The NFT niche has recently experienced a big boom. Therefore, many platforms have emerged in the market to sell and buy them. One of them is the Binance NFT market from Binance, the world’s largest cryptocurrency exchange. In today’s article, we will explain what Binance NFT is and why it has a huge competitive advantage. So here we go!
What is Binance NFT?
Before explaining why you should use Binance NFT, let’s answer the main question – What is the Binance NFT market?
As we mentioned in the introduction, Binance is the world’s largest cryptocurrency exchange, and many people associate it with it. However, it is not just the exchange, it is the whole ecosystem of which it is a part various products in large quantities. One of them is Binance NFT.
Binance NFT Marketplace is a centralized platform where you can sell, buy and create non-exchangeable tokens. It is worth noting the term “centralized” here. Unlike many other competing projects, Binance offers users the opportunity to trade NFT in a centralized manner. This means that they must first pass the “Know Your Customer” test (in other words, an identity check). While this may seem contrary to the whole idea of digital assets, it also has some advantages.
First, Binance able to eliminate a large number of scammers. No one is anonymous – every creator, buyer and seller of a particular NFT must submit identification documents to the exchange before starting trading. This means you can feel safer and more confident.
Second, the centralized nature of the Binance NFT market allows it to offer the lowest payments with the highest liquidity. Both of these aspects are extremely important for anyone planning to trade in NFT with the intention of making a profit, or simply wanting to avoid the high gas fees known from the Ethereum network.
Why should you buy NFT in Binance NFT Marketplace?
Since the NFT mania in 2021, there are many places on the market that allow you to trade in tokens that cannot be exchanged. However, although Binance NFT was created recently, it differs from the competition for many different reasons. Here they are:
- Ease of use – Binance offers an intuitive platform that even a layman can manage. In addition, the company has its own academy, which explains each process step by step.
- Security – Binance has a qualified security team. In addition, it requires users to pass KYC inspection. This ensures that transactions are not conducted anonymously, as in other markets. Not to mention that the platform provides all the basic security features like 2FA.
- Only proven designs – Binance NFT ensures that the displayed projects meet the highest standards. Each of them must pass a serious inspection process.
- Low payments – Binance has set up a single, fixed commission for each transaction made at Binance NFT. It is very low compared to the competition and is only 1%. Other platforms charge up to 7.5%. In addition, sellers must pay only 1% of the license fee to the original creator.
- The largest cryptocurrency exchange – Binance is the largest cryptocurrency exchange with more than 60 million users in more than 180 countries. As a result, it offers the greatest liquidity and volume.
- Easy deposits from ETH and BSC networks – NFT owners can deposit their non-exchangeable tokens not only through Binance Smart Chain. Binance also supports NFT mined on the Ethereum blockchain.
- An ecosystem – Binance is a huge ecosystem of many products and services. This means that users do not need to create a new account to use Binance NFT – they only need their original accounts on the exchange.
- Wide range of different NFTs and ratings – Binance offers NFT from various industries. From digital art, games, sports, e-sports and ending with entertainment and award badges. In addition, Binance NFT displays a rating of artists and collections on its home page. As a result, creators can gain more customers, and collectors have no problem finding popular tokens and estimating their value.
- Easy token conversion Binance users can easily convert their NFT profits into one of the hundreds of cryptocurrencies supported by the Binance ecosystem.
Binance NFT is one of the best platforms for trading non-convertible tokens. In addition to ease of use, it offers better conditions than the competition. Moreover, it creates value not only for creators, but also for collectors. So there is no need to delay. If you don’t have a Binance account yet, create one here.