Residents of the United States are restricted to using the platform’s exchange as their only option because they cannot access this marketplace.
The benefits and drawbacks of using the Binance NFT marketplace
Pros
• There is no cost to join. Binance accounts can be created and verified for free, and once they are established, they can be used across the whole Binance ecosystem.
• Beginner-friendly. The market is straightforward to traverse, and the procedures may be carried out with little effort.
• A low charge for minting new NFTs. Due to the fact that the Binance NFT is supported by the wider Binance ecosystem, the costs for minting NFTs are among the most competitively priced on the market.
• Safety and protection measures. Because it is integrated with the Binance ecosystem, the NFT market is able to take use of the broader security systems that have been put in place.
Cons
• Permissions to mint coins. The permissions for mining are a little bit more stringent compared to those of other sites. This can be a challenge for the developers of some NFTs.
• Recently introduced to the market The market is very new in compared to its rivals, and as a result, it does not yet possess the rarest or most sought-after non-fungible tokens (NFTs).
• A low amount of royalties. Creators on Binance NFT are only allowed to get 1% in royalties for their work. This is an extremely low royalty rate when compared to other platforms such as Foundation and OpenSea, who advertise up to 10% in royalties for each secondary sale.
In 2017, Binance began operations as a cryptocurrency exchange, with a primary emphasis initially placed on trading Bitcoin. It progressed to the point where it now lists over 500 distinct cryptocurrencies, and in 2021, it opened its own own mixed NFT marketplace known as Binance NFT.
It is free to join up and use, it has a cheap fee for minting coins, and it has low marketplace fees for trading non-fungible tokens. However, because Binance NFT only gives a 1% royalty fee, producers may not make as much money as they had hoped from secondary sales. The site may be fantastic for collectors, but it is not particularly useful for creators who are hoping to make money off of their works.
The perspective we take on the Binance NFT market
The Binance NFT Marketplace is a platform that will be released in June 2021. On this marketplace, users will be able to build new NFTs, as well as buy and sell existing ones.
Even though it is still relatively new to the NFT industry, the marketplace is able to utilize the full Binance ecosystem. The new platform allows users to access Ethereum assets while also utilizing the Binance Smart Chain (BSC), which is indigenous to the Binance ecosystem. Users currently have the ability to transfer NFTs between the two blockchains, with the addition of support for additional blockchains scheduled for the foreseeable future.
Binance NFT is a diversified market that offers a wide variety of NFT categories, such as gaming, sports, entertainment, and art. Binance NFT also offers Mystery Boxes, in which users can gather a variety of NFTs of varied rarities as a surprise.
While viewing the marketplace, you also have the option of selecting the Coming Soon button to view NFTs that are related with upcoming apps. One example of this would be VIP passes that allow early entry to upcoming blockchain games.
The marketplace is supported by the far larger cryptocurrency exchange known as Binance. There is a lack of clarity on the regulations that pertain to the Binance exchange because the firm relocated outside of China when that country tightened its grip on cryptocurrencies. Nevertheless, it would appear that the corporation makes every effort to comply with the many requirements that are country-specific.
Binance is a cryptocurrency exchange that has its headquarters in California, serving customers in the United States. At the time of this writing, however, residents of the United States are unable to access the NFT marketplace.
Regarding the NFT market place Binance
The marketplace can be accessed using the blockchain of the BSC. Make use of the exchange and marketplace by logging in with your Binance account — it’s incredibly convenient.
It is not necessary to validate a Binance account in order to interact with the Binance ecosystem; however, account verification is necessary in order to buy and sell NFTs as well as use the exchange.
In order to verify your account, you will need to provide selfies, personal information, and a legitimate form of government-issued identification, such as a driver’s license that is up to date. Different countries have different levels of verification requirements.
Binance NFT is a blockchain and cryptocurrency marketplace.
The BSC blockchain is the foundation upon which the Binance ecosystem is constructed. It was initially created on Ethereum, but eventually switched to BSC, and BNB is the native currency. Ethereum was the platform on which it was initially built.
You can pay for the gas fees for NFT transactions using BNB, although BUSD or ETH are also acceptable.
Instructions for purchasing NFTs on the Binance NFT marketplace
To make purchases on the Binance NFT marketplace, all you need is your verified Binance account and cryptocurrency; there is no requirement to connect a wallet hosted by a third-party service. If you want to store digital assets or move them into or out of Binance NFT, you will need a cryptocurrency wallet.
