When Binance launches anything, the rest of the crypto industry just bow down to them. It has already held the top position among cryptocurrency exchanges in average liquidity and trading volume. The conglomerate has come out with its own NFT marketplace recently. The online platform initiated the buying and selling of crypto collectibles on June 24, 2021. Clever entrepreneurs can approach AppDupe for customized Binance NFT marketplace platform. Let us explore more about the lucrative potential of this booming business.
What is Binance NFT Marketplace?
It acts as a one-stop destination for uniting artists, content creators, and other crypto investors. Users can sign in to the Binance NFT marketplace by entering their email address and phone number. They can also utilize the QR code scanning option.
The online trading platform contains separate sections for displaying crypto collectibles. Interested buyers can view Today’s Picks and Trending Collections. In the long run, the Binance NFT exchange looks to change the future of the metaverse. It offers advantages like an easy user interface and low transaction processing fees.
Optimism in NFTs continues to cross unbelievable heights. Investors bought 216,087 digital collectibles valued at $682.08 million in the last 30 days as per the NonFungible database. The sales of crypto collectibles on the Binance NFT marketplace were $123 million in the second quarter of 2021. Overall, the quarterly growth rate in NFT sales was 99.3% according to DappRadar.
Know the 3 components created as part of NFT Marketplace Development like Binance
Easy conducting of events
Online events and premium exhibitions can be comfortably held on a NFT marketplace like Binance. Content creators can get more sales by showcasing their unique crypto collectibles. Brands, celebrities, singers, and sportspersons can conduct real-time events.
Mystery Box Playground
The daily trading volume of NFTs is $3.83 billion as per CoinMarketCap. However, not all of them have special characteristics. The Mystery Box Playground helps investors to earn hefty rewards by holding NFTs. They can get prizes in the form of 3 types of digital collectibles (Common, Rare, and Unique).
The Binance NFT marketplace is embedded with a Blind Box. For example, buyers have purchased precious crypto collectibles like Midsummer with Alice, MOBOX Collectible MOMOs, Naraka Hero, Seascape, and Super Monkey Returns.
Each Mystery Box consists of a random NFT. Investors can win 4 types of NFTs (Normal, Rare, and Super Rare). Moreover, they can trade crypto collectibles on Mystery Boxes yet to be opened. Further, the unopened Mystery Boxes can also be traded off at a particular price.
The online NFT marketplace like Binance contains various categories of assets. Prospective investors can choose (Art, Entertainment, Esports, Gaming, and Sports). They can use filter options such as Price (High to Low and Low to High) and Time (Earliest to Latest and Latest to Earliest).
Sell premium artwork by operating a Binance NFT Marketplace
Investors can press the “Buy” option to purchase their favourite NFT for a fixed price. They will receive the crypto collectible after the seller gets the required funds. Importantly, buyers have to place an offer for getting hold of NFTs sold through auctions. They must enter a specific price.
Generally, the investor placing the highest bid for a digital collectible can buy it. This results in unlocking funds for the remaining buyers. Later, they can enter the auction again by placing a new bid.
Flexible selling options
Content creators can list their digital collectibles either as an auction or a fixed-price sale. The admin of the Binance-like NFT trading platform will approve the sale of crypto collectibles after verifying their originality and uniqueness.
Numerous payment facilities
Users can deposit some fiat currency to the Binance crypto exchange by using either debit cards or wire transfers. Later, they can convert their fiat holdings to Binance Coin (BNB). Finally, they can utilize BNB to purchase the NFTs.
Undoubtedly, NFTs are a global blockbuster. Hence, artists and investors can access the Binance NFT marketplace in numerous languages. They can select Deutsch, English, Filipino, French, Italian, Polish, Portuguese, Romanian, Spanish, Turkish etc.
Recommended Works Section
Crypto collectibles created by acclaimed artists are displayed in the Recommended Works panel. Generally, a deadline (days and hours) left for bidding is displayed at the bottom of the NFT image.
Investors get real-time information like the current bid, dimensions of the pixel, name of the artist, smart contract address, and the unique token ID. Further, they can access Provenance (listing history of the NFT mentioned with date and time).
How are NFTs sold in a flash on the Binance NFT Marketplace?
You can earn hefty returns after deciding to build an advanced NFT Marketplace like Binance. Artists can upload various file formats like AVI, GIF, JPG, MPEG, MP3, MP4, PDF, PNG, SVG, and WAV.
Artists can convert their physical work into a digital asset effortlessly. Minting helps their crypto collectible to become an integral part of the Binance Smart Chain (BSC). The robust blockchain network contains a public ledger. This ensures that the artwork sold as an NFT is immutable.
Content creators should pay minting fees in Binance Coin (BNB). It is a utility token. The Tendermint Byzantine Fault Tolerant (BFT) consensus mechanism safeguards it. Hence, the BNB coin is the backbone of both the Binance Chain and the Binance Smart Chain (BSC).
Buyers can choose a specific crypto collectible and process the payment. They can execute transactions by using Binance Coin (BNB), Binance USD (BUSD), and Ethereum (ETH).
The Unique Selling Point (USP) of the Binance NFT marketplace is that users need not undergo cumbersome identity verification. They can directly purchase NFTs without going through background checks. However, ID verification is compulsory if investors wish to increase their respective deposit and withdrawal limits.
What is the cost to develop NFT Marketplace like Binance?
The total budget to build an advanced NFT marketplace like Binance relies on several factors. It depends on the choice of technologies to establish the dual-chain architecture, the extent of cross-bridging, hourly/ weekly rates paid to the developers, the level of customization, the time allocated, and the type of basic and premium features.
Above all, the Binance NFT marketplace operates on two mottos, “Economical Trading Fees” and “High Liquidity”. Importantly, the gas fees are quite less when compared to the congested Ethereum blockchain network.
Currently, it is offering 1% royalty for artists if they display their NFTs in the trading market. Besides that, the Premium Events section operates on a 90:10 business model. Athletes, brands, and musicians get 90% of the rewards. The Binance NFT trading platform pockets the remaining 10% as a fee.
Hence, start your unstoppable journey in the crypto industry by connecting with us for Binance NFT marketplace development. We offer several services like digital marketing, integration with software wallets, KYC/AML verification, software upgradation, and technical assistance. Contact us now and brighten your business fortunes soon.
Begin Binance NFT Marketplace development and control the digital art industry
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