NFTs, or non-fungible tokens, have been gaining in popularity in recent months as a new way to invest in digital assets. NFTs are unique, digital assets that can be used to represent anything from art to in-game items.
While NFTs have been around for a few years, they have only recently begun to gain mainstream attention.
One of the most popular platforms for buying and selling NFTs is Binance. Binance is a cryptocurrency exchange that offers a wide variety of digital assets, including NFTs.
Binance also has its own native token, BNB, which can be used to trade various assets on the platform.
If you’re interested in buying or selling NFTs on Binance, here’s everything you need to know.
What Are NFTs?
As mentioned earlier, NFTs are non-fungible tokens. This means that each NFT is unique and cannot be replaced by another token.
This is in contrast to cryptocurrencies like Bitcoin, which are fungible and can be interchanged with other Bitcoin tokens.
The uniqueness of NFTs makes them well-suited for representing digital assets that are also unique, such as artworks or in-game items. For example, an artist could create an artwork and mint it as an NFT.
This would give the artwork a unique identifier that could be used to track ownership and prove authenticity. Similarly, an in-game item could be minted as an NFT, which would allow it to be traded on secondary markets outside of the game itself.
NFTs are stored on blockchain platforms. The most popular blockchain platform for NFTs is Ethereum, which is also the home of many popular cryptocurrencies like Bitcoin and Ethereum Classic.
However, there are other blockchain platforms that support NFTs as well, such as TRON and EOS.
How to Buy & Sell NFTS on Binance USA?
If you want to buy or sell NFTS on Binance USA, you first need to create an account on the platform. Once you’ve created your account and verified your identity, you’ll be able to deposit funds into your account using one of the supported payment methods.
Once your account is funded, you can start buying and selling NFTS.
To buy NFTS on Binance USA, simply navigate to the “exchange” section of the platform and search for the asset you want to buy. Once you’ve found the asset you want to purchase, select it and click “buy.
” Enter the amount of the asset you want to buy and confirm your order. Your purchase will then be executed immediately at the current market price.
To sell NFTS on Binance USA, navigate to the “exchange” section of the platform and search for the asset you want to sell. Once you’ve found the asset you want to sell, select it and click “sell.
” Enter the amount of the asset you want to sell and confirm your order. Your sale will then be executed immediately at the current market price.
It’s important to note that when buying or selling NFTS on Binance USA (or any other platform), there will usually be a small fee charged by the platform itself. This fee is typically around 0.1% of the total value of your transaction and is used to cover the costs associated with running the platform (such as hosting fees). In addition to this platform fee, there may also be network fees charged by Ethereum (or whichever blockchain hosts your chosen NFT).
These fees vary depending on network conditions but are typically very small (less than $0.01).