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WHAT IS AN IGO & WHAT IS IT FOR? HOW DO I BUY, SELL, DEPOSIT & WITHDRAW ON BINANCE NFT?

WHAT IS AN IGO & WHAT IS IT FOR?

HOW DO I BUY, SELL, DEPOSIT & WITHDRAW ON BINANCE NFT?

Beginner. Published: November 30th 2021. Updated: December 1st 2021. Reading Time: 10 minutos.

Original: ESPAÑOL. Translation: ENGLISH (Thanks to DeepL)

Note: As the original was written in Spanish, the screenshots are from the Spanish version, I will gradually share rest in English.

Note: As I made first a general article for NFTs, then for IGO, I am temporarily leaving the general one here, but I am making small articles divided by section to be able to update them much better.

Author: Binance NFT Artist @chibiguardians, Binance Angel Chibi Maya, Alessandra Moura (Chii) @portaljapon

https://accounts.binance.com/en/register?ref=QVQZMBT2

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  • WHAT IS AN IGO?
  • WHAT IS AN IGO FOR?
  • HOW DO I BUY ON BINANCE NFT?
  • HOW DO I SELL ON BINANCE NFT?
  • HOW DO I DEPOSIT OR WITHDRAW ON BINANCE NFT?
  • CHIBI THOUGHTS
  • CHIBI LINKS

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WHAT IS AN IGO?

  • I: Initial.
  • G: Gaming.
  • O: Offering.

An IGO, Initial Game Offering, corresponds to an Initial Game Offering and is the same as the concept of ICO, Initial Coin Offering, Initial Coin Offering of Cryptocurrencies, so this is the way to support a game in its previous or early launch to the market and it helps it to go to market much faster in the exchange and even more, you can gain substantial profits once it has been definitively launched.

IGOs represent more than 50% of the transaction volume of NFTs (Non Fungible Token) or tokens as currency and rewards in the game that is called Play to Earn, as the best known nowtoday, Axies Infinity with thousands of daily active users, more than a billion dollars in sales, its token AXS and SLP or others such as Cryptoblades (SKILL), Alien Worlds (TLM).

At the end of October 2021, Binance NFT launched its first and own IGO.

They can be purchased through fixed price, auction or mystery boxes just like any other NFT, only in this case we´re speaking about the ones that have some utility in a game and has not yet been released to the market.

Each set usually comes with a brief introduction to the game, development roadmaps, previous designs, NFTs already available for sale and what will be delivered at each stage.

If anyone wants to launch an IGO collection on Binance NFT, you can fill out the request form. We are open to any high quality gaming project on all blockchain networks, but in collaboration with the 1 billion Binance Smart Chain fund, Most Valuable Builder (MVB) winners have a higher chance of being selected.

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WHAT IS AN IGO NFT FOR?

All NFTs can have any utility they have thought of for the game itself: from early access passes, characters, weapons, items, clothing, cosmetics and masks exclusive to Binance.

Benefits:

  • Exclusivity of projects and new NFTS video game initiatives on Binance.
  • All content can be used in-game.
  • VIP previews and exclusive early access to NFT tokens before the official public launch.
  • Access to premium NFTS tokens at low cost, some of the releases will be offered at a much lower price to Binance NFT users.
  • It is the basis for a video game metaverse that connects high quality blockchain games and NFT tokens with the crypto community. Play to earn.

Binance IGO types:

  • DeRace: 5 normal horses and 5 Binance horses. The NFTs for sale are the tickets that allow you to purchase a horse, before the official launch of the game and earn money in the game.
  • Cyball: it is the first triple IGO as it will be hosted on Binance NFT, Cyball and GuildFi. Soccer and Pokémon themed where users can collect, trade and guide Cyblocs (Cyborgs on the Blockchain) to ultimately play to win.
  • StarryNift: is the first mass gamified creation and launch platform for fun digital collectibles.
  • StarSharks: is a community-driven shark metaverse of a sustainable ecosystem.
  • Elfin Kingdom: a unique universe where as a player you can choose your own adventure, like in MMMORPG games, you can choose your role, explore maps, do daily challenges, mine or collect NFTs, connect with other players and create a community, fight and share.

