Full Review Of Binance NFT Marketplace - Explore The NFT World With Ease

In my last NFT Marketplace review, I fully discussed everything about Crypto.com NFT marketplace, how to buy, create and sell NFTs on the platform. Today I'll be discussing about Binance NFT marketplace, being the largest cryptocurrency exchange in the world, Binance launches it own NFT marketplace on June, 2021.

I know most of us are acquainted with the term "NFT", but for those who are new to the crypto space or the digital world, NFT basically means non-fungible tokens, which are digital tokens or items that are one-of-a-kind and cannot be replicated since they are blockchain-based i.e build on the blockchain technology. Artworks, avatars, digital paintings, drawing, tweets, movies, music albums or video are examples of NFTs.

Despite the fact that the Binance NFT marketplace is relatively new to the NFT industry, it can take advantage of the full Binance ecosystem. Users can access Ethereum assets using the nft platform, which uses the Binance Smart Chain (BSC), which is unique to the Binance ecosystem. Users may transfer NFTs across the two blockchains, and further blockchain support is in the works.

Binance NFT is a diversified marketplace with a variety of NFT categories such as gaming, sports, entertainment, art, and even Mystery Boxes, where you may gather random NFTs of varied rarities.

---

Binance NFT Marketplace Homepage

---

The marketplace is built on the binance blockchain which is BSC. To access the marketplace, you'll need to log in using your Binance account, which is incredibly convenient. You'll need to complete the KYC verification using your selfie, personal documents, such as an up-to-date government ID card, to gain full access to buying and selling NFTs. The level of verification varies based on your home nation.

On the homepage, the recommend collections are displayed, which you can choose between NFTs and Mystery Boxes, the top collections in the last 7 days can also be seen both NFTs & Mystery Boxes.

Scrolling down futher, featured NFTs are displayed, just like other NFT marketplaces, including the creator, the most recent bid and the remaining time of an auction, among other things. The homepage of the Binance NFT marketplace is shown below.

If you click on one of the NFTs, for instance I click on Guts Tiger, an Nft created by the WonderfulDay_Club, then I'll be able to see the photo of the NFT, the current bid, the auction's remaining time, the owner of the Nft, the network (BSC), and bid history.

---

The Fees On Binance NFT Marketplace

---

Since the NFT marketplace operates on two blockchain, which are Binance smart chain and Ethereum blockchain, When buying or selling an NFT, it is evident that the gas fee is an important consideration. The artist must pay the fees in BNB, this also applies to when minting NFTs. On the other hand, buying NFTs can be done with BNB, BUSD, or ETH, with BNB being required for gas fee.

The marketplace charges 1% fee while 1% are paid as royalty percentage, the listing fee is free while to mint you'll have to pay 0.000001 BNB.

---

Binance Offers a Variety Of NFTs

---

Just like other NFT marketplace, Binance offers variety of NFTs to choose from, this NFTs are categorized under premium, art, gaming, eSports, entertainment and many more. Let take a look at each categories one after another.

• Premium

This are NFTs under premium categories, like the word "Premium", this NFTs are special, mostly by big artist or special creators.

• Art

Digital art creators or digital painters can list their NFT works under the art category. The name of the NFT, including the creator's name, the price and the network (BSC or Ethereum)

• Sport

The NFTs in this category, as the name says, are all about sports, whether it's Formula 1, the NFL, or football. The majority of creators digitalize sports jerseys and designate them as non-functional toys (NFTs). NFTs are also used to digitalize Formula 1 cars.

• Entertainment

As an entertainer, you get the opportunity to list your NFTs under this category, ranging from music, digitalize artist avatars and many things related to entertainment.

• Gaming

This one is fun since it allows players to take more control over their game's digital ability. As a gamer or a game developer you can create game characters or weapons and list them under this category.

---

Buying & Selling On Binance NFT Marketplace

---

To buy NFTs in the Binance NFT marketplace, you don't need to connect a third-party wallet; all you need is your verified Binance account and crypto (BNB, BUSD or ETH). Remember that crypto will be required to deposit, withdraw, mint, or buy NFTs.

If you don't have a Binance account, you can simply create one, and verify with your valid documents. Remember without verification you can't buy nor sell.

---

Registration On Binance

---

Go-to Binance, click on Register, select your preferred sign up options.

---

Select your nationality or country, entered all your details, including a valid email and a strong password. Then click on Next, a code will be sent to your email, confirm the code and you're good to go.

---

Note: make sure you get your account verified using your valid government ID and complete the facial verification

---

The Binance NFT Marketplace can be accessed on both browser and the Binance mobile app. It definitely your choice, I'll be using the mobile app.

