NFT Definition
Buy NFTs /Sell NFTs. A non-fungible token (NFT) is a digital asset that is not interchangeable with any other asset. It provides proof of ownership, scarcity and uniqueness. NFTs can be used for many purposes such as in gaming, collectables, curating and preserving digital art, or as a token to represent stocks and shares in the digital world.
NFTs can be verified on the blockchain by anyone who has the private key. When an NFT is created, it exists as a digital object that is recorded in a computer with no physical form (such as a photograph). These objects exist digitally and are recorded permanently. The most well-known application of NFTs currently is Cryptokitties, a digital game that allows players to adopt, collect, and breed virtual cats.
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NFT Issuance frameworks
A few frameworks have been created to help Blockchain trading platform networks issue NFTs. ERC-721 is the most prominent of these, which helped pave the way for tradeable assets on Ethereum.
More recently, the ERC-1155 standard was introduced to give gamers the ability to enter different gaming contracts with both fungible and non-fungible tokens. The standardization of NFTs allows them to be used across many applications. This means that any unique item can be transferred between platforms and integrated with the existing ecosystem.
NFT Application Fields
The introduction of non-fungible tokens (NFTs) has the potential to revolutionize the digital economy with blockchain technologies.
They can be used in many different fields (e.g., video games, identity management, licensing certificates). With the help of blockchain and AI-powered technology, you will be able to do things like own a fraction of an individual’s painting or a song by purchasing stock from it.
Utilizing the blockchain can help with things like data integrity, data privacy and easy trustless transfers. These assets could have an impact on trade opportunities and the global economy.
How to acquire an NFT
Crypto trading platforms offer many different products within their blockchain networks. To start any transactions on any of the networks, one needs to be a registered member. For this article/video, we will be trading NFTs on Binance.
Did you know that Binance is the world’s largest crypto exchange platform? On Binance you can buy, trade, and hold 600+ cryptocurrencies. Binance also ranks number 1 on the coin market cap rankings
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Binance broad NFT categories
The 3 broads main NTF trading categories on Binance are:
NFTs Gaming IGO
This is the largest gaming NFT trading platform. As of 20/08/2022, the Statistics are as listed below:
Total volume traded=$1,055,713,194
The total amount staked=$ 59,196,812
The total amount of participants=303,303
IGOs are NFT assets from top-tier gaming projects on Binance NFT. that can be bought exclusively. One can acquire NFTs by buying them via auction, fixed price or mystery boxes.
Early-access passes, weapons, items and lots of other cool in-game cosmetics and skin can all be obtained from Binance IGOS – the best way to acquire gaming NFTs without hard grinding!
If you’re interested in launching an IGO collection, all you need to do is complete an application form on the Binance initial game offering platform. Your Binance registration request will be reviewed and you will be notified by Binance whether you have been accepted or there are actions required of you. If you have more issues, you need further clarification, you can contact Binance directly via Binance Contacts.
Buy NFTs MarketPlace
On the Binance market place registered and verified account users can unleash their creativity by creating their own Binance NFT collectables. The Binance NFT minting feature is beginner friendly and allows anyone to start creating their NFTs.
Start creating your own unique NFTs with Binance NFT today!
On the marketplace, one can also collect NFTs. These NFTs are categorized as follows:
Premier NFT Collections- Premier collections are created in collaboration with Binance NFT and have to be verified before they are accessible on the platform for trading. Premier collections are identified on the Binance platform by an orange tick beside the creator’s username
Standard NFT Collections- Standard collections are non-verified by Binance NFT. Standard collections do not feature the orange tick.
The ranking features help the user to access highly qualified NFTs quickly using the following metrics-sales, collections and creators across the Binance NFT marketplace
The user’s access to the NFTs is limitless and boundless. Users can use these ranking boards to browse and unearth mystery boxes with rare NFTs at a lower price
Buy NFTs Collection Status-For Sale and Coming soon
Buy NFTs Collection networks-BSC and ETH
Buy NFTs Collection based on sales types-Fixed price and Live auction
Buy NFTs Collections based on Currencies-BNB, BUSD and ETH
Buy NFTs categories include premium, art, sports, entertainment, Gaming, collectables, Esports and NFT Good.
Buy NFTs collections based on file types-image, video, audio
NFTs Mystery Box
NFT mystery boxes are limited edition and are usually released once in a while. They come with a set of items that may or may not be related to the Initial Game Offering, but they will always have an item from the game.
The idea behind these boxes is to create a sense of anticipation and excitement for players who want to receive something special as well as have a chance of getting rare items.
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Binance NFTs Marketplace Metrics
The daily transaction volumes on Binance NFT are very high as alluded to earlier. Therefore, one needs a set of metrics(rankings) to analyze the data for best performance. Remember quality is in the measurements. This will help a user project their winnings and if they are meeting their goals and expectations.
The following metrics are available to help the trader make an informed decision:
Under the -Top collections metric:
- Premium-labelled collection users rank higher if a time filter is used. You can begin your query this way.
- Check the monetary volume of NFTs traded in the marketplace as a result of the user’s work
- Check the sales volume completed by the user and their success rate. Go with the ones making profits (indicated in green % percentages)
- The number of items in the NFT series is a demand function
- The floor price is the lowest fixed price in the marketplace
Under top sales metrics
Here we have different NFTs sold on a blockchain network for a certain price at a certain time. You can use the time filter to check the different prices at which the NFTs were bought in the past
Under Top-creators metric
We have a creator’s user name, the volume of NFTs traded in the marketplace for the creator’s work, The number of NFTs traded in the marketplace for the creator’s work; The number of NFTs created by the creator and the number of his fanbase(followers). You are also able to follow your creator of choice using the follow button.
These numbers will be able to ring a bell to you about the kind of NFT seller you are looking for in the market
Binance has provided these ranking metrics to help the users trade the NFT they see fit for them as a result of analyzing these metrics.
More details on the Metrics:
The Floor price.
The entry price into an NFT collection is indicated by its floor price.
Projected market cap
Multiply the 7-day trading average price by the total supply of the NFT collection.
Supply
This is the quantity of the NFTS in the collection
Sales
Investors can track the interest in an NFT in the past and present using the sales metric.
Rarity
The attributes and characteristics that an NFT possesses within a specific collection define its rarity. This statistic can also indicate how difficult it is to obtain a particular NFT.
Trading volume
Established collections typically have a high value for this indicator, which measures the total amount traded and demonstrates the overall demand for the NFT project.
Ceiling Price
The price of the most expensive NFT in the collection or the most an NFT has ever sold for. A high-risk, high-reward NFT trading approach is buying the ceiling.
How to Buy and assess NFT values
Watch this video for a walkthrough on how to buy NFTs on the Binance marketplace
How to sell an NFT
Watch this video for a walkthrough on how to sell NFTs on the Binance marketplace