Explore Binance NFT New Features
NFTs are believed to be the pioneers of Web 3.0. However, NFTs are still a mysterious concept to most people. It goes without saying early adopters of technology never lose. A perfect case is the story of Amazon. Even with the burst of the dot com bubble, Amazon continued with its operations. And today, they are one of the richest companies in the entire world.
If you just got started with NFTs, Binance NFT could just be the platform that you need to get started with your NFT journey. Aside from being the largest Crypto exchange in the world, its easy user interface is definitely a plus for most users.
And Binance NFT is always advancing its platform for the best user experience. Let’s explore…
New ways to buy an NFT on Binance NFT
Users can find NFTs on Binance on the Binance NFT marketplace. Additionally, once on the marketplace, users can search for specific creators through the “created”, “collected” and “favorites” function.
Supposing that NFT/Mystery box is listed, users have the option to either purchase it directly using the fixed price or bid in an NFT auction. However, if the NFT/Mystery box is not listed, you are free to make an offer to the seller. Learn more here>>
Binance NFT features two types of NFT collections. The Premiere collections are created in collaboration with Binance NFT. On the other hand, standard collections are created by non-verified creators on Binance NFT.
While on the marketplace, you’ll find the orange tick beside the name in ranking boards, NFT detail pages, collection pages, user profiles, and premier collections.
If you’re looking to find quality NFT projects, you can explore the ranking boards that detail the top sales, collections, and creators in the Binance NFT marketplace.
Additionally, while on the ranking board, buyers are able to see a detailed overview with floor price, items, last price, and volume to determine the value of each NFT.
For buyers who would love to explore NFTs with different rarity levels, or even have an opportunity to unbox a rare NFT at a cheaper price; the Mystery box page will do the trick.
Analyzing metrics and the importance
Gauging the value of an NFT is very important to determine the value of an NFT. Metrics are very crucial factors in this process.
The following NFT evaluation metrics will come in handy when buying NFTs:
- Floor Price- This is the lowest-priced NFT on an NFT project. Buying the floor is found to be a great approach as it lures people to join an NFT project.
Importance: The floor price determines how well a project is received by buyers. Hence, as the demand for the NFT increases, the floor price increases too.
Most buyers will buy the lowest-priced NFT in a collection with an intention to resell at a higher price once the collection becomes more popular. Of key is to find a project that balances high value and also accessibility.
2. Ceiling price- This is the cost of the highest-priced NFT in a collection or alternatively the highest price that NFT was sold for.
It is considered to be a high-risk and high-reward strategy.
Importance: Buying the ceiling comes in when you have a lot to spend and are looking for the rarest and most popular digital assets.
Essentially when demand for a project increases, the ceiling price also increases. However, if the project loses its popularity, investors make huge losses.
3. Volume- This refers to the total volume traded and goes to show the general demand of a project. Established and quality collections will tend to have high volume trades.
Importance: The volume traded determines just how established and popular a project is. Gaining high-volume trades is an indicator that people are enthusiastic about buying and selling a collection.
By just checking the volume traded, one can easily determine whether an NFT collection is popular and in demand or not. Therefore, the higher the volume, the more liquid a market becomes. A liquid market ensures that you can easily enter and exit an NFT position.
4. Supply- This refers to the total number of NFTs in a particular collection.
Importance: The supply and inflation rate of an NFT project is in the hands of the creator. The supply of a collection affects the value and attraction of a project. Essentially, a collection with a high supply will generally have a lower market value. A collection with a low supply will have a higher floor price as a result of rarity and scarcity.
5. Sales- The no. of NFT sales is a good metric to determine past and present popularity in a project.
Importance: If an NFT has many recent sales, it is an indicator that the project is gaining popularity. Of essence is to consider the direction of the movement in accordance with the floor price. In a case where many NFT holders are selling, and the floor price keeps declining, it might be a sign of decreasing interest or panic selling.
6. Rarity rank- The rarity of a collection is derived from the traits and characteristics that it possesses. This indicator also determines how hard it gets to attain a particular NFT.
Importance: The rarity rank is an essential indicator that investors use to assess just how valuable an NFT collection is. scarce and rare NFTs often attract more buyers and also sell for higher prices. Additionally, rare NFTs come with exclusive NFT utilities like additional benefits in play-to-earn games.
7. Provenance- This usually refers to the history of ownership of a particular NFT from its origin.
Importance: This metric is used to examine NFTs as it enables one to confirm and verify changes in ownership info via the blockchain.
Let us look at some of the above factors in a real-world NFT collection on Binance NFT:
The Quantum Ape NFT collection on Binance NFT is quite a popular and reputable NFT project.
i) In this collection, the floor price goes for 1.35BUSD.
ii) The ceiling price goes up to a whopping 30,000,000 BUSD.
iii) The total volume traded for Quantum Ape is $19,074.08.
iv)The total supply of Quantum Ape's entire collection is 656 NFT art pieces.
v) In terms of Rarity rank, the NFT piece with the ceiling price will usually have the rarest features hence increasing its value in the market.
vi) In the Quantum Ape NFT collection, each NFT piece comes with its provenance details.
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