Follow these procedures in order to purchase NFTs on Binance NFT:
• Sign up for an account with Binance. Visit Binance.com and click the Register button when you get there. The establishment of an account is completely free, but you will need an email address and a password. During the signup process, you will be asked for the referral ID if you have been referred by another user.
• Check that your account is verified. Follow the steps in User Center, then click Identification, to validate both your account and your identity. The verification levels you have affect the capabilities of the platform you have access to. Click the Get verified button, then select your verification level (they vary by country). Finish the verification process by providing identifying papers such as a driver’s license, choosing your country, and entering your personal identification information.
• Either buy cryptocurrencies or make a deposit. To make a purchase on the Binance NFT marketplace, you need either BNB, BUSD, or ETH, as well as BNB for the gas fees. You can purchase cryptocurrencies with either a debit or credit card if you use the Binance cryptocurrency exchange. This gives you more purchasing flexibility.
• Buy NFTs. You can now make purchases on the marketplace for NFTs once your account has been confirmed and cryptocurrency has been added to it. You can acquire NFTs by purchasing an item with a predetermined price, participating in an online auction, or arranging a deal with a merchant.
Your User Center gives you access to your Binance account, where your newly acquired NFTs will be waiting for you. When it comes to fees, trading NFTs incurs a standard one percent fee, and BNB is the currency that is used to pay gas fees on the Binance NFT marketplace.
Binance NFT Types and NFT Types on Binance
Binance NFT is comprised of seven distinct categories, in addition to a mystery box:
• Art — The artwork included in this category comes from both well-known and lesser-known artists. Krista Kim, Ali Sabet, Kefan404, Palm Instinct, and Joseba Elorza are among the most well-known artists whose works are featured in this category. Other notable names include Joseba Elorza.
• Collectibles — This part is designated for collector NFTs, and it contains a variety of collectible digital assets. Collectible NFTs can be found here. Some of the goods that may be purchased under the collectibles category’s umbrella are Mighty Jaxx’s Nyan Sum Cards.
• Entertainment, winner of the BRIT Award not once but twice The works of Lewis Capaldi are one example of those whose names might be associated with the entertainment category. In addition to Lil Yachty and Kyle, who are both well-known musicians, additional artists whose work is included in this category are:
• E-sports — Items and content related to esports can be found under the e-sports category. eStarPro is one of the earliest e-sports teams to have its content recognized in this category, making it one of the first e-sports teams overall.
• Gaming — Items relating to gaming can be found in the gaming category, which offers works by authors from all over the world. The portal makes available for purchase a huge variety of different types of gaming equipment.
• Premium — This category is home to premium Non-Farm Income Securities. For instance, during the months of August and September 2021, the State Hermitage Museum introduced a premium NFT Auction Collection that was sold on the Binance NFT Marketplace over the course of one week.
• Sports — The entries in this category, as the name of the category suggests, are all related to sports. Within this category, for instance, digital assets that pertain to sporting greats such as Michael Owen, José Mara Gutiérrez Hernández, and Alphonso Davies are listed. Tickets for the NFT are also included on the list.
• NFT Mystery Box – Each one of these contains a cryptic NFT. They are then ranked according to the degree of their rarity. To go through the collections, choose Mystery Box from the menu located in the top navigation bar of Binance NFT. Following the completion of your purchase, you will be taken to the product page, where you will first be prompted to Click to Reveal and then Open Box.
BEP-721 and BEP-1155 are the standards for tokens on the Binance NFT platform.
What steps need to be taken to sell NFTs on the Binance NFT marketplace
Please follow these three steps in order to sell an NFT on Binance NFT:
1. Log in to your existing Binance account or create a new one. If you haven’t previously done so, if you haven’t already registered and verified your Binance account, you should follow the steps that are given in how to acquire NFTs. Sign in if you already have an account that has been checked and verified.
2. Either deposit an existing NFT or establish a new one. Find the NFT that you already hold within your personal bitcoin wallet if you already have an NFT. Within the NFT User Center, you’ll find a button labeled “Deposit.” Clicking this button will cause the NFT to be sent to the Binance exchange. You will be able to make deposits using either the Binance Smart Chain or the Ethereum blockchain, depending on which one you prefer. If the NFT you desire to sell is already in your Binance account, all you need to do is pick the NFT Asset option, then choose the NFT you wish to list for sale from the drop-down menu that appears. Users who have been pre-approved can also mint NFTs on the Binance NFT platform and subsequently sell them for sale.
