Binance NFT marketplace

Binance launched a crypto exchange in 2017, originally focusing on trading Bitcoin. It evolved to list over 500 different cryptocurrencies, and in 2021, launched its very own mixed NFT marketplace: Binance NFT.

It’s free to sign up and use, has a low mint fee, and low marketplace fees for trading NFTs. However, creators may not earn that much in secondary sales — Binance NFT only offers a 1% royalty fee. The platform may be great for collectors, but for creators looking to earn off their creations, not so much.

Our take on Binance NFT marketplace

Launched in June 2021, the Binance NFT Marketplace is a platform where users can create, buy and sell NFTs.

Though fairly new to the NFT sector, the marketplace can leverage the entire Binance ecosystem. The new platform utilizes both the Binance Smart Chain (BSC), which is native to the Binance ecosystem, and users can access Ethereum assets. Users are able to transfer NFTs between the two blockchains, with more blockchain support planned in the future.

Binance NFT is a mixed marketplace, featuring multiple NFT categories including gaming, sports, entertainment, art and even Mystery Boxes where you can collect surprise NFTs with varying rarities.

You can also select the Coming Soon button while accessing the marketplace to see NFTs associated with upcoming applications — for example, VIP passes for early access in upcoming blockchain games.

Image source: Binance NFT

The marketplace is backed by the much larger Binance cryptocurrency exchange. Regulation surrounding the Binance exchange is unknown, since the company moved out of China after the country increased its cryptocurrency regulations. However, the company appears to do its best to comply with specific regulations based on the country.

For US residents, the Binance exchange is based out of California. However, the NFT marketplace isn’t available to US residents at the time of writing.

About Binance NFT marketplace

The marketplace is on the BSC blockchain. Use your Binance account to utilize the exchange and marketplace — very convenient.

You don’t have to verify a Binance account to interact with the Binance ecosystem, but to buy and sell NFTs and use the exchange, it’s a requirement.

Verifying your account requires selfies, submitting personal information and valid government identification such as an up-to-date driver’s license. Verification levels vary depending on your home country.

Image source: Binance NFT

Binance NFT marketplace blockchain and currency

The Binance ecosystem is built on the BSC blockchain. It was originally built on Ethereum, but later transitioned to BSC, and BNB is the native currency.

Buy NFTs using BNB, BUSD or ETH, and BNB is required for gas fees.

How to buy NFTs on Binance NFT marketplace

There’s no need to connect a third-party wallet to make purchases on Binance NFT marketplace — your verified Binance account and crypto is all you need. You’ll need a crypto wallet to store or move digital assets in or out of Binance NFT.

To buy NFTs on Binance NFT, follow these steps:

• Get a Binance account. Go to Binance.com and select Register. Account creation is free, and you need an email and password. If you’ve been referred by another user, enter the referral ID upon signup.
• Verify your account. To verify your account and identity, select User Center then Identification. Verification levels determine what you can do on the platform. Select Get verified and your verification level (they vary by country). Complete the verification level with identification documents like a driver’s license, selecting country and entering personal identification information.
• Buy or deposit cryptocurrency. The Binance NFT marketplace requires BNB, BUSD or ETH for purchases, and BNB for gas fees. If you use the Binance crypto exchange, you have the option of buying cryptocurrency with a debit or credit card.
• Buy NFTs. With your account verified and crypto loaded in your account, you now purchase NFTs on the marketplace. You can buy NFTs by buying a fixed price item, auction sale, or making an offer to a seller.

Purchased NFTs are sent to your Binance account, accessible from your User Center. In terms of fees, there’s a flat 1% fee for trading NFTs, and gas fees on Binance NFT marketplace are paid with BNB.

Types on NFTs on Binance NFT

Binance NFT offers seven categories of NFTs, plus a mystery box:

• Art — The art category features artwork from both known and unknown artists. Krista Kim, Ali Sabet, Kefan404, Palm Instinct and Joseba Elorza are some of the most popular artists who have their works listed in this category.
• Collectibles — Designated for collectible NFTs, this section features a range of collectible digital assets. The Nyan Sum Cards by Mighty Jaxx are some of the items available in the collectibles category.
• Entertainment — Two-time BRIT Award winner Lewis Capaldi is one individual whose work you might find in the entertainment category. Lil Yachty and Kyle are other popular musicians who have their work listed in this category.
• E-sports — The e-sports category lists esports items and content. E-sports team eStarPro is one of the first e-sports teams to have its content listed in this category.
• Gaming — The gaming category features gaming-related items from creators all over the world. There are hundreds of gaming items for purchase from the platform.
• Premium — This category features premium NFTs. For example, the State Hermitage Museum launched a premium NFT Auction Collection on the Binance NFT Marketplace over the course of one week in August and September 2021.
• Sports — The sports category, as the name suggests, is all about sports items. For example, digital assets related to sporting greats such as Michael Owen, José María Gutiérrez Hernández and Alphonso Davies are listed within this category. NFT tickets are also listed.
• NFT Mystery Box — These have a surprise NFT. They are sorted into rarity levels. On the navigation bar of Binance NFT, select Mystery Box to browse the collections. After you buy one, you’re redirected to the product page where you can select Click to Reveal and then Open Box.

