Binance NFT Marketplace Review and Guide

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:

• Step 1: Create an account

  Creating a user account on Binance is extremely quick. First, go to Binance's official site. On the Binance Homepage, click on the "Register" button in the top-right corner of the screen.

  

  A new page will appear where an email and strong password is required. Binance allows you to create an account with either your email or phone number.

  Next, you'll go through a security verification process. Verify your account by inputting the code sent to your email. Once verified, your account can be used for the NFT marketplace.

  Note. Binance is one of the few crypto platforms that require users to complete their identity verification process for account security. Binance features different levels of verification: Basic, Intermediate and Advanced.

• Step 2: Buy crypto

  Cryptocurrencies are required for all NFT purchases. As a result, you will need both cryptocurrencies and a cryptocurrency wallet in which to store them.

  Luckily, Binance provides all users with an exchange cryptocurrency wallet. While the wallet will be used in the purchase of NFTs, it is not the most secure wallet option. It is useful to have your own personal wallet elsewhere. Other popular crypto wallets include MetaMask, Binance Chain Wallet, Trust Wallet, MathWallet and SafePal. For help selecting a suitable personal crypto wallet, read our guide.

  Binance offers several ways to buy crypto. From the Binance Homepage, click the "Buy Crypto" tab at the top of the screen.

  

  A drop-down menu will appear with a list of options. Depending on the currency selected, these options may include purchasing with a credit/debit card, bank transfer or via a third-party payment provider.

  Buying crypto via a credit or debit card is often the most straightforward option for new users. The process will take a few minutes, but charges will apply. Remember to check the charges before making a purchase. Once the process is complete, your purchased crypto will be credited to your Binance exchange cryptocurrency wallet.

• Step 3: Buy your NFT

  Once you have your cryptocurrency in your Binance wallet, click the "NFT" tab on the Binance Homepage.

  On the NFT homepage, click on "Marketplace". Binance Marketplace is where Binance-listed NFTs are displayed. Here, you can search for any asset you wish to buy. You can also search for creators you wish to buy from if you have a specific artist in mind.

  

  Binance offers 2 ways to buy NFTs. You can either bid in an NFT auction or buy a fixed-price NFT. Buying a fixed-price NFT is simpler than placing a bid in an auction.

  Once you find the NFT you wish to buy, click on it. A new page will appear with specific information regarding the asset. Click on the "Buy Now" button and either pay the full price if buying at a fixed price or enter a bid if the item is listed in an auction.

  Once the purchasing transaction is complete, your NFT token will be sent to your Binance wallet. From there, it can be transferred to your personal cryptocurrency wallet.

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:

• Step 1: Create an account

  If you already have a user account on Binance, then this step is not necessary. However, if you don't have a Binance user account, you will have to create one to sell NFTs on Binance.

  Binance requires your email and for you to create a strong password to create a user account. There are a few subsequent verification steps to follow to ensure account security and ID verification.

• Step 2: Find or create an NFT

  To sell an NFT for a fixed price, you will first need an NFT. After all, you cannot sell what you don't have.

  If you already own an NFT, find the NFT within your personal cryptocurrency wallet. Send the NFT to the Binance exchange by clicking on the "Deposit" button, which is located within the NFT "User Center". You will have the option to deposit via either the Binance Smart Chain or the Ethereum blockchain.

  

  Alternatively, create an NFT using the Binance platform. NFTs can include digital artwork, music, videos, memes, documents and domain names.

• Step 3: List your NFT

  Once you have an NFT on the Binance NFT Marketplace, click "User Center".

  Click on the "NFT Asset" tab to see your NFT Collection. This is where your NFTs are displayed. Click on the NFT you wish to list for sale.

  

  Once you click on the NFT you want to sell, you'll be taken to the NFT description page. An NFT's description is written when it is first created. If you are reselling an NFT, you cannot change the description.

  Click on "List NFT" to see the listing options for your NFT sale. You have 2 options, either auction your NFT or sell it through the instant sale. As mentioned previously, setting a fixed price is a simple way to sell your NFT. Auctions are riskier, but can potentially be more profitable.

  Note. The Binance team will manually review every NFT sale before approving it for listing. This ensures it meets the platform's standards. This process takes 4-8 hours.

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:

• Step 1: Create your NFT

  Go to the Binance NFT Marketplace homepage and click the "Create" button. The Upload page will then appear where you can select the item you wish to turn into an NFT. It can be an image, video, audio or file.

  Once you have selected the item, the next step is to add all the relevant information needed to create your NFT.

  You will also need some BNB coins in your account to cover your minting fee. Creating NFTs on Binance is not free. Once you are done keying in the relevant information, click "Create".

  Once you have successfully created your NFT, you will see the "Minting Completed" screen. You will be able to view your newly minted NFT within your NFT collections page. The NFT can then be sent to a personal crypto wallet for you to store.

• Step 2: List your NFT

  Alternatively, you may want to sell your newly created NFT.

  Click the "List NFT" button to go to the listing options.

  You have 2 options when it comes to selling your NFT. You can either sell the NFT through an auction or at a fixed price. Once you've made your decision on how to sell your NFT, fill in the necessary information and the item will be listed in the marketplace ready for purchase.

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.

Frequently asked questions

• Can I send NFTs from the Binance Smart Chain to the Ethereum blockchain?

  Yes, NFT assets created on the Binance Smart Chain can also interact with the Ethereum blockchain.

• Which cryptocurrencies can I use to buy and sell NFTs?

  Binance accepts the use of BNB, BUSD and ETH to buy and sell NFTs.

• Do I need to be verified to buy and sell NFTs?

  Yes, your account needs to be verified before you can buy and sell NFTs.