Binance NFT Marketplace is a platform by Binance where you can buy, sell, mint, or trade NFTs. It supports multiple blockchains and offers low fees and global access.
The top features that make Binance NFT Marketplace stand out include deep integration with the Binance ecosystem, a competitive fee structure, and unique offerings with gamification features. It also offers strong security, full compliance, and trust. The platform is user-friendly and works smoothly across all devices, whether desktop or mobile.
In this Binance NFT Marketplace review, we’ll explain what Binance NFT Marketplace is, how it works, its features, supported countries, fees, pros and cons, and provide a simple step-by-step guide to buying and selling NFTs.
| Criteria | Our Rating |
| Stars | 4.8/5 ⭐ |
| Security | 9.5/10 |
| Available Cryptocurrencies | 9/10 |
| Customer Service | 9.5/10 |
| User Experience | 8.5/10 |
| Is it Safe? | Yes |
Binance NFT Marketplace Review – What Is It? A Detailed Look
Binance NFT Marketplace is a centralized place where you can buy, sell, and create non-fungible tokens (NFTs). You can use the same account to access the NFT marketplace if you already have a Binance account for trading cryptocurrencies. This makes it easy for people who already use Binance to get into the NFT world.
The marketplace supports NFTs that are created on Ethereum and the Binance Smart Chain (now BNB Chain). One of the best things about using the BNB Chain for NFTs is that it usually costs very little to create or “mint” these tokens, often just a few cents, which is much less than on Ethereum. This can be useful for both creators and buyers who want to save on fees.
There are many ways to get NFTs on the exchange. You can buy NFTs right away for a set price, or you can join an auction and bid on them. You can also buy “Mystery Boxes,” which are boxes that give you a random NFT from a collection, with different levels of rarity.
You have to sign up for Binance and complete identity verification process before you can use the Binance NFT Marketplace. Next, you’ll need to deposit some cryptocurrency, like BNB or Ether, into your account. These are the main payment methods for NFTs on the platform. Binance also has “Initial Game Offerings” (IGOs), which are unique NFT assets from the best gaming projects.
Join Binance today and explore one of the world’s largest NFT marketplaces with low fees, top security, and global access to rare digital collectibles.
What Are Binance NFT Marketplace Pros and Cons?
Pros of Binance NFT Marketplace
The pros of the Binance NFT marketplace are low fees, integration with the Binance exchange, high liquidity, low minting costs on the BNB chain, and strong security measures.
- Low Fees: Perhaps one of the best things about the Binance NFT Marketplace is that it doesn’t cost much to use. It usually has very low fees for transactions, typically only 1% for buying and selling NFTs. Therefore, when you trade, you get to keep more of your money.
- Integration with the Binance Ecosystem: If you already use the main Binance exchange to trade cryptocurrencies, it’s very easy to start using the NFT marketplace. You can use your current Binance account, which makes it easy to keep track of all your cryptos and NFTs in one place.
- High Liquidity and A Large User Base: The NFT marketplace has a lot of users and a lot of trading volume because it is backed by Binance, one of the biggest crypto exchanges in the world. This means it’s generally easier to buy and sell NFTs quickly because there are always people looking to trade.
- Low Minting Costs on BNB Chain: For creators, minting NFTs on the BNB Chain through Binance NFT Marketplace is very cheap, often costing only a few cents. This is a significant advantage compared to networks like Ethereum, where minting fees can be much higher, making Binance more accessible for new artists.
- Strong Security Measures: Binance is well-known for its robust security systems, which extend to its NFT marketplace as well. The exchange uses various security features like two-factor authentication and a Secure Asset Fund for Users (SAFU) to protect user assets and transactions.
Cons of Binance NFT Marketplace
The cons of Binance NFT Marketplace include centralization issues, a less diverse range of NFT collections, and restrictive minting permissions.
- Centralization Issues: The Binance NFT Marketplace is a centralized platform, which means that just one company, Binance, controls it. Decentralized platforms are preferred by some in the cryptocurrency community, as they are believed to give users more control and reduce the risk of a single point of failure.
- Less Diverse NFT Collections (Compared to Older Platforms): Since the Binance NFT Marketplace is relatively newer than some other established platforms, it might not always have the absolute rarest or most sought-after NFT collections. While it’s growing, it’s still building up its unique offerings.
- Minting Permissions Can Be Restrictive: The process of becoming an authorized creator and minting NFTs on the platform can be more stringent than on some other marketplaces, despite the low minting fees. This suggests that not everyone can immediately begin minting their own NFTs.
Is Binance NFT Marketplace Legit and Safe?
