With eyes set on trading Bitcoin, Binance crypto exchange was found in 2017. With time, 500 cryptocurrencies were listed, followed by the launch of Binance NFT, Binance’s very own NFT marketplace, in 2021.
The marketplace can be both signed up for and utilized absolutely free, and it charges a low mint fee and marketplace fees to trade NFTs.
Sellers are required to pay a royalty fee ranging between 1 – 10% to the creator. The royalty fee can be viewed on the detail page of each NFT.
Understanding the Binance NFT marketplace
Supported by the Binance cryptocurrency exchange, it is a platform that allows users to create, purchase, and sell non-fungible tokens. Despite not being too old in the NFT space, the marketplace utilizes the overall ecosystem of Binance. It uses the Binance Smart Chain, and users can also access Ethereum assets. Having said that, users can transfer non-fungible tokens between both of these blockchains. More blockchains will be added in the future.
Binance NFT displays various categories of NFTs that include art, games, entertainment, Mystery Boxes and sports.
Blockchain and currency of Binance NFT marketplace
The Binance ecosystem is BSC blockchain based and its native currency is BNB.
Guide to buy NFTs on Binance
Purchases on the Binance NFT marketplace don’t need a third-party wallet. All that’s needed includes the confirmed Binance account as well as crypto. To save or transfer digital assets in or out of the marketplace, a crypto wallet is needed.
Non-fungible tokens can be purchased on the Binance NFT upon following the below steps-
- Creating an account on Binance is the first step. If the user is referred by any other user, they must enter the referral ID after signup.
- The account and identity can be verified by selecting ‘User Center’ followed by ‘Identification.’ What could be done by a user on the platform is determined by verification levels. To do so, select ‘Get verified’ and the verification level. Identification documents such as driver’s license, country name and personal identification details are required to fulfill the verification level.
- The marketplace needs ETH, BNB or BUSD for the purpose of buying and needs BNB for gas fees. Cryptocurrency can be purchased via a debit or credit card while using the Binance crypto exchange.
- After successful verification of the account and loading crypto in the account, NFTs can be bought in the marketplace through auction sale, fixed price item or via an offer to a seller.
These bought tokens are transferred to the user’s Binance account and can be accessed from the User Center.
Guide to sell NFTs on Binance marketplace
Here are the steps to sell an NFT on the marketplace:
- Registration and verification of Binance account is required similar to the above process of buying an NFT.
- If the user has an NFT already, it can be found in their personal cryptocurrency wallet. The token can be sent to the Binance exchange after selecting the ‘Deposit’ button. The deposit can be done either through the Ethereum blockchain or through the Binance Smart Chain. If the NFT to be sold is there in the Binance account, all that’s needed to be done is selecting the ‘NFT Asset’ tab followed by picking the NFT that has to be listed for sale. It is also possible for the pre-approved users to mint an NFT and list it for sale.
- Fixed price and auction are two ways to sell an NFT. The team at Binance manually reviews each and every NFT sale and then only allows it to be listed.
Guide to mint NFTs on Binance marketplace
A non-fungible token can be minted through the below steps:
- A verified Binance account is a prerequisite to access Binance ecosystem’s features.
- Select ‘Create’ that’s on the top-right corner of the navigation bar.
- Anything can be minted, be it a video, audio or an image. MP3, JPEG, MP4, MPEG, WAV, PGN, AVI and GIF are the accepted formats. The files should be under 50MB.
- There’s an option to create either a single NFT, BEP-721 or a series, BEP-1155.
- The last step is entering the title, description, noting the BNB fee and verifying the transaction.
The new NFT is reflected in the account under “NFT Asset.” All the minted non-fungible tokens are on the BSC blockchain, and the minting fee is 0.005 BNB.
The 7 types of NFTs
Binance NFT has seven categories, including a mystery box. These categories are:
- Art
- Collectibles
- Entertainment
- Esports
- Gaming
- Premium
- Sports
1. Art
Artwork from reputed and unknown artists is featured. Some of the known artists with their work listed are Joseba Elorza, Krista Kim, Palm Instinct, Ali Sabet, and Kefan404.
2. Collectibles
A range of collectible digital assets are featured on the Binance marketplace. The Nyan Sim Cards by Mighty Jaxx are among the available items.
3. Entertainment
Lewis Capaldi, Kyle, and Lil Yachty are among the established musicians with work displayed in the entertainment category.
4. Esports
Esports content and items are listed in the Esports category, and eStar Pro is among the first Esports teams whose work is listed in the category.