Image source: Binance NFT

Token standards on Binance NFT are BEP-721 and BEP-1155.

How to sell NFTs on Binance NFT marketplace

To sell an NFT on Binance NFT, follow these three steps:

1. Sign in or register a Binance account. Follow the same steps listed in how to buy NFTs to register and verify your Binance account, if you haven’t done so already. If you already have a verified account, then sign in.
2. Deposit an NFT or create one. If you already own an NFT, find the NFT within your personal cryptocurrency wallet. Send the NFT to the Binance exchange by selecting the Deposit button, which is located within the NFT User Center. You’ll have the option to deposit via either the Binance Smart Chain or the Ethereum blockchain. If the NFT you want to sell is already in your Binance account, simply select the NFT Asset tab, then choose the NFT you wish to list for sale. Pre-approved users can also mint an NFT on Binance NFT then list it for sale.
3. Choose sale method. You have two options, either auction or fixed price. The Binance team manually reviews every NFT sale before approving it for listing. This ensures it meets the platform’s standards. This process takes four to eight hours.

At the time of writing, Binance only allows preapproved users to mint. Binance plans to expand this feature to all registered users in the future. Here’s how to mint an NFT:

1. Sign in to your account. Remember that you need a verified Binance account to access all the features of the Binance ecosystem.
2. Select Create. On the top-right corner of the Binance NFT navigation bar, select Create.
3. Choose a format. You can upload an image, video or audio file to be minted. Accepted formats are JPEG, PGN, GIF, MP4, MP3, MPEG, AVI and WAV. File must be under 50MB.
4. Single or series. You have the option of creating a single NFT, BEP-721, or a series, BEP-1155.
5. Complete the details. Enter the NFT’s title, description, note the BNB fee and confirm the transaction.

Once the file is minted, you’ll find the new NFT in your account under NFT Asset. You can also track your sales history, bidding orders and purchase history in your account. All NFTs minted on Binance NFT are on the BSC blockchain, and the minting fee is 0.000001 BNB.

Binance NFT marketplace fees

Binance NFT marketplace NFT drops

Binance NFT doesn’t have a page on upcoming NFT drops. However, on the Binance exchange, there’s information on crypto airdrops.

To stay up to date with crypto airdrops, you can follow Binance on various social media outlets such as Facebook, Instagram, Telegram, Twitter and YouTube.

Binance also features Binance Newsroom where you can access its blog, announcements and media assets.

How the Binance NFT marketplace app works

Use the Binance app to browse, buy and sell NFTs. With the Binance app open, simply select Binance NFT to interact with the marketplace.

The app is available to Apple and Android devices, and it’s free to download.

Image source: App Store, Binance app screenshots

Binance NFT marketplace’s unique features

The Mystery Box NFTs are a cool buying option offered on Binance NFT. We haven’t seen another mainstream marketplace offer this product. Blockchain games often feature loot boxes or loot crates, but with these boxes, you usually know what you’re getting.

The NFTs you can get in a Mystery Box are sorted into rarity levels: super super rare (SSR), super rare (SR), rare (R) and normal (N)

Image source: Binance NFT

Is the Binance NFT marketplace legit?

Binance as a whole is a well-known ecosystem. It’s considered one of the top crypto exchanges, with well over 28 million registered users worldwide, according to an estimate done in October 2021.

Security is a number one priority for the Binance exchange, with the same security measures also implemented for the marketplace. All account access requires two-factor authentication (2FA). While security is always a major concern, Binance has experienced pretty major hacks.

In 2019, the Binance exchange went through a major large-scale security breach, resulting in over $40 million worth of Bitcoin stolen, reported by CNBC.

More recently in April 2022, Binance had to freeze $5.8 million in funds — across 86 accounts — that were stolen from Ronin Network by a hacker group known as Lazarus, reported by The Record. The funds were recovered, though.

Security breaches and theft aren’t rare in the world of crypto and NFT trading. However, it’s worth noting that there are other major crypto exchanges and NFT marketplaces that have never experienced a hack, such as Gemini and FTX (as far as we know, anyway).

Often, security breaches on these platforms are a result of consumers not setting up 2FA or becoming victims of phishing scams. No matter what NFT marketplace or exchange you choose to use, keep your account and wallet seed phrases safe.

Bottom line

The Binance NFT marketplace is a relative latecomer to the rising NFT sector. It faces stiff competition from NFT marketplaces that have been in existence for much longer.

OpenSea has been around since 2017, and as a result, is the biggest and most popular NFT marketplace to date. Other major competitors include Nifty Gateway, Rarible and Mintable — all of these competitors advertise higher royalty percentages as well.

For creators, we don’t recommend Binance NFT if you’re looking to earn from your NFT resales. However, the marketplace is easy to use, signup is simple and there’s a free mobile app. For new NFT collectors, this could be a good starting point.