3. Choose sale method. You can choose to either go the auction route or the fixed price route. Before allowing a new NFT sale to be listed, the Binance staff conducts a human check of each transaction. This ensures that it complies with the requirements of the platform. This procedure might take anywhere between four and eight hours.
As of the time of this writing, Binance only permits users who have been preapproved to mint. In the not-too-distant future, Binance intends to make this capability available to all of its registered customers. To create a new NFT, follow these steps:
1. Go to your account and sign in. Keep in mind that in order to use all of the benefits that the Binance ecosystem has to offer, you will need a Binance account that has been confirmed.
2. Select Create. Choose Create from the menu that appears in the top-right corner of the navigation bar while using Binance NFT.
3. Pick a presentation style. You are able to mint a picture, video, or audio clip that you have uploaded. JPEG, PGN, GIF, MP4, MP3, MPEG, AVI, and WAV are the formats that are acceptable to use. File must be under 50MB.
4. Individual or in a series. You can either create a single NFT using BEP-721 or a series using BEP-1155. Both options are available to you.
5. Finish filling out the details. Enter the title and description of the NFT, as well as make a note of the BNB fee, and then complete the transaction.
After the file has been minted, you will be able to locate the newly created NFT in your account under the heading NFT Asset. Within your account, you also have the ability to track the history of your purchases, as well as your bidding orders and sales. The BSC blockchain is used for the creation of all NFTs that are minted on Binance NFT, and the minting fee is 0.000001 BNB.
Fees for using the Binance NFT marketplace
Binance NFT marketplace NFT drops
There is no page on the Binance NFT website that lists impending NFT drops. On the other hand, information regarding cryptocurrency airdrops can be found on the Binance exchange.
You can follow Binance on numerous social media platforms such as Facebook, Instagram, Telegram, Twitter, and YouTube to receive up-to-date information regarding cryptocurrency airdrops.
You can also access its blog, announcements, and other media assets through the Binance Newsroom, which is part of the Binance platform.
The inner workings of the Binance NFT marketplace app
Use the Binance app to browse, purchase and sell NFTs. With the Binance app open, simply select Binance NFT to interact with the marketplace.
The app is available to Apple and Android smartphones, and it’s free to download.
Binance NFT marketplace’s unique features
The Mystery Box NFTs are a cool buying option offered on Binance NFT. We haven’t seen another mainstream marketplace offer this product. Blockchain games often feature loot boxes or loot crates, but with these boxes, you usually know what you’re getting.
The NFTs you can get in a Mystery Box are sorted into rarity levels: super super rare (SSR), super rare (SR), rare (R) and normal (N) (N)
Is the Binance NFT marketplace legit?
Binance as a whole is a well-known ecosystem. It’s considered one of the top crypto exchanges, with well over 28 million registered users worldwide, according to an estimate done in October 2021.
Security is a number one priority for the Binance exchange, with the same security measures also implemented for the marketplace. All account access requires two-factor authentication (2FA) (2FA). While security is always a major concern, Binance has experienced pretty major hacks.
In 2019, the Binance exchange went through a major large-scale security breach, resulting in over $40 million worth of Bitcoin stolen, reported by CNBC.
More recently in April 2022, Binance had to freeze $5.8 million in funds — across 86 accounts — that were stolen from Ronin Network by a hacker group known as Lazarus, reported by The Record. The funds were recovered, though.
Security breaches and theft aren’t rare in the world of crypto and NFT trading. However, it’s worth noting that there are other major crypto exchanges and NFT marketplaces that have never experienced a hack, such as Gemini and FTX (as far as we know, anyway) (as far as we know, anyway).
Often, security breaches on these platforms are a result of consumers not setting up 2FA or becoming victims of phishing scams. No matter what NFT marketplace or exchange you choose to use, keep your account and wallet seed phrases safe.
Bottom line
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.
OpenSea has been around since 2017, and as a result, is the biggest and most popular NFT marketplace to date. Other major competitors include Nifty Gateway, Rarible and Mintable — all of these competitors advertise higher royalty percentages as well.
For creators, we don’t recommend Binance NFT if you’re looking to earn from your NFT resales. However, the marketplace is easy to use, signup is simple and there’s a free mobile app. For new NFT collectors, this could be a good starting point.
