Binance NFT Marketplace Review

With the increasing popularity of NFTs, there has also been a huge growth of different NFT marketplaces. Some of them provide entry-level trading services, while others specialize in a specific market.

In this article, we will have a look at the Binance NFT marketplace, which, in turn, will help you in choosing the right platform for starting trading in NFTs.

A sneak peek into the Binance NFT Marketplace

Put simply, the Binance NFT market is a one-stop location where you can buy and sell all kinds of digital artworks and collectibles. The Binance NFT marketplace, which is powered by the Binance blockchain technology and community, affords the highest liquidity platform to the users for launching and trading NFTs. This is why it allows you to create and trade non-fungible tokens.

Binance NFT Marketplace features

In fact, on both Ethereum and Binance Smart Chain, one can mint his/her own NFTs and move them between the two blockchains. It is not just for the creators but also for the collectors who can purchase NFTs for a set price or through auctions on the platform’s built-in marketplace. This is why with its unique, inventive strategy, Binance intends to revivify the whole NFT ecosystem.

What NFTs can you buy on Binance?

Users can buy and sell NFTs on the Binance NFT Marketplace using their Binance.com account, which affords them an added advantage of the ease of a single access point. This feature makes it easier for users to make the most of all of Binance’s services. In addition, the users can also load their Binance wallets in order to transact on the Binance NFT Marketplace.

In fact, Binance NFT is the world’s largest centralized NFT marketplace which allows everyone to browse and trade a wide range of in-game items, virtual land, art pieces, etc., for a one-percent trading fee.

It also allows one to purchase and sell digital collectibles, in-game stuff, virtual land, art, and other items. All in all, NFTs are divided into Premium, Art, Sports, Entertainment, Gaming, Collectibles, Esports, and NFT for Good on the Binance NFT Marketplace.

Is the Binance NFT Marketplace safe to use?

When it comes to choosing a crypto exchange to trust, the most important thing to consider is security. In fact, every stage of the transaction, from the moment you deposit fiat currency in your exchange wallet until the moment you begin trading, must be secured. In this regard, Binance is regarded as a secure exchange that employs two-factor authentication to protect users’ accounts.

While Binance was reportedly hacked in May 2019, resulting in the theft of 7000 Bitcoins from the exchange, it assured that its emergency insurance fund, Secure Asset Fund for Users (SAFU), will reimburse all losses. All in all, when evaluated in the grand scheme of things, it can be culled out that the advantages greatly outnumber the disadvantages.

The exchange’s lower fees, combined with the team’s demonstrated expertise in developing trading platforms, are sufficient factors to make it a big contender. It does not come as a surprise that the service was a hit in its first few months. Additionally, when you add in the capacity to provide a truly global service outside of the control of the Chinese government, there is not much stopping Beiji Technology.

While it is a little off-putting that fiat support is limited, it is understandable in most cases. Despite that, Binance is continually expanding its offerings. In fact, with the accessibility of EUR and GBP trading pairs, Binance has become more promising.

Advantages of using the Binance NFT Marketplace

As is obvious, every NFT market on the internet will have a different set of features to offer its consumers. Some publishers may offer generous royalties for repeat sales while others are niche marketplaces with only a few NFTs, allowing their owners to stand out more easily. Nevertheless, there are numerous advantages of Binance.

The most important ones are centralization, reliability, and general repute in the cryptosphere. There are several NFT-specific features.  For all NFT sellers and creators, Binance NFT charges a flat 1% trading fee. This is why it has the lowest fees in the market when compared to other marketplaces that charge up to 7.5 percent in fees. Additionally, the sellers only need to pay a 1% royalty charge to the inventor.

Initial Game Offering – one of the many advantages of Binance NFT Marketplace

Resultantly, the cheap costs on Binance NFT allow NFT sellers to make more money on their assets. On the homepage’s rating boards, Binance NFT highlights the top-performing NFT collections, NFTs, and artists. With the help of this, the collectors can readily identify new and popular works to add to their collections, while artists and their collections gain additional visibility.