5. Gaming
Gaming-based items from creators are featured in the gaming category. Hundreds of gaming items are available for purchase.
6. Premium
Premium NFTs like The State Hermitage Museum released a premium NFT Auction Collection on the marketplace in August and September last year.
7. Sports
All about the sports items, this category has digital assets based on sports legends like Alphonso Davies, Michael Owen and Jose Maria Gutierrez Hernandez. Also, NFT tickets are listed.
NFT Mystery Box
Surprise NFTs are a part of this category and are arranged in rarity levels. Mystery Box can be selected on the navigation bar so as to browse the collections. Once a user purchases one, they are redirected to the product page. Here, they can choose ‘Click to Reveal’ followed by ‘Open Box.’
Binance NFT drops
There’s no separate page on the NFT marketplace regarding upcoming NFT drops. However, details about crypto drops are available on the Binance exchange.
Users can stay updated about crypto airdrops via social media platforms of Binance. Moreover, blogs, media assets and announcements related to Binance are featured on Binance Newsroom.
How does the marketplace app work?
To discover, purchase and sell NFTs, Binance app can be used. Upon opening the app, one needs to select the Binance NFT to engage with the marketplace.
The free to download app is available on Apple and Android devices.
The exclusive features
Binance NFT offers an amazing buying option, the Mystery Box NFTs. The product is offered exclusively at this marketplace and the boxes enable one to know what’s inside.
The non-fungible tokens available in a Mystery Box are segregated on the basis of rarity levels such as super super rare (SSR), super rare (SR), rare (R) and normal (N).
The Pros and cons
| PROS | CONS |
| 1. Both the creation and verification of the Binance account are free. Also, the account can be utilized throughout the Binance ecosystem. | 1. Minting permissions on Binance have more limitations as compared to other marketplaces, which is troublesome for certain creators. |
| 2. It is very easy to explore the marketplace, as well as the processes can be executed in a simple way. | 2. The marketplace isn’t too old; hence, it doesn’t have the most in-demand or unique NFTs. |
| 3. Binance ecosystem supports the Binance NFT, which is why, the minting fees for NFTs are among the lowest. | 3. Creators get a considerably lower royalty than on other platforms, which offer 5-10% royalties for each secondary sale. |
Binance NFT marketplace legit or not?
Binance is a reputed ecosystem that’s among the top crypto exchanges. Binance exchange prioritizes security more than anything. Every account needs two-factor authentication.
Despite focusing on security, there have been security breach cases. For instance, in 2019, the Binance exchange became the victim of a significant, large-scale security breach that led to the theft of Bitcoins worth $40 million.
This year, in April, Binance froze $5.8 million in funds that were stolen by a hacker group, Lazarus, from the Ronin Network. Luckily, the funds were recovered.
Takeaway
The Binance NFT marketplace has immense competition from marketplaces that have been in business for much longer and offer higher royalty percentages as well.
Despite being easy to use, the marketplace is good for collectors but not that great for creators. However, we never know when things might change any time and reasons to incline towards Binance as much as other marketplaces might increase.
FAQs
OpenSea is considered the best marketplace; however, there are other good options too such as Binance.
Yes, Binance has its own marketplace, the Binance NFT marketplace.
Yes, it is possible to sell NFTs on Binance quite easily by following the selling guidelines set by the marketplace.
To invest in Binance NFT marketplace, below given steps must be followed-
1. Download a MetaMask wallet
2. Setup the wallet
3. Purchase Ethereum
4. Transfer Ethereum from Binance to the crypto wallet
5. Selecting a decentralized exchange
6. Connecting the wallet to the DEX
7. Trade the Ethereum with the desired coin
8. Find the Smart Contract of the NFT, if it doesn’t show up
9. Apply the swap
Follow the steps as mentioned below:
1. Complete the ‘Identity Verification’ to qualify for a KYC Mystery Box reward. An email will be sent to share the guidelines about claiming the KYC Mystery Box.
2. The claimed Mystery Box can be found under ‘Mystery Boxes.’ Click on “Binance KYC Mystery Box” to unveil the NFT.
3. On the pop-up window, click ‘Open Box.’
4. The received NFT can be seen now.
A Mystery Box has a surprise non-fungible token that is unveiled when the box is opened. Binance NFT has four kinds of NFTs- Super Super Rare (SSR), Super Rare (SR), Rare (R) and Normal (N).
Similar to other NFTs, NFT Mystery Boxes are sold on NFT marketplaces as well. A number of offers can be availed of while searching for Mystery Boxes.
NFTs can be purchased on Binance by following the steps mentioned in the article above.
