After the cryptocurrency craze, NFT is the next rage that has put people by surprise. Today a large section of the population not only knows what NFTs are but even engages in the trade of NFTs. The ability to trade in NFTs has given rise to such instances when a buyer of NFT does resell it, as whenever he feels that said NFT is no longer appealing.
To engage in the trade of NFTs, users need an easy-to-use and reliable platform with great features. Further, there are several NFT marketplaces that offer different facilities like selling your NFT and there are specific marketplaces where you can find new pieces of art. Binance NFT marketplace is one of the well-known reputed platforms for sellers and buyers to trade in NFTs of their choice, which has grown into one of the largest and fastest platforms for NFT selling.
Below I will mention those several reasons, that make the Binance NFT marketplace popular among the NFT community, so read on to know in detail:
5 Reasons that makes Binance NFT Marketplace a preferred place to sell NFTs
Binance charges the lowest fees in the market compared to other marketplaces where charges can surge up to 7.5%. Binance NFT marketplace’s low fee at a mere 1% flat lets NFT sellers enjoy better returns on their assets and in case you are a seller you just need to pay a 1% royalty fee to the creator.
Easy deposit facility
Binance lets its users quickly deposit and sell NFTs from other networks on their marketplace, however only fully integrated NFT contract addresses are accepted. That means users are not allowed to deposit NFTs with non-approved smart contract addresses over Binance.
However, Binance has announced that they will continue to update and expand their approved smart contract list in the coming time.
Withdraw Fiat cash quickly
Binance offers an easy and quick way to withdraw fiat cash from the NFT marketplace. Users need not take any extra steps but simply use their existing accounts and Binance wallets to trade on Binance NFT Marketplace.
Whenever an NFT sale happens successfully, users are free to exchange their proceeds into available fiat pairs to cash out. There are multiple options to take fiat cash out, where a user can withdraw via card withdrawal to get fiat in GBP, EUR, UAH & RUB.
Additionally, there is a facility to make cash out through a third-party payment mechanism for Advcash, SettlePay, and GeoPay.
Binance Mobile app
The Binance Mobile app lets you access the Binance NFT Marketplace that is automatically linked to the user account and wallet. The mobile app is easy-to-use and offers all such facilities that are offered in the web version where you can list your NFT for sale by following the simple procedures.
Ranking feature for NFTs
The Binance NFT marketplace features top-performing NFTs, artists, and collectibles on their ranking boards that can be found on the homepage. Such featured artists and their creations get more exposure, while an NFT collector can easily notice the ongoing trend and find a suitable piece to buy.
This ranking mechanism also increases the chances of facilitating a profitable sale, as NFT collectors can use the ranking board to price their asset value more accurately.
Selling an NFT is not as simple as it seems, as promotion and community engagement are those two crucial steps which facilitate a successful sale. Binance regularly takes steps like monthly features and upgrades to improve user experience in buying and selling. Binance NFT marketplace can be found on Twitter and Instagram. The NFT marketplace experts at Rejolut say that NFT space revolves around community and this has led Binance to launch a community discussion space in Telegram.