Binance’s NFT marketplace offers a comprehensive platform specifically dedicated to non-fungible tokens from the BNB Chain and Ethereum blockchains. Let’s see how to use it to create, sell and buy NFTs, all directly from your Binance account.
Introduction to Binance NFT
Since June 2021, Binance has its own non-fungible token marketplace (NFT), dubbed Binance NFT. As with any self-respecting platform of its kind, it is possible to buy or sell NFTs there, and even to create your own collections.
The platform lists many collections such as NFTs of GameFi games present on the BNB Chain, and even La Poste has lent itself to the game by creating its own series. More recently, it was famous Portuguese footballer Cristiano Ronaldo who unveiled a Binance NFT partnership.
To date, the Binance NFT Marketplace is present on the BNB Chain blockchains as well as Ethereum (ETH). The successful collections present on Ethereum such as the Bored Ape Yatch Club (BAYC) or CLONE X are also listed there. The cryptocurrencies that can be used as currency on the platform are therefore BNB, the stablecoin BUSD and ETH.
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Binance NFT Marketplace Fees
To begin with, there are the gas fees relating to the BNB Chain and Ethereum blockchains. These will be variable depending on the congestion of the blockchain at that time and will be present during the following operations:
Creation of an NFT or a collection; Purchase or sale on the platform.
Apart from the gas costs, which will vary according to the use of the network, the buyer does not bear any additional costs in relation to the sale price indicated. On the other hand, the seller will see said fees symbolized by a deduction from the amount received from the transaction.
These can range from 1-10% of the transaction amount depending on what has been set by the creator of the NFT in question. For its part, Binance’s NFT marketplace also keeps a 1% fee on the transaction carried out.
Buy an NFT on the Binance Marketplace
The first step to using Binance’s non-fungible token platform is to have a Binance account. Once it has been created, you will have to go to the “NFT” tab in the top banner of the home page, as in the screenshot below:
Figure 1 – accessing the Binance NFT Marketplace
Once on Binance NFT, just click on “Marketplace” in the top menu. In this menu you will find a filter to sort the NFTs put up for sale, according to your price or date preferences, for example:
Figure 2: Binance NFT Marketplace
You can also use the search bar if you have a specific project in mind, and the “NFT Leaderboards” menu will offer you an overview of the hottest Binance NFT collections:
Figure 3 – Ranking of Binance NFT Collections
The statistics displayed then depend on the period selected in the filter at the top right.
You will find on this page important information such as the volume, the floor price, the number of sales as well as the number of copies in the collection of NFT.
If we take a random NFT from the “Bull BTC Club” collection, we can see how the buying system works:
Figure 4 – Buy NFT on Binance
In this example, we see that the seller has listed their NFT at the price of 0.72 BNB and this offer will close in 11 hours and 9 minutes. Until then, it will be possible, either to buy this NFT at the indicated price, or to offer a new price that the seller will be free to accept or not. A seller can also set a minimum buy-it-now price.
In order to buy an NFT, Binance offers you to use the crypto requested by the seller, or automatically convert one of the cryptocurrencies present in your Spot account. It is also possible to choose your financing account. In this example, it would be €200 of ETH which would be automatically converted into BNB, the crypto requested by the seller.
Figure 5 – NFT Purchase Confirmation
How to sell NFTs on Binance?
In order to sell NFTs on the Binance marketplace, it will first be necessary that the token in question is on your account.
Go to the profile menu, from the small icon below:
Figure 6 – Accessing their Binance NFT profile
Then, you have to click on “Deposit” and then let yourself be guided by the platform:
Figure 7 – Deposit an NFT on Binance
You can then connect a cryptocurrency wallet like MetaMask :
Figure 7 – Linking its MetaMask wallet to the Binance NFT Marketplace
After these different steps, Binance will guide you to select the collection of your choice, then you can select the NFTs to import into your account.
Create an NFT on the Binance Marketplace
Like all marketplaces dedicated to NFTs, Binance NFT allows direct creation of non-fungible tokens from its platform. To do this, you have to click on the “Create” button, but there is a small subtlety. Indeed, you must have at least two subscribers on your profile to be able to create an NFT:
Figure 8 – Create an NFT on Binance
In order to share your Binance NFT profile to gain subscribers, go to “Profile”, from the small icon at the top right. You will arrive on a menu from which it will be possible to share your “User ID”, and even to personalize your profile.
So anyone who also has an account on Binance may subscribe to your profile by visiting it. As soon as two people subscribe, you can create NFTs.
Figure 9 – User profile on Binance NFT
Re the very creation of NFT on Binance, the process remains relatively instinctive and similar to other marketplaces of its kind. Thus, there will be, among others, the following elements to be defined:
The file (image, video, sound, etc.); The title and description; The blockchain (Ethereum or Binance); Etc.
It is also possible to add certain properties to your collection, which can for example define the level of rarity of a particular NFT. Once all the elements have been completed, you will need to pay transaction feesor approximately 0.005 BNB in the example below:
Figure 10 – Completing the creation of an NFT on Binance
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Binance NFT Mystery Boxes
A mystery box, or Mystery Box, contains an unknown NFT. This concept makes it possible to integrate a layer of chance hoping to acquire an NFT worth much more than the price of the Mystery Box in herself.
Let’s take an example with a series of NFTs dedicated to Mike Tyson. The illustration below shows that a Mystery Box from this collection will have a high chance of containing a ‘Bronze’ or ‘Silver’ quality NFT, but potentially the ‘Gold’ copy or one of five quality copies. “Rubby”:
Figure 11 – Mike Tyson Mystery Box on Binance NFT
The advantages provided by each rarity of NFT will be specific to each of the collections. In a way, the interest of mystery boxes is based on the same principle as a scratch ticket: a fixed price is paid in the hope of recouping a lot potentially offering a return on investment.
Of course, there is no guarantee that the NFT won will sell for more than the price of the Mystery Box. This is essentially based on luck and should therefore be taken into consideration.
To purchase a Mystery Box on the Binance NFT Marketplace, the methodology is exactly the same as for any other non-fungible token.
However, the mystery boxes have their own dedicated menu, from which it is possible to see the collections in progress, then to access all of those present for resale on the secondary market:
Figure 12 – Buying Mystery Boxes on Binance NFT Marketplace
Each mystery box can then be revealed from your profile to discover its contents.
Our opinion on Binance NFT
As we have seen, the Binance NFT marketplace offers a full range of features that any market place dedicated to non-fungible tokens must provide.
However, there are a few negatives to point out. First, unlike other platforms, we have seen that there is a prerequisite before you can create your own collections there: have at least two subscribers. In addition, for NFTs specific to GameFi games, these projects often have their own internal marketplace, optimized for their content. This therefore implies that Binance NFT, which is more generalist, will not necessarily bring added value at this level.
On the other hand, the connection of the marketplace to other Binance services allows you to create a true all-in-one ecosystem, where everything is easy to manage. For example, to participate in the sale of certain collections, you will need to have a minimum of BNB in your wallet. In this specific case, the simple fact of having them in your Binance account is enough.
Additionally, the ability to link a self-hosted wallet like MetaMask facilitates bridges between centralized and decentralized environments. Thus, all this makes Binance NFT an interesting platform to learn about non-fungible tokens, which will complement the offer of leaders like OpenSea.
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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