Hands on with the freshly minted Binance NFT Marketplace

Come and experience these basic features of the Binance NFT Marketplace.

This afternoon, the much-anticipated Binance NFT Marketplace went live as scheduled. As the first centralized NFT platform launched by an exchange, the Cryptocurrency NFT Marketplace has attracted the attention of many community NFT enthusiasts and collectors.

Hands on with the freshly minted Binance  NFT Marketplace

Binance NFT Marketplace Website Home

While appreciating the crypto artwork, users are equally interested in how the new attempt at a centralized NFT marketplace compares to on-chain NFT marketplaces like OpenSea? What features does it offer? How does it work? Chain News has compiled this primer based on some official information disclosed by Cryptocurrency to help you easily play the Cryptocurrency NFT Marketplace.

What is Cryptocurrency NFT Marketplace?
The Cryptocurrency NFT Marketplace is a marketplace featuring various forms of digital artwork and collectibles. Supported by the Cryptocurrency blockchain infrastructure and community, the Cryptocurrency NFT Marketplace provides a highly liquid and centralized trading platform for users to launch and trade NFT.

Currently, the Binance NFT Marketplace contains three product lines.

Trading Marketplace: provides basic functions for minting, buying and selling NFTs (the minting function is not yet available to regular users)

Events: for exhibitions, unique collectibles, etc.

Blind Box: Participants randomly draw NFT pieces with different rare attributes

Since the trading market is the core and basic function of the NFT platform, the following describes the detailed operation process of casting, buying and selling NFT works respectively.

Casting (currently open only to licensed creators)
Click the “Create” button on the NFT Marketplace home page to start casting NFT works.

Hands on with the freshly minted Binance  NFT Marketplace

You can select the image, video, audio or document that you want to be made into an NFT on the upload page.

Hands on with the freshly minted Binance  NFT Marketplace

The next step is to add all the relevant information needed to create the NFT. For example, select whether you want to create a single NFT (BEP-721) or create a series (BEP-1155). Where series allows you to sell multiple versions of your collection, each uniquely distinguished by an identifier.

Make sure you have enough BNB in your account to cover the casting fee before clicking “Create”.

Hands on with the freshly minted Binance  NFT Marketplace

After confirming that the NFT will start casting, you can see the contract address and Token ID on the completion screen.

Hands on with the freshly minted Binance  NFT Marketplace

You can find all the NFTs you currently have on the “Collection” page under “NFTAsset”, and you can also choose to import NFTs from other wallets and view them.

Hands on with the freshly minted Binance  NFT Marketplace

The “History” tab is divided into three sections: Bidding Orders, Sales History, and Purchase History. Among them, “Bidding Orders” allows you to check the records of all auctions you have participated in as a buyer.

Hands on with the freshly minted Binance  NFT Marketplace

Frequently asked questions
Who is eligible to cast NFTs on the BinanceNFT marketplace?

Currently only authorized creators can directly cast NFTs, but in the future this feature will be available to all registered users.

  1. on which blockchain will the bound blockchain mint NFTs?

The minted NFTs will exist on BSC, and multiple blockchains will be supported in the future.

  1. How much is the casting fee?

The casting fee for each NFT on BSC is 0.005BNB.

  1. What file formats are accepted, and what is the maximum upload size?

Images: JPEG, PNG, SVG and GIF

Video: MP4, MPEG and AVI

Audio: WAV and MP3

Files: PDF

All files should be less than 50MB. 5.

  1. Can I cancel the creation while it is casting?

Once the fee has been paid, the casting will start and cannot be aborted. Since the creation of an NFT is an on-chain action, the team cannot delete or change the information that has been added to the blockchain.

  1. Where is the content of the NFT stored?

The content is stored in a centralized server. The content is not on the chain, but the NFT pieces associated with it are on the chain.

  1. Can minted NFTs be modified?

Once minted, it cannot be modified, but a minted NFT can be deleted and a new one minted with the same file.

Purchase
In addition to minting NFTs, the Binance NFT Marketplace also allows users to purchase NFTs directly from the shelf, either by participating in an auction or by purchasing them directly at a fixed price, and currently supports payment in a variety of cryptocurrencies including BNB, ETH and BUSD.

