How to Deposit and Sell NFTs on Binance

If you are new to the cryptocurrency world, one of the first things that you’ll learn is that there are different kinds of tokens out there. Not all of them are cryptocurrencies – some have properties that make them a lot more useful in real life than just being a means of payment. 

You can use Tokens to pay for services, purchase goods, or even represent a physical asset. If you are interested in purchasing digital assets that represent real-life objects, then you should take a close look at non-fungible tokens (NFTs).

Binance is one of the most popular exchanges in the world. They provide a simple and friendly way of buying and selling the newest blockchain-based tokens, preserving the original intention of cryptocurrency technology – to enable decentralized peer-to-peer transactions. This article will guide you through all the required steps to purchase and sell NFTs on Binance.

What are non-fungible tokens (NFTs)?

Non-fungible tokens (NFTs) are records stored on the blockchain representing a unique digital or physical asset. NFTs are used in many applications, including video games, collectibles, and virtual land. For example, NFTs may be used to store unique information about a particular video game character or weapon.

For instance, the popular gaming platform CryptoKitties features digital cats as non-fungible tokens stored on the Ethereum blockchain. Users can purchase and sell these virtual cats for varying amounts of Ether (ETH) and breed them with each other to create new “genetic” variations of cats.

Any type of digital or physical asset can represent a non-fungible token. This means the tokens can be applied to applications that range from artworks to real estate listings. The owner of a physical or digital asset would receive full ownership rights over the associated NFT.

What is the Binance NFT Marketplace?

It is a digital platform based on the Binance blockchain ecosystem (BBE). The NFT Marketplace allows users to sell, rent, or trade non-fungible tokens (NFTs) and other virtual goods. Selling, renting, and trading virtual items can expand participation in virtual economies, benefiting both vendor and customer. 

The NFT Marketplace currently supports trading of seven Asset Classes (or Categories), including NFTs, T-Shirts, CryptoKitties, Crypto Games, Artwork, Collectibles, and Real Estate.

Why you should deposit and sell your assets on the Binance NFT Marketplace?

So why would you want to use Binance NFT Marketplace over other options? Here are some of the perks:

Transparency

Transparency – On Binance Chain, users can easily view all transaction history via the transaction explorer. Every transaction is recorded in the blockchain and can be traced back to the original token issuer address. This makes it easy to ascertain whether a specific company or individual has done any malicious activities before depositing their NFTs on the blockchain.

Insurance program

One of the greatest risks in owning digital assets is that they could disappear overnight. These risks are even greater with NFTs because they are still new and relatively untested. Binance allays these fears by offering insurance to investors who hold their NFTs on the platform. The insurance program provides coverage against hacks, internal theft, and even legal liability.

Accessibility

The Binance DEX (Decentralized Exchange) operates on a distributed network and is therefore accessible to users anywhere in the world. However, centralized exchanges operate on a central server, making them vulnerable. They are also physically located in a particular jurisdiction, subjecting them to local regulations. This limits their access to some regions.

A global market. 

Binance’s NFT marketplace is available to the entire world, whereas most competitors only have a select number of countries they serve. This means that there’s more liquidity and more potential buyers for your token on Binance’s NFT platform than on other sites.

Binance Low trading fee

Binance NFT charges 1% per transaction and no fees for creating or listing a new token. In addition, users can deposit any ERC-20 token and any coin in existence thanks to the support for Bitcoin and Ethereum blockchains!

How to deposit NFTs on Binance NFT?

Now that we have explained what non-fungible tokens are and why you should trade them on Binance NFT Marketplace, it’s time to consider how to transfer your tokens from an external wallet to your personal Binance account.

Step 1 – Login to Binance NFT

Visit https://www.binance.com/en/ and navigate to NFT after logging in. Alternatively, you can copy this link https://www.binance.com/en/nft directly and click on the login button to access your Binance NFT account.

Step 2 – Click on User Center

Once logged into the Binance NFT account, click on the user icon located in the upper right-hand corner of the navigation bar. From the drop-down, select “User Center” on the list.

Step 3 – Initiate the NFT Transfer process

Navigate to the “NFT Assets” tab on the User Center page. Then, click on “Deposit” to begin the NFT transfer process.

Step 4 – Choose a transfer network

This is the stage where you choose a blockchain network to host the NFT. Binance NFT Marketplace supports Ethereum networks and Binance Smart Chain (BSC). Choose a network, and click on confirm.

Step 5 – Link your wallet to Binance NFT

MetaMask is the recommended wallet of choice by Binance NFT. Although you can link to more than fifty wallet options supported by the WalletConnect protocol.

