Through their latest venture, Crypto giant Binance has created their own NFT (Non-Fungible Token) marketplace. Here users can buy and sell non-fungible tokens. The marketplace began with the launch of their very own CryptoBits, which are based on the ERC-721 standard. Binance’s NFT marketplace promises to be as big as their crypto trading platform for reasons which will be explained in this article.
Terms & Conditions
When users sign up to use Binance‘s NFT marketplace, they are quickly given a comprehensive list of exactly what is permissible on their site. Their terms and conditions cover a wide variety of points that users must agree to in order to start trading NFTs.
The most important takeaway from the NFT terms and conditions is that artists must take extra measures to prove they own the license and copyrights to their work. They don’t want to end up like so many other NFTs where users can submit random designs and claim they own the rights to them. This approach puts buyers in a position of buying with confidence, only to find out, much to their dismay, that the tee they bought is really a knock-off. By being proactive, Binance has made it very clear that users can buy, sell & trade with confidence, knowing that they only accept high-quality work to be featured on their platform.
The terms and conditions of the NFT clearly state that NFT buyers will own a non-exclusive, non-transferable, royalty-free license to use, distribute and display the NFT for personal use or on a marketplace/website where the NFT has been cryptographically verified. The terms and conditions also clearly state that owners won’t be able to use their NFT for commercial purposes or have any copyright claims over the NFT work. Furthermore, the NFT author has no control over how Binance promotes or uses the NFTs that it sells on its platform. They can use the NFTs however they see fit, including for promotional purposes without any need to pay any royalty fees to the NFT author or the NFT holder.
Note for artists
The terms and conditions for using the Binance NFT platform are quite detailed, and it’s important you understand them completely before becoming a user. Many users have the mistaken belief that when they purchase an NFT, the rights to use or reproduce the NFT for commercial purposes are included. This is not the case. Before accessing the site, you must agree to very specific terms and conditions which are quite detailed. This is done to protect the interests of Binance, and it’s important you understand them completely before becoming a user.
There aren’t many NFT artists on Binance currently since artists must be approved, and, access is by invitation only. Binance considers various factors when making these decisions. One of these factors is that the artist has a strong style and vision. The other factor is for the artist to be established with a notable online presence. There’s a good chance that artists will be approved if these conditions are met. This filter keeps the marketplace exclusive for high-end collectibles, guaranteeing they are of high quality and have been vetted for authenticity. This benefits both buyers and sellers.
Aspiring artists should try to get into Binance. It’s still very much an emerging NFT exchange and there are tremendous opportunities for those who make it. The early birds catch the worm so do sign up to Binance now and thank us later.
Ease of use
Binance’s NFT marketplace links seamlessly with their platform allowing easy balance transfers, no buying fees, and reasonable re-listing fees. Buyers can easily exchange crypto in their Binance wallet for the cryptocurrency in which the NFT is listed in. Binance also gives users the option to fund their balance via credit card & bank transfer. You’ll never get stung paying exorbitant gas fees on Binance. Their marketplace is in its infancy & constantly improving to become more user-friendly. Binance’s track record ensures that it will quickly become one of the industry leaders in the NFT field.
Binance has entered the NFT arena and made it clear they want to own this space just like they do their already huge crypto trading platform. They’ll do whatever it takes to get as big a share of this market as possible. Get in on the action while it’s still early.