker, financial advisor, and personal investing tutor. He has written literally thousands of articles and blog posts on an extremely wide variety of subjects, including virtually every conceivable investing/trading topic.

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.