Other NFTs of games that are already in development…

  • X World Games
  • Diamante Metamon
  • Thetan Arena
  • LFW
  • Faraland
  • Bunnypark
  • DNAxCAT
  • NFT Tower
  • Kryptomon
  • Mobox
  • My Neigbour Alice
  • Babyswap
  • Minas de Dalarnia
  • Dragon Mainland
  • Prometheus, etc.

 

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WHAT IS AN NFT?

  • Non:
  • Fungible:
  • Token: token/item/piece.

For more information, click here for the full article.

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HOW DO I BUY ON BINANCE NFT?

The Binance NFT marketplace brings artists, creators and cryptocurrency lovers together on a single platform, with the highest liquidity and the lowest fees, to create and trade the best NFTs.

  • Gaming/IGO: where you can find all the NFTs related to the games and the Initial Offers of the New Games offered in Binance.
  • Marketplace: where you can get unique NFTs from creators around the world on a daily basis.
  • Mystery boxes: you can receive a surprise NFT with different rarity levels and unit limits.
  • Premium events: exclusive NFTs from artists and brands of international influence and it is advertised on the main page when there are any.

 

  • You need a Binance account. If you are a new user, you can create one with my referral link and earn an extra 5% in commissions. Click here.
  • Complete KYC, the process of verifying your account to trade across the Binance ecosystem. Learn more about KYC.
  • Make a deposit or buy some cryptos (BUSD, BNB or ETH) and leave them on SPOT.
  • Once inside Binance, go to the NFT menu and accept the market terms and conditions.
  • You can see different menus and options to filter and find the NFT you want.
  • As you scroll down the page, you will see more rows with other NFTs.
  • Click on the NFT you are interested in, fixed price or current offer and it will appear in another window to continue with the transaction.
  • Click on the artist’s name to see all the NFTs they have for sale.
  • Click on the heart to save it in your favourites.
  • Share the NFT on Twitter, Telegram or by email.

 

 

On the main page you will find:

  • Banner with the most important NFTs (Mystery boxes, events…)
  • Last sales
  • Recommended Creators > [Discover more creators]
  • Recommended Collections > [Discover more collections]
  • Trending > [Discover more NFTs]
  • Gaming > [Discover more NFTs]
  • Today´s Picks > [Discover more NFTs]
  • Binance NFT > [Full User Guidance]
  • Support

 

After clicking on [Discover more Collections, creators] you can see the following rankings:

  • Top Collections (Collection, Volume USD, Sales, Items & Floor Price).
  • Top Sales (NFT, Network, Price, Time).
  • Top Creators (Creador, Volume USD, Sales & Items).

 

 

 

On the side you have the box with a drop down menu to see the historical ranking, 1, 7 or 30 days and of course you can click on each collection, NFT or creator to know more details.

After you click on [Discover more NFTs] you can select the following filters:

  • Categories: Premium, Art, Sports, Entertainment, Gaming, Collectibles, Esports, NFT for Good.
  • File types: Image, Video, Audio.
  • Sale types: Fixed price, Live Auction.
  • Currencies: BUSD, ETH, BNB. Mininum and maximum price.
  • Click OK. Or Clear all to choose another filters.

On the right side you have the box to search for items or creators and a drop down menu:

  • Recently listed
  • Ending soon
  • Price Low-high
  • Price High-low
  • Most favorited

 

How do I buy on the Marketplace?

(Fixed Price). You buy it and you keep it. If you think the price is reasonable, you have enough BUSD, BNB or ETH on Spot, click on [Buy now] and it will be yours.

 

  • Current bid. It’s an auction, so you can click on [Place a bid], but until the last minute or second anyone can bid for it. Ideally you should set a maximum of what you are willing to pay for your unique NFT. In some cases you can also have the option to [Buyout price] and take it right away.

 

If you don’t have enough SPOT balance to buy the NFT, you will be given the option to buy crypto.

All the NFTs you have acquired, they will appear in the profile (the little icon on the top right) [History] or in [User Center].

Mystery boxes

You have the chance to win rare NFTs in a box full of surprises that are only revealed when opened.

They started with the Tokidoki All Stars Mystery Box Series, but in the collections filter you can choose from all the ones that have been released: Bunnypark, Orlinski, Dream Card, Baby Polymons, Mave Musk, Vogue, Jojo Fun, etc…

Starting at 10 BUSD per mystery box, they have some limited editions marked by the symbol SSR (Super Super Super Rare), SR (Super Rare), R (Rare), or N (Normal).

