With low transaction costs and fast processing, Binance Smart Chain has been able to capitalize on Ethereum’s problems and win over developers and users. Here’s how BSC works, what advantages and disadvantages it offers compared to Ethereum, and whether a change at the top of the most popular blockchain networks is imminent.What is Binance Smart Chain?
NFT Art Finance is a new cryptocurrency that should be of interest to artists and art investors. The platform of the same name provides the tools to create NFT art tokens and trade them like currency.
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NFT Art Finance: platform, token, currency
The NFT Art Finance platform launched in 2021 and aims to make it easier for artists to trade in NFTs. Non-Fungible Tokens (NFT) are a type of digital ownership certificate that can be traded and used to monetize digital art, among other things. Through the platform, classical works of art can be converted into NFTs via the enter.art gallery, and pieces of music can be converted into NFTs or linked to them via enter.audio. Interested parties can purchase the corresponding NFTs.
At the same time, investors can trade with the NFT Art Finance Tokens (NFT art). What’s special about the token is that it only indicates ownership of an artwork, but can be bought and sold in a similar manner to other cryptocurrencies. Each time an NFT art is traded, a ten percent transactiontax is levied. Five percent of it is burned and five percent goes to the respective holders of the token. Thus, NFT art not only provides a passive income for artists and traders, but the tokens are also inflation-proof.
Looking for a way to sell your art online? Check out all your options in our dedicated article on the topic.
What is an NFT art token?
Operators of NFT Art Finance have created their own cryptocurrency, which is based on a well-known technology or currency – the Binance Coin (BNB) that you can use to purchase NFT art.
The Binance Coin (BNB) is a cryptocurrency of Chinese crypto marketplace Binance and is based on blockchain network Binance Smart Chain.
How to purchase and trade NFT art tokens
Because NFT art tokens and the associated concept are still in their infancy, only a few NFT exchanges exist that trade directly with this type of token. The idea of NFT Art Finance is that both mining and trading are done via their own platform using the recommended tools. There are two ways to get hold of NFT art tokens:
On enter.art and enter.audio, you can purchase a work of art or piece of music and the associated NFT art token from the artist – either at a fixed price or via auction. The works are sometimes offered in BNB or another cryptocurrency, sometimes also in euros or US dollars. Either way, you’ll need a compatible crypto wallet.
If you are more concerned about NFT art as a cryptocurrency to trade, the following is recommended:
- First log in to the Binance trading platform and set up a Metamask wallet to purchase cryptocurrency.
- Purchase the Binance Coin cryptocurrency and transfer it to your wallet. A small transaction fee will be charged.
- Connect your wallet with the decentralized crypto marketplace PancakeSwape which is one of few i.e., the most important marketplace for dealing NFT art.
- Exchange BNB for NFT art at the going exchange rate.
If you want to resell an NFT Art Finance token to generate profits in classic currency, run these steps in reverse: exchange NFT art for BNB or another cryptocurrency, and exchange it into your preferred currency.
Find out more about “Binance Smart Chain” in our dedicated article.