The new ranking boards also allow collectors to better appraise and price their assets, boosting the likelihood of a more profitable sale. Also, the NFT Marketplace benefits from the wider security procedures created as a result of its integration with the Binance ecosystem.

Disadvantages of using the Binance NFT Marketplace

While this NFT marketplace has been largely disruptive, there are a few drawbacks to it. At the outset, the platform gets a bit complex, and owing to its lack of user-friendliness, it gets confusing for the users to navigate. Thus, while Binance’s diverse set of services and trading choices is exciting, it can also get a little scary for the reason that even seasoned traders may feel daunted by the sheer number of possibilities available.

Apart from this, the concerning issue is the absence of an in-built digital wallet which becomes imperative while dealing in such a virtual space. In response to this, Binance suggests Trust Wallet, which has a decent reputation but may only be able to provide limited support if there are problems with Binance transfers. Not only that, recently, Binance has run into many regulatory troubles in a number of countries.

The permissions for minting are a little more restricted than on other platforms. For certain NFT creators, this could potentially be a troublesome issue. Since this product is new to the market which is inundated with competitors, it has yet to capture the rarest or most sought-after NFTs.

Lastly, since the NFT exchange is a part of the wider Binance ecosystem, it might get difficult to navigate and understand for newcomers. This is why there are a few disadvantages to Binance, but it can be seen that they are set off by the advantages.

How to buy NFTs on the Binance NFT Marketplace?

Purchasing NFTs on the Binance NFT marketplace is actually very easy and is similar to any other digital shopping you may be doing. Given below are the steps you are required to take for buying your desired NFTs from the Binance NFT Marketplace:

Step 1: Create a Binance account, and have sufficient crypto in your wallet

Once we begin, you must create a Binance account and fund your spot wallet with BNB, BUSD, or ETH. Binance NFT Marketplace accepts only these three cryptocurrencies on its platform.

Step 2: Use the app or browser to access the Binance NFT Marketplace

You’re free to discover the Binance NFT Marketplace if you already have BNB, BUSD, or ETH in your Binance account. You can gain access to the Binance NFT Marketplace in two ways.

Choose from different NFTs available on the marketplace

In case you are using the Binance app, on the app’s homepage, tap [More] and then [Binance NFT], which is located in the [Trade] section. Otherwise, the Binance NFT Marketplace is accessible by clicking [NFT] at the top of the Binance.com homepage.

Step 3: Get the right NFT for you

Now, it’s time for you to make choices for finding the right NFT. If you’re an avid gamer, you can visit our gaming gallery by clicking [Gaming/ IGO] at the top of the Binance NFT homepage. You’ll find all Binance’s NFT gaming collections and upcoming drops.

Buy the unique ‘IGOs’ NFTs or choose from a traditional set of NFTs

You can also use the secondary market or the Mystery Box Market’s filter functions to sort out the NFTs as per your requirements. You can look for NFTs by various categories/collections, sale types, NFT types, and more.

Other than that, you can check the marketplace page’s ranking boards, where we highlight the best-performing NFTs, collections, and creators.

Step 4: Purchasing the NFT you’ve selected

You can buy an NFT in one of three ways, depending on how the creator/seller has planned the sale format. There are three sale formats: auction, fixed price, and mystery box.

How to bid for an NFT via Auction at the Binance NFT Marketplace?

Step 1: Press the [Place a Bid] button on the NFT listing page.

Step 2: Enter your bid amount and press the [Place a Bid] button. Keep in mind the minimum markup; this is the amount by which you must increase the previous bid in order to place your new bid.

Step 3: After successfully submitting your bid, you will see a confirmation splash screen. The NFT will be purchased by the highest bidder when the auction concludes. Make sure that bids cannot be canceled, and your funds will be held in reserve till a fresh bid is placed or the auction completes.

How to buy a fixed-price NFT on the Binance NFT Marketplace?

Step 1: To pay the total price, simply tap on the [Buy Now] button available on the NFT listing page.