Once purchased, you can list your mystery box unopened or open it and keep it or resell it.

If you didn’t get the mystery box you wanted or you want to buy another NFTs, you can go to the Mystery Boxes marketplace menu, filter by collections (there are all the ones that have been released for sale), NFT types (unopened or opened) and Sales types (auction or fixed price).

 

Once you have purchased your NFT in a premium event, from a creator or from a mystery box, you have two places where they are stored and located: [History] or [User Center].

Profile > [History]

  • Bidding Orders. Your bid is the highest / There is a higher bid.

Bidding Orders list all the NFTs you are currently bidding on in the auction. If there is a higher bid, you can click on that NFT and place another bid. Remember that until the last minute someone can outbid you.

  • Sales history.

Here you can see the list of successful (completed) or unsuccessful (unsold) sales or resales, or even any sales or resales you have cancelled (if no one has bid yet, you can cancel them).

  • Purchase history (NFTs events/Marketplace) o Mystery Boxes.

Here you have two menus where you can see the NFTs you have bought in events or in the general market, successfully (Completed) or not (Outbid), and some of the Mystery Boxes you have bought (Success).

  • Deposit & Withdraw.

From this menu you can deposit NFT from the contracts that are allowed. Check the social networks to check which ones they are, because if they are not allowed, you may lose your NFT along the way.

[User Center]

In the [Settings] button you can change the default username from anonimous_XXX to whatever you want. You can include a photo, biography and a banner. Click [Submit] and that´s it.

You can also edit the [Account limit], the default is 1,000 USD (864 €).

You have different menus:

  • NFTs > collections / on sale / Deposit / My wallet

 

  • Mystery Boxes > collections (new or open) / on sale
  • Cryptocurrencies > Available balance of BNB, ETH or BUSD and how much is invested in auctions. Closed or open eye to see it. Buy, deposit or withdraw. Below there is the transaction history.
  • Favourites > available for sale / not available for sale

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HOW DO I SELL ON BINANCE NFT?

From [User Center] > [NFTs] or [Mystery Boxes], hover your mouse over the NFT you want to put up for sale and the [List NFTs] button will appear and you can choose between different options:

  • Set price.
  • Highest bid. Minimum bid and make a bid with an (optional) fixed price [Auction a bid]. Minimum margin for each bid between 5, 10 or 20%.

 

  • Accepted cryptos: BUSD, BNB or ETH.
  • 1% commission of the total sale to Binance, once made.
  • 1% to the original creator/beneficiary.
  • List immediately after review (between 4 and 8 hours) or custome list time.
  • Expiration date (up to 7 days)
  • Category (Single choice): Art, Sports, Entertainment, Gaming, Collectibles, Esports, NFT for Good.
  • [Submit] > [Confirm].
  • You can view it in [User Center] > [NFTs] or [Mystery Boxes] > [On Sale].
  • Once the sale has been made or cancelled in [Profile] > [History] > [Sales history].

 

Additional notes:  

  • If someone bids on the NFT, the auction can no longer be cancelled.
  • If you have multiple NFTs of the same type, select one or more and set the price accordingly. Some users price one instead of several so the value is lower than desired. The price is for the set.

 

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HOW DO I DEPOSIT OR WITHDRAW ON BINANCE NFT?

You can deposit your NFTs at Binance in two easy steps:

Paso 1: Connect your Wallet.

  1. Go to Binance NFT and log in to your account. Click [User Center] [Import NFT].
  2. You will be redirected to [Wallet Connect]. Choose the network of your wallet and click [Confirm]. Currently, we support Binance Smart Chain and Ethereum network.
  3. Select the wallet you want to connect. Currently, we support MetaMask and WalletConnect. Please select a compatible network for your NFT, or your assets might be lost and cannot be recovered.
  4. You will see a pop-up from the MetaMask extension. Choose the account you want to connect to Binance NFT and click [Sign].
  5. In the case of Wallet Connect you will see the QR code to scan it with your wallet.
  6. Once i’s connected, you will be redirected to the page and click [Deposit NFT].

Paso 2: Deposit NFT.

