A report of NonFungible.com says that the global market of NFT skyrocketed to $250 million in 2020 with a surge of 299%. These NFTs comprehensively revolutionized the digital art industry and stood tall in recognizing the masterpieces of proficient artists all across the world. Moreover, it bestows the creators with immutable ownership rights and makes them earn royalties.
Acknowledge the Surging Trend of NFTs
The crypto investors have now shifted their spotlight into developing a dynamic NFT marketplace to meet the soaring trend of NFTs. In this line, the growth of NFT was further strengthened when Binance confirmed the launch of its own marketplace.
This blog exclusively talks about Binance NFT and the supremacy of creating your own Binance NFT Marketplace.
Launching Your Own Binance NFT in the NFT Marketplace — A Walk Through
Binance NFT is a marketplace that permits renowned creators such as artists to tokenize their masterpieces into NFTs. This world of collectibles is a visual treat of digital art admirers. The platform allows the participants to purchase, sell, trade, mint, and hold NFTs securely.
The Marketplace Built on Binance Smart Chain Network
The marketplace is built on the robust Binance Smart Chain network and assists users with high-speed transactions at a much economical price. Furthermore, it operates with an aim to provide users with a seamless and frictionless NFT trading experience, thereby establishing a direct connection between digital art admirers and creators.
The Work of Great Artists
The platform greatly recognizes artworks of proficient artists and makes them reap magnificent profits like never before. Moreover, the royalty scheme allows the artists to earn royalties for their artworks each time when it gets re-sold on the platform. Thus it is one of the phenomenal platforms for skilled creators worldwide.
Binance NFT’s Sphere
The Binance NFT’s sphere is built with three imperative product lines. It includes Marketplace, Events, and Mystery Boxes. It is these product lines that make Binance NFT stand unique in the market.
Marketplace: As discussed, it is a place where the participants trade their adorable NFTs effortlessly. The marketplace is meticulously designed with a splendid storefront that seizes the attention of users instantly. They can purchase their NFTs either through auctions or fixed price listings.
Events: It is an exclusive section for procuring special and rare NFTs from popular brands or well-known creators. Artists, celebrities, musicians, and athletes form a part of creators. These rare NFTs will be bolstered by renowned names and organizations.
Purchasing such assets and adding them to collections would increase the value of assets. Ultimately, these valuable assets can make you reap unimaginable profits.
Mystery Boxes: These are the guaranteed boxes that hold one random NFT. There are four varieties of mystery boxes available on the platform.
Mystery Boxes encompass Normal (N), Rare (R), Super Rare (SR), Super Super Rare (SSR). It is entirely the user’s choice to prefer the type of mystery box. It can be purchased and even traded among other NFT lovers for the price equivalent to the NFTs inside. Moreover, once the mystery boxes are purchased, they can never be returned.
The user can either add NFTs to their collection or sell them to other traders. Also, it assists users with a great deal of reducing transaction fees by purchasing NFTs in bundles rather than purchasing it individually.
Workflow Of Binance NFT Marketplace Development
We know that NFTs can be purchased through auctions or fixed price listings, and the same is the case with Binance NFT. Whenever a transaction occurs, a small fee is deducted from the buyer, calling it a transaction fee. The detailed working procedure of the platform is discussed below.
- The creators can register their profile by linking the Binance account. And can create one if it is not available.
- Once the account is created, they can link the wallet as well.
- Now, the digital works can be uploaded.
- Next, they can start the process of minting.
- It is a process to tokenize their digital works into NFTs.
- Once the minting of assets is done, the creators can provide the title, description, and set price of NFTs.
- Then, the NFTs can be listed.
- It can either be listed in auctions or fixed price sales, depending on their requirements.
- The account creation process is similar to that of creators. They can set up their profile and link wallets to enable transactions.
- The storefront displays all the available NFTs.
- To purchase an NFT listed on auction, the buyers need to place a bid.
- While placing a bid, it shows a minimum markup value. The bid should be higher than this value.
- It then redirects to the wallet. If there are enough cryptos in the spot wallet, the transaction will be successful.
- If the wallet is out of cryptos, it asks the user to deposit assets. BNB, BUSD, and ETH are some of the commonly accepted cryptos.
- The highest bid in the specified time will be the winner.
- Once the sale is completed, 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 when compared to auctions.
- It can be bought by clicking on the buy now button.
- Also, it allows the buyers to make a special offer. They can request the creators to give the asset at the proposed offer.
- If the creator accepts the offer, the buyer can purchase NFTs at the proposed price.
- If not, then they have to pay the original price to procure NFTs.
Build And Launch Your Own NFT Marketplace Like Binance NFT
We all would have heard about NFTs touching the milestones of millions and millions of dollars in recent times. For instance, the highest ever sold NFT was Beeple’s digital art, which skyrocketed nearly $69.3 million.
The surge in the curve of NFTs has given an upper hand for the marketplace bearers. They have huge benefits of charging commission fees for each trade that happens on the platform. Apart from it, they will also charge for the minting and listing of NFTs.
In this way, launching your Binance NFT Marketplace is the right decision to kick-start your crypto-perineurial life. Assuredly, it is a sure-fire business model to reap remarkable revenues.
The Concluding Thoughts
Thus it is the right time to commence your NFT business, and you cannot find a better promising business in the crypto space.
It has now become the hottest business model in the market, and investors are showing a great thumbs up for the project.
Make the best use of this situation and shape your own marketplace like Binance NFT.
As a platform bearer, you can comprehensively customize the marketplace with your own features and functionalities that suit your business needs.