Want to cash in on your NFT or transfer it to someone else? The process is very convenient on the Binance NFT Marketplace. Whether you want to resell a purchased NFT for profit or sell your own created NFT, Binance provides comprehensive tools. Here's the complete process. Make sure you have registered a Binance account and completed identity verification. Mobile users should get the Binance APP for easier operation.
Preparation
Before listing an NFT for sale, ensure the following. Your Binance account has completed KYC identity verification. Your NFT is stored in your Binance NFT account (if it's in an external wallet, transfer it first). You understand the market conditions and reasonable pricing for the NFT.
If your NFT is currently in MetaMask or another external wallet, you need to deposit it to your Binance NFT account first. Find the "Deposit NFT" function on the Binance NFT page and follow the instructions.
Listing at a Fixed Price
The most common selling method is setting a fixed price. Here are the steps.
Go to your Binance NFT profile and find the NFT you want to sell under "My NFTs." Tap the NFT to enter its detail page, then tap the "List" button.
Select "Fixed Price" as the selling method. Set your desired price — you can choose BNB, ETH, USDT, or other currencies for pricing. Set the listing duration, such as 1 day, 3 days, 7 days, or a custom period.
After confirming the information is correct, submit the listing. The system may require a small gas fee (depending on which blockchain the NFT is on). Once listed, your NFT will appear on the Binance NFT Marketplace for other users to purchase.
Listing as an Auction
If you prefer to sell your NFT through competitive bidding, select auction mode.
Similarly, on the NFT detail page tap "List" and select "Auction." Set the starting price. Set the auction duration. In some cases, you can also set a reserve price (if the highest bid doesn't meet the reserve, the auction doesn't close).
After the auction begins, other users can place bids on your NFT. When the auction ends, the highest bidder gets the NFT, and the corresponding payment transfers to your account.
Pricing Strategy
Reasonable pricing is key to a successful sale. Here are some reference points.
Check the sale prices of other NFTs in the same collection. The Binance NFT Marketplace shows floor price (lowest listing price) and recent transaction records for each collection — these are important pricing references.
Consider your NFT's rarity. If your NFT has rare attributes or a higher rarity tier, you can price it above the floor price.
Consider the broader market environment. NFTs sell for higher prices in bullish markets. During market downturns, you may need to adjust pricing downward.
Don't overprice. If your price is clearly above market conditions, it will likely sit unsold for a long time. Consider listing at a reasonable price first; if there's strong interest, you can raise it later.
Fee Information
When selling NFTs on the Binance NFT Marketplace, note the fee structure. Binance typically charges a 1% platform fee on the sale amount. Additionally, if the NFT creator set a royalty, each resale requires paying a certain percentage of the sale amount as royalty to the original creator.
These fees are automatically deducted from the sale proceeds at the time of transaction. What you receive is the net amount after platform fees and royalties.
Creating and Selling Your Own NFT
If you're a creator wanting to sell original NFTs on Binance, that's possible too. The Binance NFT Marketplace offers an NFT minting function.
Go to the Binance NFT Marketplace and find the "Create" entry. Upload your artwork file (supports images, video, audio, and other formats). Fill in the name, description, and attribute information. Set the royalty percentage (your share of each secondary sale). Choose the blockchain network (such as BNB Chain). After paying the minting fee, your NFT is created.
Once minted, you can immediately list it for sale.
Tips to Improve Your Sales Success
Write a detailed description. A good description helps potential buyers understand the value and unique features of your NFT, increasing purchase desire.
Promote on social media. Use platforms like Twitter and Discord to share your NFT and expand exposure.
Participate in community activities. Being active in relevant NFT communities builds your personal brand and reputation.
Adjust pricing as needed. If your listing hasn't sold after some time, consider lowering the price or changing your sales strategy.
Summary
Selling NFTs on the Binance NFT Marketplace is an intuitive and straightforward process. Whether reselling existing NFTs or selling your own creations, Binance provides comprehensive tools and a smooth user experience. Reasonable pricing, good promotion, and patience are the key elements for successful NFT sales.