  1. To deposit your NFT, paste your asset’s NFT contract address under [Contract Address] and click [Confirm]. Do not enter the address manually. For more details on how to find your NFT address, please refer to How to Find NFT Contract Address
  2. After verifying the contract address, you will see your NFTs. Choose the one you want to deposit and click [Confirm Deposit]. Please note that your NFT contract address needs to be pre-approved before you can import it to the Binance NFT Marketplace.
  3. You will see a pop-up. Set the gas fee for your deposit and click [Confirm].
  4. Once the process is complete, you can find your deposited NFTs in [User Center][NFT Asset] and you can list them for sale.

Deposit possible contracts:

https://www.binance.com/en/support/faq/3bee0ac7437649bc94b0903d1e22609f

It will soon be possible to send from Binance NFT to other platforms.

Complete Information in English:

https://www.binance.com/en/support/faq/baf0b9fe84d548ca99b5dd1c01a36066

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CHIBI THOUGHTS (my profile):

As an NFT artist, I wanted to go into Fine Arts and didn’t get it, I tried translation and didn’t get it either, but I started studying Japanese. Twenty years later I am a translator of Japanese anime for Netflix. Now I’m trying to take up my dream again and share what I see, what I draw.

I’ve been in the crypto world only since January 2021 and shortly after I volunteered as a Binance Angel to help newbies like me not to make the same mistakes, avoid being scammed and so on.

My NFTs (thinking also for an IGO) are finally on the Binance NFT web platform and I divide them into:

  • SSR (1-11 uniques). From 44 euros.
  • SR (22 gold + 22 silver + 22 bronze). From 33 euros.
  • R (33 of different colours). From 22 euros.
  • N (If you want it, you have it. For campaigns, donations… for cancer, volcano of La Palma etc). From 11 euros.

 

Author: Alessandra Moura (Chii) @portaljapon, Binance NFT Artist @chibiguardians, Binance Angel Chibi Maya.

(Twitter, Instagram, Facebook, Discord, Telegram Channel, Binance NFT, Featured Market…)

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CHIBI LINKS:

Binance registration with my referral and 5% for you:

https://accounts.binance.com/en/register?ref=QVQZMBT2

How to Get Started with Binance NFT Marketplace | Binance Support

Binance in English: https://t.me/binanceexchange

Binance NFT in English: https://t.me/binancenfts

Binance academy NFT: https://academy.binance.com/en/articles/a-guide-to-crypto-collectibles-and-non-fungible-tokens-nfts

 

Binance NFT Twitter: https://twitter.com/TheBinanceNFT

Binance NFT Instagram: https://www.instagram.com/binancenfts/

Binance NFT Discord: https://discord.com/invite/GTrw94qVdq

 

Telegram Binance NFT communities:

Binance NFT English: https://t.me/binancenfts

Binance NFT Turkish: https://t.me/binancenftTR

Binance NFT Chinese: https://t.me/binancenft_Chinese

Binance NFT Indonesian: https://t.me/binancenftindonesian

Binance NFT Russian: https://t.me/BinanceNFTRU

Binance NFT Spanish / español: https://t.me/BinanceNFTes

 

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Binance news channel:

Binance NFT announcements (English): https://t.me/binancenft_announcements

Binance announcements English: https://t.me/binance_announcements

Binance anuncios Spanish/Español: https://t.me/BinanceSpanishAnuncios

 

Telegram Binance groups:

Binance English: https://t.me/binanceexchange

Binance español (Latam): https://t.me/BinanceSpanish

Binance español (Argentina): https://t.me/BinanceArgentinaOficial

Binance español (España): https://t.me/Binance_ESP

Featured Market by Binance (English): https://t.me/featurednft

 

Binance social networks in English:

Twitter: https://twitter.com/binance

Instagram: https://www.instagram.com/binance/

Facebook: https://www.facebook.com/binance

 

Otros enlaces y redes sociales (cuidado con los scammers/estafadores, cuentas falsas/fake etc):

https://www.binance.com/en/community

 

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¿What is an NFT and what is it for? In English.

https://alessandramourachii.com/what-is-an-nft-what-is-it-for-how-do-i-buy-sell-deposit-withdraw-create-on-binance-nft/

¿Qué es y para qué sirve un NFT? En español.

https://alessandramourachii.com/que-es-y-para-que-sirve-un-nft-como-compro-vendo-envio-deposito-y-creo-en-binance-nft/

http://www.chibiguardians.com/

Publicado en Aless Chii personal, binance, NFT

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