If you choose to connect with MetaMask, a preinstalled MetaMask wallet tab will pop up. You may need to log into your MetaMask wallet to authorize the connection.

Please note: MetaMask supports both the Ethereum and BSC networks. However, you must choose the right network to prevent sending your assets via the wrong protocol and potentially losing them. For instance, if your NFT is stored on a BSC protocol, select the BSC network in step 4.

Step 6 – Enter your NFT’s smart contract address.

A smart contract address is a general term used to describe the location where smart contracts are stored. These addresses are generated by public and private keys that form a unique pair for each smart contract address. 

By default, these addresses are created using a combination of numbers and letters. This is an example of such address: 0xEC6f8ef6DCEbF05f07a7Dd9e4c4Bb88Cd1CaC51. This address is usually found on the NFT description page.

Locate the NFT Contract address copy and paste it on the “Contract Address field.” Binance only accepts deposits from approved contract addresses integrated with the NFT marketplace. You can find the list of pre-approved contract addresses here.

Step 7 – Select the NFT to deposit

If Binance NFT links seamlessly to your contract address, all NFTs associated with the contract will be displayed. However, you can only deposit one at a time. To deposit more than one NFT, you will need to repeat this process for each token.

Select your preferred NFT, scroll down, and click on the confirm button.

Step 8 – Settle the transaction fees

The transfer of NFTs between wallets is a network transaction and attracts a network fee. Binance NFT will prompt your MetaMask wallet to set a gas fee.

MetaMask, by default, will prefill the gas fee, and this figure is usually the most appropriate. But you can choose to increase or lower it to a preferred amount. Click the confirm tab to authorize the transaction.

After confirmation, the NFT will be deposited into your Binance NFT account. The User Center page will list all the NFTs you own.

How to list and sell your Non-fungible tokens (NFTs) on Binance NFT

Now that your NFT has been safely deposited into your Binance NFT account, you may decide to sell or hold it. The following steps explain how to list and sell your NFTs on Binance.

Step 1 – Click on the “NFT Assets” section

Following the steps described in step 2 above, navigate to the “User Center page.” You will be presented with four tabs: Crypto Assets, Mystery Boxes, NFT Assets, and Favorites.

Select NFT Assets. This will display all the NFTs in your Binance NFT account. If you own mystery boxes, they will be held in different categories. They hold undisclosed NFT; once unlocked, the contents will be transferred to your NFT Asset section.

Step 2 – Select asset for listing

Navigate to the Collections tab to show all the assets in your Binance account. Next to this tab is one for “On Sale” items. This is where all listed NFTs will be displayed. This menu is where you can confirm if an asset has been listed on the marketplace or denied By Binance.

Choose the NFT you want to list. Then, hover on it, and a “List NFT” hidden button will come up. Click on it and continue to the next step below.

Step 3 – Provide listing instructions

This is where you provide listing instruction to either list the NFT as a direct sale or auction. If listed as an auction, the highest bidder buys the token. While for direct sales, it goes to the first buyer who clicks the buy button and makes the required payment.

For auction sales, you need to set the minimum price. This is the starting price for bidders. You will also need to select the asset to receive payment and a minimum bid markup. A minimum bid markup is an incremental amount from the latest highest bid. You can set a bid markup between 5% to 20%.

Please note, Binance will charge an extra 1% on the sale price. This is sent to the original creator of the NFT as royalty. As such, the total deductions come to 2% (1% royalty fees and 1% platform fees). 

As part of the setup, you also get to determine when your listing should go live. For example, you can list immediately after Binance approval or a set time and date.

The next step is to choose a category to help buyers locate your listing in the marketplace. You can only select one category. Try to choose the category that best describes your NFT. You can also provide descriptions to help sell the NFT. Then click submit.

Binance will review your listing against their policies. This process may take between four to nine hours. If approved, your listing will go live or scheduled as per your listing instructions.

Conclusion

Selling NFTs on Binance is a great way to put them to use. The digital platform provides an easy way to buy and sell digital goods, and it’s also an excellent place for NFTs to gain exposure and potential value increase. 

As you can see, selling NFTs on Binance is not too complicated once the support team has verified your asset and made you an issuer. If you are on the lookout for an easy way to sell your non-fungible tokens or want to see if they have any value at all, Binance is an excellent choice.

We wish you luck on your journey to becoming an NFT seller! We hope you can effectively complete your listing and sales successfully on the Binance platform. We also hope you will use this guide’s information to build a strong presence in the world of Non-fungible tokens (NFTs).