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

WHAT IS AN NFT & WHAT IS IT FOR?

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

Beginner. Written: July 7th 2021 Published: September 30th 2021. Updated: October 21st 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.

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

Article selected as one of Binance’s Top 10 Content Creators (September 2021)

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

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  • WHAT IS AN NFT?
  • WHAT IS AN NFT FOR?
  • HOW DO I BUY ON BINANCE NFT?
  • HOW DO I SELL ON BINANCE NFT?
  • HOW DO I DEPOSIT OR WITHDRAW ON BINANCE NFT?
  • HOW DO I CREATE AND UPLOAD MY OWN NFT?
  • CHIBI THOUGHTS
  • CHIBI LINKS

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WHAT IS AN NFT?

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

An NFT, a Non Fungible Token is a token that is not interchangeable for another one, it is a cryptographic token that represents a unique asset, which is stored on the blockchain and it can be held by a centralized exchange such as Binance NFT, the world´s largest cryptocurrency ecosystem, or by existing wallets connected to the different decentralized platforms.

An NFT can be fully digital or a tokenised version of an analogic asset, sometimes it also includes the physical delivery of the asset. A unique identifier is added to it, as if it were an autograph or identity number, so it functions as proof of authenticity and intellectual property within the digital realm.

An NFT can be an illustration, a gif, a video, music, a photograph, a collage, a book, 3D images, virtual reality, or even a pair of shoes.

 


It is also called crypto-art or crypto-collectibles because such art is bought with crypto-currencies.

The value of an NFT is what the creator gives it first and foremost, and then what the market demands. You may simply like it on a personal level or believe in the possible, near or distant, future value, of an artist or type of item. It is totally subjective and as with cryptos, please research and study the artists, their quality, popularity, supply and demand and decide, on a personal level, if you want to buy or invest in an NFT. So anything written here is NOT financial advice.

So then, the main characteristics of an NFT are: unique, rare and indivisible.

On the contrary, a token that IS fungible can be a euro or dollar note as it can be exchanged for another one exactly like it. Or a car of which there are many of the same model.

An NFT, as digital art, is not the same as an APNFT (NFT) of the airdrop distributed every month to TRON (TRX), BitTorrent (BTT) or JUST (JST) holders.

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WHAT IS AN NFT FOR?

  • It is DIGITAL ART signed exclusively by the artist. As if it has an autograph or seal of authenticity. If you like it, you buy it and keep it. Or you can invest to resell it.
  • As a COLLECTIBLE CARD. It can be part of a limited collection. Like the Mistery Boxes of Tokidoki, Mave Musk, Vogue…
  • For gaming, as a unique piece useful for certain games where you can use them, get airdrops, mine…: Naraka Blade, Xworld, Polychain Monster, Jojo, My Neighbour Alice…
  • To own a virtual land in Decentraland, Somniumspace and socialise in a 3D, self-governed world in the Metaverse.
  • For digital identity (health passport, medical records), licences, certificates and plastic arts, fashion, real estate, VIP passes, etc.
  • For decentralised applications (DApps).
  • As a liquidity guarantee for DEFI

Examples that have been in the news: Cryptopunks that used to be given away for free and are now worth several ETH, CryptoKitties game on the Ethereum network, Axies (similar to Pokémon), Hashmask, Aavagotchi, Beeple and «The first 5000 days» with his first creations for 69 million dollars. Graffiti artist Burnt Bansky’s «The Auction», 400 thousand dollars. NBA Top Shots. First tweet in history for 100 million.  

On Binance NFT:

  • Three Andy Warhol self-portraits, sold for almost 3 million BUSD.
  • Aimi Sekiguchi and her viritual reality video “Invisible and Important”, almost 34 thousand BUSD.

The advantages of buying on the Binance NFT website:

  • Low commissions: only 1% on the resale of your NFT thanks to its high liquidity.
  • Convenience: you can access the entire Binance ecosystem (including Binance NFT) with a single account.
  • Variety: market, premium events and mystery boxes.
  • Exclusivity: Binance NFT is the first and only marketplace to launch mystery boxes with a surprise NFT with different levels of rarity and unit limits.

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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.

  • Marketplace: where you can get unique NFTs from creators around the world on a daily basis.
  • Premium events: exclusive NFTs from artists and brands of international influence and it is advertised on the main page when there are any.
  • Mystery boxes: you can receive a surprise NFT with different rarity levels and unit limits.

 

  • 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
  • Top creators
  • Trending > [Discover more NFTs]
  • Today´s picks > [Discover more NFTs]
  • Binance NFT > [Full user guidance]
  • Support

 

 

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

  • Recommended works
  • The hottest and most popular of the moment
  • Cathegories: Premium, Arts, Sports, Entertainment, Games, Collectibles, E-sports, NFT for Good.
  • File types: Image, Video, Audio.
  • Selling 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:

  • Ending son
  • Recently added to the list
  • Low-high price
  • High-low price
  • Most favourite

 

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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HOW DO I CREATE AND UPLOAD MY OWN NFT?

Nowadays, only the 100 creators and pre-authorised creators who have applied to the Innovative Creators Programme can upload their own NFTs. You can only enter by invitation, although there is currently no email or option to request an invitation. Tip: check out the social media and watch the tips video (in English, September 2021). https://www.youtube.com/watch?v=nZGt2CqKYHc

This is what they requested to be authorised:

  • A brief self-introduction.
  • Share your social media accounts (Instagram, Twitter, Facebook, etc).
  • Describe previous experience (if any) with NFTs.
  • Why are you applying to be part of Binance’s NFT Innovative Creators Programme?
  • Share samples of previous work (MP4, MPEG, AVI, wav, mp3, jpg, png, svg, gif, pdf, with a maximum of 50 MB).
  • What kind of NFT content will you publish on our Binance NFT marketplace?
  • How much artwork will you be able to share?

How do I upload my NFT?

  • Click [Create] and choose the file you want to upload. It can be one or a series.
  • Supported formats are
    • Image: JPG, PNG, GIF. PDF, SVG.
    • Video: MP4, MPEG, AVI.
    • Audio: WAV and MP3.
  • Please note that your NFT cannot be modified or revised once created.
  • Up to 50 MB.
  • Creating an NFT costs 0.005 BNB. Once paid, it cannot be cancelled. You can delete the NFT and create a new one for the same file.
  • Include name and description.
  • It will be created on the Binance Smart Chain (BSC) network and stored in a centralised Binance NFT database.
  • To create a revised/new NFT, you must start the process again.
  • To release an NFT for sale, our team will approve the content to ensure it is suitable for publication. Within 4 to 8 hours and then it will appear as an auction or a fixed price sale depending on your preference.
  • For now 1% is set for the creator in case it is resold, later you can choose up to 10%.
  • Alternatively, you can also request to list your NFT for a fixed time (with a minimum of 12 hours after approval).
  • If you click on the artist’s name, you can see their profile and all their NFTs.

 

 

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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, for now, are on the featured.market decentralized 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, NFT Artist @chibiguardians, Binance Angel Chibi Maya.

(Twitter, Instagram, Facebook, Telegram, Binance NFTs y Featured Market by Binance…)

 

https://www.featured.market/profile/Chibiguardians

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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 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, NFT

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