Start your own Binance NFT market


A report from NonFungible.com says that the global NFT market skyrocketed to $ 250 million in 2020 with an increase of 299%. These NFTs comprehensively revolutionized the digital art industry and stood firm in recognizing the masterpieces of competent artists around the world. Plus, it gives creators immutable property rights and earns them royalties.

Recognize the growing trend of NFTs

Crypto investors have now turned their attention to developing a dynamic NFT market to meet the upward trend of NFTs. Along these lines, NFT’s growth was further strengthened when Binance confirmed the launch of its own market.

This blog exclusively talks about Binance NFT and the supremacy of creating your own Binance NFT Marketplace.

Launching Your Own Binance NFT on the NFT Market – A Walkthrough

Binance NFT is a marketplace that allows renowned creators, such as artists, to convert their masterpieces into NFT. This world of collectibles is a visual treat for fans of digital art. The platform allows participants to buy, sell, trade, mint and hold NFT safely.

The marketplace built on top of Binance’s smart chain network

The market is based on the robust Binance Smart Chain network and helps users with high speed transactions at a much cheaper price. Furthermore, it operates with the aim of providing users with a smooth and frictionless NFT trading experience, thus establishing a direct connection between fans and creators of digital art.

The work of great artists

The platform highly recognizes the artwork of competent artists and enables them to make magnificent profits like never before. Additionally, the royalty scheme allows artists to earn royalties for their artwork every time it is resold on the platform. Hence, it is one of the phenomenal platforms for expert creators all over the world.

Binance NFT Sphere

The Binance NFT sphere is built with three imperative product lines. Includes Marketplace, Events, and Mystery Boxes. It is these product lines that make Binance NFT unique in the market.

Market: As discussed, it is a place where participants exchange their adorable NFTs effortlessly. The market is meticulously designed with a splendid showcase that captures the attention of users instantly. They can buy their NFTs through auctions or fixed price lists.

Events: It is an exclusive section to purchase special and rare NFTs from popular brands or well-known creators. Artists, celebrities, musicians and athletes are part of the creators. These rare NFTs will be bolstered by big name names and organizations.

Buying such assets and adding them to collections would increase the value of the assets. Ultimately, these valuable assets can earn you unimaginable profits.

Mystery boxes: These are the guaranteed boxes that contain a random NFT. There are four varieties of mystery boxes available on the platform.

Mystery Boxes include Normal (N), Rare (R), Super Rare (SR), Super Super Rare (SSR). It is entirely up to the user to prefer the mystery box type. It can be bought and even traded among other NFT lovers for the equivalent price of the NFTs it contains. Also, once mystery boxes are purchased, they can never be returned.

The user can add NFTs to their collection or sell them to other merchants. Additionally, it helps users to significantly reduce transaction fees by purchasing NFT in bundles rather than purchasing them individually.

Workflow of Binance NFT Marketplace Development

We know that NFTs can be purchased through auctions or fixed price listings, and the same goes for Binance NFT. Whenever a transaction occurs, a small fee is deducted from the buyer, which is called a transaction fee. The detailed working procedure of the platform is discussed below.

For creators

  • Creators can register their profile by linking Binance account. And you can create one if it is not available.
  • Once the account is created, they can also link the wallet.
  • Digital works can now be uploaded.
  • They can then start the minting process.
  • It is a process to convert your digital works into NFT.
  • Once the asset minting is done, the creators can provide the title, description, and set price of the NFTs.
  • Then the NFTs can be listed.
  • It can be included in auctions or fixed price sales, depending on your requirements.

For buyers

  • The process of creating an account is similar to that of the creators. They can configure their profile and link wallets to allow transactions.
  • The storefront displays all available NFTs.

Auction

  • To purchase an NFT that is listed at auction, buyers must bid.
  • When bidding, show a minimum margin value. The offer must be greater than this value.
  • Then it redirects to the wallet. If there are enough cryptocurrencies in the cash wallet, the transaction will be successful.
  • If the wallet does not have cryptos, it asks the user to deposit assets. BNB, BUSD, and ETH are some of the commonly accepted cryptocurrencies.
  • The highest bid in the specified time will be the winner.
  • Once the sale is complete, the amount will be debited from the wallet and NFT will be transferred to the buyer.

Fixed price sale

  • It is a much simpler process compared to auctions.
  • It can be purchased by clicking the Buy Now button.
  • In addition, it allows buyers to make a special offer. They can ask the creators to hand over the asset in the proposed offering.
  • If the creator accepts the offer, the buyer can purchase NFT at the proposed price.
  • Otherwise, they must pay the original price to acquire NFT.

Create and launch your own NFT market like Binance NFT

We would all have heard of NFTs that have reached million and million dollar milestones in recent times. For example, the best-selling NFT ever was Beeple’s digital art, which soared nearly $ 69.3 million.

The rise in the NFT curve has given market carriers an advantage. They have enormous benefits of charging commissions for each operation that is carried out on the platform. Apart from that, they will also charge for the minting and listing of NFT.

In this way, launching his Binance NFT Market is the right decision to jump-start your cryptoperineurial life. Without a doubt, it is an infallible business model to obtain notable income.

Final thoughts

So it is the right time to start your NFT business and you cannot find a more promising business in the crypto space.

It has now become the most popular business model on the market and investors are showing great approval for the project.

Take full advantage of this situation and shape your own market as Binance NFT.

As the platform carrier, you can fully customize the market with your own features and functionalities to suit your business needs.

Aria brielle

Aria brielle

Aria Brielle is a Blockchain Consultant at Cryptocurrency exchange script. I am excited about new advancements in the crypto and blockchain exchange market. I collaborate with various organizations and help analyze their competitors to provide them with better strategies to improve and keep their businesses current.


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