Binance NFT Marketplace Review and Guide
Looking to purchase NFTs on Binance NFT Marketplace? Check out Finder's full review below.
|Product Name||Binance NFT Marketplace|
Fiat deposit: varies
Fiat withdrawals: varies
Crypto deposit: free
Crypto withdrawal: varies
|Supported payment currencies||
The Binance NFT Marketplace is a platform where users can create, buy and sell NFTs (non-fungible tokens). The marketplace is powered by Binance and supported by the Binance ecosystem. Binance is a reputable and world-leading cryptocurrency exchange that was founded in 2017.
What is Binance NFT Marketplace?
Launched in June 2021, the Binance NFT Marketplace is a platform where users can create, buy and sell NFTs. NFTs, short for non-fungible tokens, are digital tokens that represent ownership of an asset. Assets can include digital art, music, videos, website domains and real-world objects.
Though fairly new to the NFT sector, the Binance NFT Marketplace can leverage the entire Binance ecosystem. The new platform will utilize both the Binance Smart Chain, which is native to the Binance ecosystem, and Ethereum for NFT creation. Users will be able to transfer NFTs between the 2 blockchains.
How to buy NFTs on Binance
Binance offers 2 ways to buy NFTs: by auction or fixed price. The steps are straightforward and easy to follow.
How to buy NFTs on Binance:
How to sell NFTs on Binance
Just like the process of purchasing, Binance offers 2 ways to sell NFTs. Users can either sell NFTs in an auction or fixed-price format. Using the fixed-price format is often the simplest.
Here are the steps to sell NFTs for a fixed price on Binance:
How to create an NFT with Binance
Binance has made sure that creating an NFT is a fast and easy process. The process should not take more than 5 minutes. Here are the steps to follow to create an NFT with Binance:
What NFTs can you buy on Binance?
The Binance NFT Marketplace has lots of NFTs categorized into Premium, Art, Sports, Entertainment, Gaming, Collectibles, Esports and NFT for Good.
Premium: This category features premium NFTs. For example, on August 30, 2021, it was announced that the State Hermitage Museum, one of the largest art museums in the world, would be launching a premium NFT Auction Collection on the Binance NFT Marketplace.
Art: The art category features different types of 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.
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.
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.
Gaming: The gaming category features gaming-related items from different creators all over the world. There are hundreds of gaming items to be bought from the platform.
Esports: The esports category lists esports items and content. Esports team eStarPro is one of the first esports teams to have their content 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.
Is the Binance NFT Marketplace safe to use?
Regulation. The Binance NFT Marketplace is backed by the much larger Binance cryptocurrency exchange. Regulation surrounding the Binance exchange is unknown as the company has never claimed a primary headquarters. The company always complies with the regulations in the countries that it operates in but will avoid regulations where possible.
Verification. All users of Binance can open an account for free without ID verification. However, access to crypto or fiat transactions require verification. Crypto and fiat transactions will likely be needed to fully utilize the NFT Marketplace.
Security. Security is a number one priority for the Binance exchange, with the same security measures also implemented for the Binance NFT Marketplace. All account access requires 2-factor authentication (2FA) and operations on the platform may require further 2FA. Many cryptocurrency assets are stored offline in cold storage, although it is unknown whether this includes NFT assets.
Binance NFT Marketplace vs. Mintable NFT Marketplace
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. One marketplace competing with the Binance NFT Marketplace is Mintable. Let's take a look and see how these 2 marketplaces compare.
|Binance NFT Marketplace||Mintable NFT Marketplace|
|NFT creation||Users can create NFTs on the Binance Smart Chain and on the Ethereum blockchain||Users can create NFTs on the Ethereum blockchain|
|User base||The Binance NFT Marketplace leverages the Binance ecosystem||Small user base when compared to the Binance NFT Marketplace|
|Transaction fee||1% fee for transacting on the Binance NFT Marketplace||2.5% on normal items|
5% on gasless items
10% on printable items
|Ewallet||Wallets that connect with Binance include MetaMask, Binance Chain Wallet, Trust Wallet, MathWallet and SafePal.||Wallets that connect with Mintable include MetaMask.|
Pros and cons of the Binance NFT Marketplace
- Free. A user only needs to create a free Binance account to begin utilizing the NFT Marketplace.
- Beginner-friendly. The NFT Marketplace is easy to navigate and processes are simple to execute.
- Low NFT minting fee. As the Binance NFT Marketplace is supported by the larger Binance ecosystem, the fees for minting NFTs are some of the lowest in the market.
- Security features. Again, integrating with the Binance ecosystem means that the NFT Marketplace benefits from the wider security systems implemented.
- Minting permissions. Minting permissions are a little bit more restrictive than other platforms. This may be a problem for some NFT creators.
- New to the market. The marketplace is young in comparison to other competitors and, therefore, is not yet capturing the rarest or most sought after NFTs.
- Overwhelming. The NFT marketplace is integrated into the larger Binance ecosystem. For beginners, navigating and understanding Binance may feel overwhelming.