Creators of NFTs and those who import existing NFTs to the platform receive a 1% cut of all transactions for those works.

How to Participate in NFT Auctions
The auction format is easy to understand, as the highest bidder within a limited time period will be able to purchase an NFT work for sale in the auction format.

The details page allows you to view the NFT description, images, bid history and other details. Click the “Submit Bid” button to confirm your bid.

Hands on with the freshly minted Binance  NFT Marketplace

In the pop-up dialog box you can enter the bid amount. The minimum bid raise requirement means you need to raise at least this amount over the last bid to place a bid. Click “Bid” to complete the bid if the amount filled in meets the conditions.

Hands on with the freshly minted Binance  NFT Marketplace

If the amount in your account is insufficient, the Marketplace will prompt you to top up.

Hands on with the freshly minted Binance  NFT Marketplace

Once a successful bid is placed, an alert of a successful bid will be visible.

Hands on with the freshly minted Binance  NFT Marketplace

How to buy a fixed price NFT
Buying an NFT in an instant sale is easier than in an auction. Once you find the NFT you want to buy, click “Buy Now” to pay full price for the piece directly.

Hands on with the freshly minted Binance  NFT Marketplace

You can also quote a relatively low intended price, and the seller can decide to accept or reject such an offer.

How to buy a blind box
A blind box contains a random NFT that is only revealed when you open the box. There are four grades of NFT that can be opened in the blind box, categorized in descending order of rarity as SSR, SR, R and N.

The purchase screen of the blind box will show the pricing of the blind box and the number of boxes available.

Hands on with the freshly minted Binance  NFT Marketplace

The introduction page also shows the chances of being able to purchase various rarity pieces.

Hands on with the freshly minted Binance  NFT Marketplace

Enter the number of blind boxes you need to purchase and click “Buy” to enter the order confirmation screen.

Hands on with the freshly minted Binance  NFT Marketplace

After purchasing a blind box you can choose to open it immediately or add it to your collection. Blind boxes are sold non-refundable, but you can resell the blind box or the NFT pieces opened from it directly.

Hands on with the freshly minted Binance  NFT Marketplace

Listing and Selling
Selling NFTs on the platform also gives you the option to sell them at a fixed price or as an auction. NFT creators who import their existing NFTs to the platform or complete their minting directly on the platform will receive a 1% cut of each transaction for that work.

How to sell NFTs on the Binance NFT Marketplace
First, you need to confirm the form and length of the sale and submit the information, and then the work will be listed according to the seller’s wishes after the platform has reviewed it.

After successfully creating an NFT, you will see the “Casting Completed” screen. Click the “ListNFT” button to list the cast NFT.

Hands on with the freshly minted Binance  NFT Marketplace

To list a favorite NFT, visit the “NFTAsset” page and click on the NFT you want to list.

Hands on with the freshly minted Binance  NFT Marketplace

Click “ListNFT” to jump to the interface of setting sales rules.

Hands on with the freshly minted Binance  NFT Marketplace

The “highest bidder wins” format allows you to set a starting price for your work, and the page also allows you to set a specific form of payment in cryptocurrency.

Hands on with the freshly minted Binance  NFT Marketplace

The “set price” format allows you to set an expected price, and once someone is willing to pay that preset price, then you can buy the NFT piece outright.

Hands on with the freshly minted Binance  NFT Marketplace

The next step is to specify the date and time when the auction or fixed price sale will end, limited to no more than 30 days from the start of the listing time. It is also possible to select the most appropriate category for the NFT to match. Sellers can also add some descriptions to show interested buyers the features of the NFT.

After confirming the information is correct, click the “Submit” button to submit.

Hands on with the freshly minted Binance  NFT Marketplace

The platform will review NFTs before they hit the shelves, a process that usually takes 4-8 hours, and once the review is complete, you will receive an email or text message. In addition to this, users can also customize the time it takes for NFTs to hit the shelves.

Hands on with the freshly minted Binance  NFT Marketplace

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/hands-on-with-the-freshly-minted-binance-nft-marketplace/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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