Binance NFT Marketplace Review [2021] – Create & Trade NFTs on Binance

What is Binance NFT Marketplace?


Binance NFT Marketplace offers a full suite of services. You can list NFTs for sale, mint new ones, and trade all sorts of images, audio tracks, videos, and virtual characters. 

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Why Create NFTs?


What makes the Binance NFT Marketplace different?


Binance NFT Marketplace Architecture


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Other than that, there’s little to the Binance NFT marketplace. It does exactly what it says on the tin.

How to create an NFT?


Once your account has been verified by Binance, you can start listing and minting NFTs. Just click the green ‘Create’ tab and upload an image, video, or audio file (JPG, GIF, PDF, PNG MP3, MP4, AVI, SVG, WAV, or MPEG).

Minting an NFT is final so make sure you upload the correct, finished version of your work. It cannot be changed later

How to buy an NFT on Binance


There are two ways to buy an NFT. For fixed price sales on the marketplace, select your desired NFT ensuring you have enough in your spot account to cover it.

For auctions, you can place a bid any time before the deadline displayed next to the artwork. Pro tip – next to the price of an NFT you will see “Bid” or “Price”. This tells you if it’s a fixed sale or an auction. 

How to Sell an NFT on Binance NFT Marketplace


There’s a vetting process to ensure your NFT is appropriate for selling on Binance. Once it has been approved, just like eBay, you can choose whether to auction it or sell it for a fixed price. You can build a buzz by scheduling a listing time with a countdown underneath the thumbnail. 

Go to the User Centre tab in the top right corner of the NFT page. From here you can view your NFTs, Mystery Boxes, and Crypto Assets. When you open a mystery box you will discover what NFT you have bought. You can then list it on the marketplace for a fixed fee, or put it up for auction. 

The auction will start at the purchase price, but you can choose which currency you will accept – BNB, BUSD, or ETH. You select the minimum increments for new bids, from 5% to 20%. The length of the auction is usually capped at one week. For fixed price sales, if the NFT is not sold within seven days, it will be delisted and your fees returned to your Binance spot wallet. For auctioned NFTs, you will receive the highest bid once the auction expires.

Binance NFT Marketplace Payments and Fees


There’s a 1% royalty payment to the creator or rights-holder every time your NFT is traded. This could be very lucrative if you become a trending artist. There’s also a 1% platform fee which is how Binance makes its money. 2% is quite reasonable for buying or selling a one-off art original, but it’s still much more than Binance charges for trading cryptocurrencies.

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FAQs


What is an NFT Marketplace?


It’s a platform where you can buy, sell, and create NFTs. There are several DeFi versions, but as a secure, trusted platform, Binance provides a centralized version. 

What is a Non-fungible Token?


NFTs (Non-Fungible Tokens) are cryptographic tokens that represent ownership of a unique digital object. NFTs exist and are secured on a blockchain network. The critical features include being provably unique, unforgeable, uncopyable, and of indisputable provenance. 

What are the different Binance NFT Marketplace product lines?


There are 3 main functions on Binance NFT Marketplace

  • Events and Auctions – where you can bid for or buy the work of leading digital artists. For example, Fara Land is advertised at the time of writing.
  • The Marketplace – from where you can mint, list, purchase, and bid on NFTs from digital content creators.
  • The Mystery Box – is a lottery where you could win some quite decent NFTs. It world like this. You buy a mystery box that contains one NFT. There are four levels – Normal, Rare, Super Rare, and Super-Super Rare. You can sell the unopened mystery box or open it and sell the NFT inside. Maybe you’ll hit the jackpot. You never know.

How do I deposit to the NFT Marketplace?


Why Are NFTs So Valuable?


The short answer is “Because that’s what people are prepared to pay.” Value is subjective, but when counted in US$, the prices do seem amazing. It’s a fad, a craze, and a short-term bubble, I hear you say. Yes, this is true, but bubbles are not all bad news. We need bubbles to kick-start new industries. When it bursts we’ll discover which platforms the winners and losers are. 

Where can I find rare digital artwork to collect?


There are lots of platforms where you can buy art NFTs. The most popular are Open Sea and Rarible. Many of the best gaming NFTs are at Dapper labs, and there are specialized platforms for sporting NFTs. The most popular basketball platform is NBA Top Shots. For soccer fans, SoRare has the modern equivalent of Panini’s football stickers. You can develop your squad and compete in a fantasy football league. This is the future – a game that’s both fun and lucrative.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

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