Yes, the Binance NFT Marketplace is generally considered legitimate and safe. It is a part of Binance, the biggest cryptocurrency exchange in the world, and it employs the same robust security measures that safeguard their primary trading platform.
This includes features like real-time monitoring for suspicious activity, cold storage for assets (keeping them offline), and two-factor authentication. Also, in the event of a significant security breach, they have an insurance fund known as SAFU (Secure Asset Fund for Users) that can assist in covering losses.
What Are Binance NFT Marketplace Supported and Restricted Countries?
The Binance NFT Marketplace is generally available in most countries where Binance itself operates, including over 100 countries across Europe, Asia, Africa, and the Americas, such as France, India, Brazil, and South Africa.
However, Binance services, including the NFT marketplace, are limited or unavailable in a number of countries due to a variety of regulatory restrictions and compliance issues.
Most notably, the US has its own platform called Binance.US with different regulations and restricted availability by state, rather than accessing the global Binance NFT Marketplace. Canada, the United Kingdom, the Netherlands, Iran, Cuba, Syria, North Korea, and the Crimean region of Ukraine are among the other nations where the Binance NFT Marketplace is typically restricted.
Can You Use Binance NFT Marketplace in the US?
No, you cannot use the Binance NFT Marketplace in the US because Binance.com is not available for US residents due to regulatory restrictions. Also, Binance has a separate platform called Binance.US, but as of now, it does not support NFTs. Hence, if you try to use a VPN or fake location, your account can be flagged or banned.
What Are the Key Features of Binance NFT Marketplace?
Key features of Binance NFT Marketplace include integration with the Binance ecosystem, a competitive fee structure, unique NFT offerings, high security and trustworthiness, and a user-friendly platform for all devices.
Integration With the Binance Ecosystem
Binance NFT Marketplace integrates with the broader Binance blockchain infrastructure, including their crypto exchange. This implies that you don’t need to create a new wallet just for NFTs or create a separate login if you already have an account with Binance for cryptocurrency trading.
The entire process is very convenient because you can use your current Binance account. Your money, whether in BNB, BUSD, or ETH, is easily accessible on the same platform, making it simple to switch between trading cryptocurrencies and collecting or selling NFTs. It also leverages Binance’s massive existing user base, creating a large pool of potential buyers and sellers, which is crucial for a liquid marketplace.
Competitive Fee Structure
The Binance NFT Marketplace boasts a highly competitive fee structure, which is a major draw for many users. Binance typically charges a flat platform service fee of only 1% of the sale price when NFTs are bought or sold on the platform.
So, compared to many other NFT marketplaces, which generally charge higher percentages, sometimes ranging from 2.5% to even 7.5% or more, this is significantly lower. A good percentage of the profits from successful sales can be kept by creators and sellers thanks to this small fee. Additionally, for NFTs minted on the BNB Chain through the platform, the gas fees for minting are notably low, often just a few cents, making it very economical for artists and creators to launch their collections without incurring high upfront costs.
Unique Offerings and Gamification
Binance NFT Marketplace provides some interesting and unique ways to get NFTs that go beyond simple direct purchases or auctions. They offer “Mystery Boxes”, which are like digital lucky dips where you can buy a box and get some random NFT from a collection, adding an element of surprise and excitement.
Also, they heavily feature “Initial Game Offerings” (IGOs), where exclusive NFT assets from popular gaming projects are launched, often involving in-game items or early access passes.
Security, Compliance, and Trust
As an extension of Binance, the NFT Marketplace benefits from the same robust security measures and a strong commitment to regulatory compliance. Here, Binance employs industry-leading security protocols, including advanced two-factor authentication, cold storage for a significant portion of user assets (keeping them offline to protect against hacks), and continuous real-time monitoring for suspicious activities and potential threats.
Additionally, the platform offers a Secure Asset Fund for Users (SAFU), an emergency insurance fund created to safeguard users’ assets in dire situations. Hence, a more secure environment is created by this strong emphasis on security, as well as Binance’s attempts to adhere to international laws and carry out Know Your Customer (KYC) identity verification. Also, the exchange is trusted by over 275 million users globally.
User-Friendly to All Devices
The Binance NFT Marketplace is designed with a strong focus on user-friendliness across various devices. The platform’s interface is user-friendly and intuitive, regardless of whether you prefer to access it on a desktop computer, tablet, or smartphone through the Binance mobile app.
Even those who are unfamiliar with NFTs can use it because of their simple and uncluttered design. A consistent and enjoyable user experience is ensured by the responsive design, which makes sure the layout adapts fluidly to various screen sizes. Its cross-device compatibility guarantees that you can interact with the marketplace from your preferred device without encountering any technical difficulties. You can easily browse collections, place bids, manage your NFTs, and track sales conveniently, anytime and anywhere.