Step 2: The confirmed amount to pay for will then appear in a pop-up window. To finish your purchase, press [Confirm].

Step 3: Following a successful payment, you will have another pop-up box indicating that your purchase was successful. To see your NFT, press [Collections] in the pop-up.

How to buy an NFT Mystery Box on the Binance NFT Marketplace?

Mystery Boxes contain a surprise NFT that is disclosed when the box is opened. NFTs are classified into four types: super, super rare (SSR), super rare (SR), rare (R), and normal (N). Here are the steps that you need to follow for getting these mystery boxes:

Mystery Boxes on Binance NFT Marketplace

Step 1: You will find the box’s fixed price on the Mystery Box listing page. To make a purchase, press [Buy].

Step 2: An [Order Detail] pop-up will show up, requesting you to confirm the details of your purchase. To finish your purchase, select [Confirm].

Step 3: Once your purchase is complete, go to the confirmation pop-up screen and select [Collections] to see your unopened Mystery Box. You can also go to User Centre > Mystery Box > Collections.

How to sell NFTs on the Binance NFT Marketplace?

Users can easily sell their NFTs on the Binance NFT marketplace. Here are the things that you are required to do for selling your NFTs on this platform:

Step 1: To begin, browse the collection page in your “NFT Asset” section. You’ll need to select the NFT that you want to sell here.

Step 2:  After you’ve decided on the NFT, you’ll need to list it on the market. This is where you will be able to specify all of the details of your listing. First, decide what kind of sale you want to list. You have the option of selling your NFT at a fixed price or holding a timed auction. If you select the first option, you will be prompted to fix a specific price for your NFT as well as the cryptocurrency that you would like to obtain payment of.

If you choose the auction option, you will be requested to enter the lowest bid that one can make on your NFT. After you’ve completed the processes outlined above, you’ll need to select a time frame for a listing of your NFT on the Binance NFT marketplace. This period can extend up to a week from the date of your listing.

Step 3:  Create a category for your tokens and write some details about your NFT to assist potential buyers in identifying and learning more about the NFT that you’re selling. Once you’ve completed all of that, you’ll be able to submit your NFT for listing.

Binance’s listing process must be confirmed by a dedicated team. This verification can take up to 8 hours, based on when you submit your NFT and the number of tokens uploaded for verification.

Once Binance has verified your NFT listing, the token will be available for anyone to browse, see, and buy (or bid on) on the Binance NFT marketplace.

How to create your own NFT on the Binance NFT Marketplace?

Step 1: To create an NFT, go to the NFT marketplace homepage and click the [Create] button. You should now be on the upload page. Press to pick an image, video, audio, or file to be converted into an NFT.

Step 2: The next step is to enter all of the necessary information to mint your NFT. You can also select whether to create a single NFT (BEP-721) or a series of NFTs (BEP-1155). A series involves selling multiple versions of your collectible while keeping each one distinct with an identifier.

Step 3: Your file is now being uploaded, and Binance is preparing to create your NFT. You can also view the transaction ID for the minting, which you can copy and paste into BscScan. To go to your collections, press [List NFT] or wait to be redirected.

All of the NFTs you currently own can be found on the [Collections] page under [NFT Asset]. These will be ones you purchased or made yourself. You can also insert NFTs from some other wallet or exchange and view your [History].

Conclusion

To begin with, the Binance NFT marketplace is one of the newest in the NFT space. Binance is one of the largest cryptocurrency exchanges in the world, with over 13 million users. This suggests they can build strong communities around the projects they support. Another advantage of this NFT marketplace is that all NFTs are manually reviewed by the team to make sure of quality standards.

The good news is that the fees are extremely low. The marketplace operates on the BSC (Binance Smart Chain), which is significantly less expensive than regular Ethereum gas fees that you must spend each time you mint a new NFT.

On this platform, creators also receive a permanent 1% royalty every time an NFT is traded on the platform. Considering all these reasons, Binance NFT Marketplace is a decent platform for beginners to start their trading in NFTs.

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