Binance NFT marketplace is an NFT platform where users can create, trade, deposit and withdraw NFTs from their Binance accounts.
NFTs are one of the hottest topics right now. It’s hard to come across someone who hasn’t heard about this three-letter acronym: it’s literally everywhere! And with every hot topic, people want to get right in because, well, FOMO is a real thing.
People like to go for names they trust, so when Binance announced it was going to launch an NFT marketplace, a lot of people were excited. To top it all, a user would not need to create a separate account. Having the regular Binance account would suffice to access this marketplace.
In this newbie starter pack article, we are going to guide you through the basics of the Binance NFT marketplace. Key highlights include; how to buy, sell and mint NFTs on it, and how it compares to other popular NFT marketplaces.
What is the Binance NFT marketplace?
Binance, one of the biggest centralized exchanges on the planet, owns the Binance NFT marketplace. Launched in June last year, the platform has gone on to be one of the most popular platforms for minting and trading digital artworks on the blockchain.
Before launch, the Binance team promised to make the NFT marketplace the biggest globally. “Our aim is to provide the largest NFT trading platform in the world with the best minting, buying and exchanging experience,” said Helen Hai, Head of Binance NFT.
On the platform, users can trade mystery boxes, special boxes that contain single or multiple NFTs. However, users do not get to find out the contents of the box till after they purchase and open it.
Of course, the marketplace runs on the Binance ecosystem. The NFT marketplace also supports two main Blockchains, Binance Smart Chain and Ethereum. You can make transactions on the marketplace with Ethereum, HIGH, Binance USD (BUSD) and Binance Coin (BNB) only.
Top NFTs on the NFT marketplace
Although it might not have the trading volume OpenSea or Magic Eden boasts of, the Binance NFT platform still sees a decent number of daily transactions and some super expensive sales.
The most traded NFT collection on Binance NFT is SYN CITY: Limited Blueprint collection, which has racked up a trading volume of $19.6 million. Other top collections include STEPN x ASICS Sneaker collection, Mavia Land NFTs, and CyBall, all with a collective trading volume of nearly $50 million.
On 27 June 2021, an NFT called Three Self Portraits, sold for 2.8 million BUSD, approximately equal to $ 2.8 million on the platform. The image, which captured Andy Warhol sometime before he passed, consists of three images in vibrant signature colors.
The Bunny Park King, a 13-second long video, holds the record for being the second most expensive NFT on Binance NFT. Consisting of a bunny in a spacesuit-rocket, it was bid for collectively till it sold for 4000 BNB (about 1.5 million dollars).
In the past 7 days, 2 STEPN shoe boxes: #10115 and #10028 occupy the 1st and 2nd spot as the most expensive NFTs. While #10115 sold for 220 BNB ($87,824), #10028 sold for 198 BNB ($79,041).
How to mint and trade on Binance NFT
While you need to have a Binance account in order to access the marketplace, you need to have completed verification on your Binance account too. Without a verified Binance account, you cannot use the Binance NFT marketplace.
Unlike most NFT platforms, only a few people can actually mint on this marketplace. Unless you are a Binance artist or partner, the most you can do is trade NFTs or deposit NFTs you bought from other marketplaces.
For those who can mint or create NFTs, they can choose to upload an image, video, or audio on the platform. Next, they can add a title and description. Minting each NFT costs 0.000001 BNB (minting 10,000 NFTs costs $4). Size requirements state that each upload must be smaller than 50 MB.
The good news is: that you can do a lot with your NFTs, for some of the lowest fees you can find anywhere.
To deposit Binance NFTs, you need to have a pre-verified address. The verification will allow you to deposit as many NFTs as you want with ease. Once you have that, click on the ‘Deposit’ button.
Connect either your MetaMask Wallet or WalletConnect and choose the network. Currently, you can only choose from the two networks it runs on, BSC and ETH.
If you’re using the ETH network, you might need to pay gas fees. After you deposit your NFT, you can list it in the marketplace for the amount you want.
Withdrawing NFTs follows a similar process as well. You can choose to withdraw mystery boxes in addition to normal NFTs.
However, if your mystery box contains more than one NFT, you have to withdraw only one at a time. The platform does not operate on fixed withdrawal and deposit fees. It typically just depends on the network at that given time.
Binance NFT vs other NFT platforms
Minting on Binance NFT is as easy as minting on other platforms like OpenSea or Rarible, but it is open to only a select few. This means not a lot of people can create NFTs with this platform.
The user interface is quite average. It’s functional yes, but a beginner might have some difficulty navigating through it.
Minting fees are cheaper compared to OpenSea, where you might pay up to $200 in fees to set up your account.
Transactions here are relatively fast, as most of them are done on BSC.
Binance NFT is not as popular as other exchanges so if you are looking for a quick sale, you might not get it fast. Also, you might end up buying an NFT without much volume, which is not good if you want to flip NFTs.
Binance NFT is still a very good platform for anyone who wants to go into NFTs, without signing up for a separate account. Also, it’s really secure because its security is tied to your Binance account.
With time, Binance says it will allow everyone mint on their platform. Perhaps this could give them an edge and attract more users to the marketplace!