*Please note: recently deposited funds (<7 days) may be ineligible to be used for NFT sales.
Binance.US now allows you to purchase, claim, hold and transfer NFTs in your own on platform NFT wallet. This article will answer some frequently asked questions you may have about NFTs on Binance.US.
You can also find step-by-step instructions on purchasing, viewing, managing & transferring NFTs by visiting our guide here.
- What is an NFT?
- How can I participate in NFT sales on Binance.US?
- How do I view my NFTs that I already own?
- Can I withdraw my NFT off of Binance.US or resell it?
- What blockchain networks are Binance.US NFTs supported on?
- What payment methods are available for NFTs?
- Can I deposit NFTs onto Binance.US from other platforms?
- What is a Souvenir NFT?
- Why do I not see an NFT wallet in my account?
- Why does my NFT have transfers disabled?
- Is the NFT Wallet only available on the web? Or can I access it on the mobile app?
- Are there any NFT auctions available, or only fixed price sales?
What is an NFT?
A non-fungible token (NFT) is a type of cryptographic token that exists on a blockchain and represents a unique asset. Unlike fungible cryptocurrencies that can be replaced by other identical cryptocurrencies, NFTs are non-fungible and therefore wholly unique and not interchangeable with each other. For this reason, NFTs can act as a proof of authenticity and ownership within the digital community.
The value of an NFT is more akin to a unique or very limited artwork (which they are often used to prove authenticity and ownership of) than money or cash (which many fungible cryptocurrencies function similarly to).
How can I participate in NFT sales on Binance.US?
If you’re eligible to purchase NFTs on Binance.US you can keep an eye out for announcements of new sales on various communication channels including our website homepage banners, emails and social media announcements.
NFT sales are currently only available on the web version of Binance.US. Mobile users can also access NFT sales via Binance.US on their phones web browser.
Once you’re on the sale landing page you can browse available NFT Collections, and the individual NFTs (Items) within those collections.
At minimum, individual accounts need to have passed ‘basic verification’ to be eligible to participate in NFT sales. This means you’ve submitted your SSN and address details and have been approved to use basic features like Buy, Sell & Convert, or Crypto Deposits & Withdrawals. Institutional accounts must complete advanced verification to be eligible.
In both cases certain NFT collections may include additional criteria for participation.
How do I view my NFTs that I already own?
If you currently hold an NFT on Binance.US you can access your NFT wallet via your homepage (for web users), or from the home page (on the app).
From your NFT wallet you can see the collections your NFTs come from, view your owned NFTs (Items) and check their details including descriptions, creators, networks, contract addresses and token IDs. You can also view an item's previous transaction history, share details such as the NFTs image or video with friends, and (if enabled for that NFT) transfer the NFT to another wallet or platform.
Can I withdraw my NFT off of Binance.US or resell it?
Most purchased NFTs will be eligible for transfer, meaning you are free to move the item to another platform or web3 wallet. Some NFTs received via an airdrop, as well as ‘Souvenir NFTs’ are not eligible for withdrawals or resales.
NFTs that are able to be withdrawn will display a ‘Transfer NFT’ button on their NFT detail page when you access your NFT wallet via the web. Please note that transfers are currently only supported when accessing your wallet on the web (including your mobile browser), but not on the mobile app.
A small fee to cover blockchain gas fees is required for transfers. Transferable NFTs can also be resold on other platforms, unless otherwise indicated. However, resale of NFTs is not currently available directly on the Binance.US platform.
What blockchain networks are Binance.US NFTs supported on?
At this time all NFTs available on Binance.US are on the BNB Smart Chain (BSC) network, which allows users to benefit from low fees and low latency. However, we do expect to support NFTs on additional networks soon, as we expand our NFT offerings.
What payment methods are available for NFTs?
The type of asset accepted for payment (ie. BNB, USD, BUSD, ETH, etc.) will vary for different NFT collections and items. You can view what assets are available for payment by visiting the items detail page. If you don’t currently hold the asset that an NFT is priced in, you can easily use our platform to trade other cryptocurrencies or USD for it.
Can I deposit NFTs onto Binance.US from other platforms?
No, it’s very important to note that we currently only support NFTs originating on the Binance.US platform in our NFT wallets. This means that any NFTs that you attempt to deposit onto Binance.US from another platform may be lost. Please make sure that you do not send NFTs from other platforms to your Binance.US NFT wallet.
The majority of Binance.US NFTs that are purchased on our platform are eligible for transfers to other platforms. However, transfers from other platforms to Binance.US are not supported, as mentioned above.
What is a Souvenir NFT?
A Souvenir NFT is an official digital record showing that someone participated in or attended an event. It is a modern ‘souvenir’ for the digital age that helps you commemorate a special occasion, while also providing proof of your attendance. Like an NFT, Souvenir NFTs usually contain a digital piece of artwork or video that you can share with friends while retaining the ‘proof-of-ownership.’ However, unlike regular NFTs, Souvenir NFTs are not able to be moved from their original platform or sold.
Why do I not see an NFT wallet in my account?
If you already own an NFT on Binance.US, see here for instructions on how to access your NFT wallet (on both web and mobile app).
Your NFT wallet will only be accessible if you already have at least one NFT in it (after either making a purchase, having one airdropped to you, or receiving one as a souvenir for a Binance.US event). When any of these occur the NFT will automatically appear in your Binance.US NFT wallet and you will be able to access your NFT wallet from the homepage (on the web) or from your home page (on the mobile app).
Why does my NFT have transfers disabled?
NFTs that were received via an airdrop or as a souvenir for a Binance.US event are not available for transfers. Unless you purchased the NFT, you will not be able to withdraw it off the platform at this time.
Is the NFT Wallet only available on the web? Or can I access it on the mobile app?
You can view and manage your already owned NFTs via your NFT wallet on both the web and the Binance.US mobile application.
However, NFT sales and transfers are currently only available on the web (including mobile web browsers), and not on the mobile app.
Are there any NFT auctions available, or only fixed price sales?
Currently, Binance.US only supports fixed price sales for NFTs and not NFT auctions.
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Legal disclaimer: This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or advice; or (2) relied upon for any investment activities. All information is provided on an as-is basis and is subject to change without notice. We make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability, or completeness of any such information. Binance.US does NOT provide investment, legal, or tax advice in any manner or form. The ownership of any investment decision(s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. Binance.US shall not be liable for any consequences thereof.
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