The Binance NFT Marketplace is a platform where users can buy, sell, and mint their own NFTs. It launched in summer 2021 as part of the Binance ecosystem. Despite the platform being fairly young, it has some solid advantages over its main competitors.
What can you do on Binance NFT Marketplace?
Create: You can create (mint) an NFT for your art piece on both the Binance Smart Chain (BSC) and Ethereum. You can freely transfer your NFTs between the two blockchains.
Trade: for buyers and sellers alike, the Binance NFT marketplace offers two types of price: fixed and auction. Usually, buying fixed-price is simpler though not necessarily cheaper.
Win: You can buy a Mystery Box (a chance-based surprise box) and get a chance to win rare NFTs. Each Mystery Box has the list, quantity, and probability of a particular type of NFTs listed in the description.
The cons & pros of the Binance NFT Marketplace
Binance NFT platform came a bit late down the line and had to deal with a lot of competition from OpenSea, Rarible and other popular marketplaces. Some of the most renowned artists and creators have long-established themselves on other platforms, and thus the selection of NFTs on Binance may fall short of some people’s expectations. However, that doesn’t mean you can’t find anything worthwhile here — you just need to look around.
Also, creators might find the NFT minting permissions a bit troublesome as on Binance, they’re a lot less flexible than on other platforms.
The main advantage of the Binance NFT marketplace is related to its low costs and low entry threshold.
Binance is ideal for beginners because it doesn’t require you to spend money to create an account.
The fact that Binance NFT Marketplace is part of the Binance ecosystem is, beyond doubt, a good thing in terms of integration and safety. However, it’s precisely this feature that scares some people away, as Binance is known to be quite overwhelming for newcomers. If you want to take full advantage of its NFT functionality and get some extra perks and bonuses, you’ll likely have to explore the entire ecosystem yourself, which many find daunting.
Binance NFT Marketplace has a dedicated mobile app, too. It mirrors the functionality of the official website, and with it, you can trade NFTs and withdraw your funds.
How to get started
You don’t need your identity verified to use Binance NFT Marketplace. You do, however, need it to make transactions with your tokens. To register on the exchange, press “Register” in the top-right corner. State your details, link your phone number, and you’re good to go. Now for verification.
Account verification has two steps:
- Enter your ID/Passport details and upload documents pics (driver’s license will do). Then, do a face check.
- (Optional) Confirm your address and gain access to the most favourable trading terms.
Each step may take up to 10 days to complete, but normally it’s a lot less than that (most users get approved within a day).
What NFTs you can find on Binance
The Binance NFT marketplace offers various kinds of NFTs spanning different fields.
Premium: these are primarily expensive works from high-profile artists and creators. For instance, the Russian State Hermitage Museum chose Binance as a launchpad for its own Premium NFT collection in August 2021.
Art: artworks from high- and low-profile artists from all over the world. Some of the better-known names include Krista Kim, Ali Sabet, Kefan404, Palm Instinct, and Joseba Elorza.
Sports: NFT tickets and digital sports collectables. You can buy hand-signed tokens by the likes of Michael Owen, José María Gutiérrez Hernández, and Alphonso Davies.
Entertainment: digital items by musicians and other workers of the entertainment industry, including singer Lewis Capaldi, Lil Yachty, and Kyle.
Gaming: these include tradeable in-game NFT items for various video games. Cards, weapons, gear, cosmetics, and whatever else you might want to own and trade in a game can be found here.
Esports: content specifically related to the field of Esports. eStarPro is one of the best-known teams listed here.
Collectables: The Nyan Sum Cards by Mighty Jaxx and other rare and unique digital collectables are waiting for you in this section.