What Are Binance NFT Marketplace Fees?
The Binance NFT marketplace fee is 1% for successful NFT sales. The types of fees Binance NFT Marketplace charges are platform fees, creator royalty fees, listing fees, burning fees, deposit & withdrawal fees, and minting fees.
Platform Fees
The Binance NFT Marketplace charges a low platform fee of 1% on every successful NFT sale, and this fee is taken from the final sale price of the NFT. So, if an NFT sells for $100, Binance will generally take around $1 as its platform fee.
Creator Royalty Fees
Creator royalty fees are paid to the original NFT creator each time the NFT is resold. Here, Binance allows all the creators to set their own royalty rate, so you can set between 1% and 10%, and this fee is added to the sale price and paid by the seller.
Listing Fees
Binance NFT Marketplace does not charge any fees for listing NFTs for sale. Hence, you can easily list your NFT up for auction or set a fixed price without paying an upfront fee.
Burning Fees
Burning an NFT means sending it to a null address where it can no longer be accessed. Hence, it is effectively removed from circulation. So, if you choose to burn an NFT on a blockchain network supported by Binance NFT Marketplace, you will need to pay a standard network transaction fee (gas fee) for that action, and here, Binance itself does not charge a specific “burning fee,” but the underlying blockchain network does.
Deposit & Withdrawal Fees
Binance generally does not charge deposit fees. However, when you withdraw cryptocurrencies or NFTs, there will be a withdrawal fee, and again, this fee is not set by Binance but is a network transaction fee that goes to the miners or validators of the blockchain network to process your withdrawal.
Minting Fees
Minting an NFT means creating it and putting it on a blockchain. The cost for minting an NFT on the Binance NFT Marketplace depends on the blockchain you choose.
If you mint an NFT on the BNB Chain, your minting fees are usually very low, often just a few cents. On the Ethereum blockchain, fees can be much higher and fluctuate greatly depending on network activity. In this case, Binance itself does not add a separate minting fee on top of the network’s gas fee.
Register on Binance today and start trade NFTs and other crypto assets with just a few taps.
How to Use Binance NFT Marketplace: Access, Buy & Sell NFTs?
To use the Binance NFT Marketplace to buy and sell NFTs, you must first log in to Binance or join if you don’t have an account. Then verify identity check before buying NFTs. To understand more about Binance requirements for Binance NFT Marketplace and other services, you can read our Binance review. Here is a detailed guide to help you get started:
Step 1: Get Your Binance Account Ready
First, you need a Binance account. Also, you must finish the identity check (KYC). Without it, you can’t trade NFTs or buy crypto. So, if your regular Binance account is already set up and verified, then you are ready for this step. If you are new, you can also use our Binance referral code during registration and get a free $100 crypto sign-up bonus.
Step 2: Deposit Crypto in Your Binance Wallet
Next, put some crypto into your Binance Spot Wallet. You need BNB or ETH, because these are the main popular coins for NFTs on Binance. You can buy these using your local currency or send them from another crypto platform. Make sure you have enough BNB to trade NFTs.
Step 3: Go to the NFT Marketplace
Now, find the NFT marketplace on Binance.
- On Computer: Go to Binance.com. Look at the top of the page. Click on “NFT”.
- On Mobile App: Open the Binance app. Swipe down from the top to see “Marketplace”, then find “Binance NFT”. Or, tap “More” and look for “Binance NFT”.
Step 4: Find an NFT You Want
Once you are in the NFT marketplace, look for an NFT you like. You can use the search bar or the filters. You can look by kind (like art or games), price, or by collection name. See what’s new or popular.
Step 5: Buy the NFT
When you pick an NFT, you can buy it. There are different ways:
- Fixed Price: Click “Buy Now”. Confirm the price. If you have enough crypto, it’s yours right away.
- Auction: Click “Place a Bid”. Put in your offer. If you are the highest when time runs out, you win.
- Make an Offer: Click “Make Offer”. Type the price you want to pay. The seller can say yes or no.
Step 6: Sell Your NFT
If you want to sell an NFT you own, you can list it for sale. Here, you can choose the same selling methods, fixed price or auction.
Then, set the price, choose your preferred cryptocurrency for payment, and finalize the listing by confirming and posting it. Also, check all the details. There is a small fee (usually 1%) when your NFT sells. Click “Submit”. Binance will review it, and then your NFT will be for sale.
Start buying and selling NFTs on Binance with just a few clicks – fast setup, smooth interface, and full support for BNB and Ethereum blockchains.