To access the NFT Marketplace on mobile app, Open your Binance app and login, on the homepage, click on More and select Binance NFT

---

We have the Homepage, which is the landing page, the Marketplace, which displays the NFTs, top collections, top creators, and top sales from the previous 7 days, and the Mystery Boxes, which are unique NFTs with a surprise NFT. Finally, the User section displays your profile, your NFTs & Mystery Boxes collection, as well as the ones that have been listed for sale, as well as the deposit and withdrawal options.

Homepage	Marketplace	Mystery Boxes	User

---

Buying NFTs

---

BNB, BUSD, or ETH are required for buying on the Binance NFT marketplace, and BNB is required for gas fees so before you begin, you'll need to deposit some crypto. You can buy BNB, BUSD, or ETH on the Binance P2P marketplace with your local currency, or you can buy with other crypto (BTC, USDT). You can also buy with cash or a bank deposit if your region allows it. After you've successfully loaded your account with crypto now let proceed to buying NFTs

Go-to Binance NFT Marketplace either on browser or mobile app, navigate to the Marketplace and select your preferred NFT, after selecting the NFT you intend to buy, the next page will be the NFT details, which includes the name, the photo/video of the NFT, the price, the creator & owner name, the network, and the Provenance.

I'll be using the mobile app, so I navigate to the NFT Marketplace select the Isabella NFT, the photo was displayed, the categories (gaming), the price and other details as well.. I click on Make Offer

---

Input the price you're willing to pay, make sure the price is higher than the current bid, then click on Confirm

Note: when you make an offer, the funds will be locked until the auction time expired, the rest of the process is self explanatory.

---

How To Mint & Sell NFTs

---

To sell your NFTs on Binance there are three options;

Deposit NFT: The first option is to deposit NFT, if you own any NFT in your personal wallet, select Deposit which is found within the NFT User section. You'll have the choice of using the Binance Smart Chain or the Ethereum blockchain to make a deposit.

Reselling: If you've in one way get the NFT, either you bought or it was airdropped, you can sell by navigating to User then choose the NFT you want to sell.

I received MOBOX Avatar Nft few weeks ago as an airdrop on Binance, so I'll be using it as an example.

Click on the MOBOX Avatar Nft, select List

---

Set the price you want to sell it for, in BNB or BUSD, whichever you like. You have two choices: auction or fixed pricing. Every NFT sale is manually reviewed by the Binance team before it is approved for listing. This verifies that it complies with the platform's requirements. This procedure can take up to eight hours to complete.

Finally click on submit, and wait till your NFT is approved by the Binance team. Congratulations I've successfully listed my MOBOX Avatar NFT for sale on Binance NFT Marketplace.

_{I've successfully listed my MOBOX NFT for sale}

Minting NFTs: According to my research only pre-approved users can mint and create their own NFTs on Binance

_Source

---

Advantages Of Binance NFT Marketplace

---

• The Nft marketplace is free, and you can use your Binance account to sign in on the market place, you don't need to create any new account, as long as you've a verified Binance account you're good to go.

• The marketplace is user-friendly and easy to comprehend, infact new user can easily understand how the platform works as the interface is beginner friendly.

• Minting NFTs on Binance doesn't cost much compared to other NFT marketplace, infact it has the lowest minting fee just 0.000001 BNB.

• Users can interact with NFTs on both Binance chain and Ethereum chain.

• Listing NFTs on Binance marketplace is completely free.

• The NFT marketplace has a strong reputation and has more security measures in place because it is owned by the world's largest crypto exchange (Binance)

---

Disadvantages Of Binance NFT Marketplace

---

• The Binance NFT marketplace only allows creators to get 1% royalties. This is quite low when compared to marketplace like OpenSea, which pays up to 10% in royalties for each secondary sale.

• Only pre-approved users are now able to mint NFTs on the platform, which may be a difficulty for some NFT creators.

• The customer support service has been a major concern for Binance, and this applies to its Nft marketplace as well; the support services are quite sluggish to respond, and consumers may become stuck if they have an issue.

With so many various NFT markets to select from, Binance stands out with unique features, you don't need to create a new account, as you can use your normal Binance account to access the platform. It's user friendly and support two blockchain (BSC & Ethereum) Listing are free and the minting fee is very low compared to other NFT marketplaces.

---

In Summary:-

---

I've discussed about the Binance NFT Marketplace, the transaction fees, the categories of NFTs available, how to register on Binance if you're new, how to list your NFT for sale on the marketplace, using my MOBOX Avatar as real life-example, I ended it with the advantages and disadvantages of Binance NFT marketplace.

Thank you!

_{References Source}

_{https://www.binance.com/en/nft/home}

_{https://www.google.com/amp/s/www.binance.com/en-NG/amp/support/faq/79dab23c7d724a069cb90dd709ecd243}

---