Overview
Binance is a well-known crypto exchange and also one of the world’s main centralized NFT markets. This exchange has played a significant role in promoting the adoption of cryptoassets, and there is an expectation that it may continue to do so for NFTs.
Blockchains
Categories
Supported Languages
Pros & Cons
- Beginner-friendly
- Low fees
- Security features
- Reputable and well-known
- Low royalties
- Centralized exchange
Full Review
Binance is a well-known crypto exchange and also one of the world’s main centralized NFT markets. This exchange has played a significant role in promoting the adoption of cryptoassets, and there is an expectation that it may continue to do so for non-fungible tokens (NFTs).
Binance offers users the ability to buy and sell non-fungible tokens (NFTs) through its app and web browser and its fees are lower than many of its competitors because it runs on top of Binance blockchain technology.
A major advantage of buying NFTs on Binance is the ability to avoid unnecessary steps for newcomers to the cryptocurrency market. As part of its platform, Binance enables users to deposit fiat money and convert it into cryptocurrencies.
Binance could be your best marketplace pick if you’re looking for a simple-to-use, low-fee NFT marketplace.
What cryptocurrencies are accepted on Binance?
Binance's NFT platform supports two different blockchains: Binance Smart Chain (BSC) and Ethereum (ETH). The most popular NFT blockchain is Ethereum, but high gas fees make it a less-than-ideal choice for some applications. You can exchange nfts through the binance network with very low fees.
The Binance NFT market is integrated with the Binance exchange, allowing users to deposit fiat money and convert it to crypto.
You can buy nfts with ETH, BNB and BUSD.
NFTs categories available on Binance
Binance's NFT marketplace includes premium, art, sports, gaming, entertainment, collectibles and charity auction tokens.
Binance focuses on the gaming NFT (non-fungible token) sector, and calls itself the largest gaming NFT platform. It provides an IGO (initial game offering) for new gaming projects in which people can purchase land or in-game items.
The Binance NFT marketplace also sells mystery boxes, which could contain NFTs with any rarity level.
Binance app
Binance NFT offers all of your favorite features in one easy-to-use and straightforward app. You can also buy sell and trade you cryptocyrrencies assets.
Binance App store rating- 4.7/5
Binance Playstore rating- 4.5/5
Binance fees
NFT marketplaces charge a fee to buy, sell, and trade NFTs. When you sell or buy an NFT on Binance NFT, you will be charged a platform service fee. The flat 1% percent trading fee is standard for all Binance NFTs.
Royalty fees are charged by the NFT after the token is sold and given to the creators for a percentage of the sales price. The creator gets 1% royalty charges from sellers.
There are no costs associated with listing NFTs and when you create a new NFT on the Binance Smart Chain, you will be charged a minting fee of 0.000001 BNB and a gas fee.
Binance security
Binance is the largest and most used exchange in the world. Binance offers several security measures to protect its users, including two-factor authentication and anti-phishing protections. It also encourages users to set account limits, minimizing the risk of malware or other fraudulent activity. Additional facial verification may be required for NFT withdrawals, which adds an extra safeguard.
Binance support
Binance has a 24/7 support center that deals with all problems traders face, as well as offering assistance to new users. They offer a FAQ section on their blog, which immediately answers questions about the company and its services. You can also provide feedback that you are not satisfied with a particular aspect of their service or ask for guidance.
Bottom line
Binance's NFT marketplace is a popular platform that offers all the features Binance users have come to expect. Since its launch in June 2021, the site has become one of the leading NFT marketplaces, alongside sites like OpenSea.
If you are an existing Binance customer who wants to branch out into NFTs or a new NFT investor who wants a low-fee and accessible platform this is the right fit for you.