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Binance NFT review 2023: Fees, Pros & Cons
Luis Clark
- URL: https://www.binance.com/en/nft/home
- Payment Method: Credit/Debit Card, Binance Pay, Binance Coin, Ethereum, Binance USD
- Year Founded: 2021
- Blockchain: Ethereum and Binance Smart Chain
- Fees: 1%
- No. of NFT Collections: 2.5 million+
Binance NFT Review: Our Opinion
The Binance NFT marketplace which is supported by the larger Binance ecosystem is a low-fee platform with a special focus on gaming NFTs. So the platform will particularly be of interest to non-US NFT collectors (it isn’t available to residents of the USA) specifically gamers who want access to a wide range of items for low fees.
An Overview of Binance NFT
The Binance NFT marketplace was launched in June 2021 after Binance, the world’s largest cryptocurrency exchange tapped into NFT technology and created its own NFT platform.
The Binance NFT marketplace was built to allow users to buy and sell a wide range of NFTs such as gaming, collectibles, art, sports, etc. The Binance NFT marketplace is only available to Binance account holders, which eliminates residents of the United States.
Binance crypto exchange, due to regulatory reasons has a website specifically for US citizens, which at the moment does not support the Binance NFT marketplace.
Currently, the Binance NFT marketplace hosts more than 2.5 million NFTs (of which 1 million are gaming NFTs) and has onboarded over 1,000 creators globally. The platform has also had top-tier collaborations including art pieces by Van Gogh and da Vinci from the State Hermitage Museum and NFT fashion from leading brands like Balmain Paris, Vogue Singapore, and Jimmy Choo.
There have also been collaborations with popular celebrities like Alessandro Del Piero, Rivaldo, Michael Owen, Djimon Hounsou, etc.
Pros
- Low transaction fees
- It supports 4 different payment methods
- Low royalties enable resellers to earn more
- Low gas fees for minting NFTs
- User-friendly
- Exchange account is valid across the Binance ecosystem
Cons
- Limited secondary market earning potential
- Both the buyer and seller are charged transactions fees
- Restrictive minting permissions
- Not available to US residents
Key Features of Binance NFT
Mystery Box
The mystery box is a box that contains a random NFT. The content of the box is part of a dedicated NFT collection. The content of the box is not known until the box is unpacked. NFT collectors who purchase the mystery box have the chance to win a Normal (N), Rare (R), Super Rare (SR), or Super Super Rare (SSR) NFT.
Mystery boxes cost as low as $20. In some cases, the content of the mystery box may be worth more than what was paid for the box. Once purchased, mystery boxes cannot be returned for any reason. The buyer can, however, choose to resell an unopened mystery box to other users.
Buyers can make offers on mystery boxes. The minimum a buyer can offer is 1 BUSD. Once a buyer makes the offer, the funds are frozen from the buyer’s funding wallets. The funds will only be released when the offer expires or is canceled. Mystery box buyers can keep track of their ongoing offers through the User Center.
After purchasing the mystery box, they can still keep track of all their successful offers by checking the History page in the User Center.
Sellers can also choose to accept or decline offers on the Mystery box. Sellers who receive more than one offer will only see the highest offer for each mystery box.
Users who do not want to miss the primary sale for the Mystery Box Collection can subscribe to the Mystery Box of their choice. This will enable them to receive reminders for the Mystery Box sale. The reminder will be sent 20 minutes before the primary sale begins.
Binance NFT Mini App
The Binance NFT App is a mobile version of the Binance NFT marketplace. Binance NFT mini app is available on the latest version of the Binance App version (Android v2.43.0 or above and iOS v2.43.0 or above).
The app has an intuitive and easy-to-use interface that allows users to easily access NFTs on the Binance NFT marketplace. Since Apple restricts the purchase of NFTs in apps on iOS devices, the buy NFT feature is not available for all iOS Binance Apps version 2.52.1 or above.
The website version of the Binance NFT Mini App can be accessed by tapping on [More] – [Binance NFT]. You can also access it from the Binance app. To access the mini NFT App from the Binance App, do the following:
- Download the latest version of the Binance app
- Log in to your account
- Go to the homepage
- Scroll down to “Marketplace”
- Navigate to “Mini Apps” and you will see “Binance NFT”
Payment Optimization Features
The Binance NFT marketplace has some payment optimization features that are designed to make payments easier and safer for NFT marketplace users. These features are designed to help protect users’ accounts from phishing malware.
Below are some Binance NFT marketplace payment optimization features.
Password-Free Purchase Limit
This feature enables Binance NFT marketplace users to set a purchase limit for each password-free transaction. The Password-Free Purchase Limit is a replacement for the Daily Remaining Purchase Limit. The default limit per transaction if 500 BUSD while the maximum is 100,000 BUSD. This limit can be set by going to User Center > Settings > Account Limit.
To set up a Password-Free Purchase Limit on the Binance NFT marketplace, do the following:
- Go to the Binance NFT marketplace and log in to your account
- Go to your Profile and scroll to “Settings”
- Scroll to “Account Limit”
- Go to Password-Free Purchase Limit and click “Edit”
- Enter the new purchase limit and click “Continue”
- Complete 2FA
- Pay PIN
With this feature, Binance NFT marketplace users can securely complete their transactions when the price of their purchase exceeds the Password-Free Purchase Limit per transaction. Users who have the Pay PIN activated on their account can skip the two-factor authentication if Binance risk management policies are triggered during a purchase.
To set up a Pay PIN on your Binance NFT marketplace account, log in to your Binance account and do the following:
- Open your Profile and scroll to “Settings”
- Go to “Account Limit”
- Scroll to the Password-Free Purchase link and click “Set Pay PIN”
- Enter your preferred pay PIN
- Click “Confirm” and complete 2FA
The Pay PIN is a six-digit number. The PIN cannot be in a simple or reverse order. The same number is also not allowed to appear more than twice in the PIN.
- NFT Account Limits
The Binance NFT marketplace also allows users to customize their NFT total asset listing limit. As already stated, this will help protect users’ accounts from phishing malware.
To customize your NFT total asset listing limit, do the following:
- Go to the Binance NFT marketplace
- Click “Profile” and “Settings”
- You will see “Account Limit”. The limit is displayed in BUSD instead of USD. Once you do this, you will see your current limits displayed.
- Click “Edit” to customize the limit
- Enter the new limit
- Complete 2FA to confirm
Binance NFT marketplace users are only allowed to change their limits 3 times per day. Binance NFT has also set a Total Asset Listing Limit. This is the maximum amount a user can list for NFTs.
The listing limit is to prevent users from listing high-priced NFTs by mistake. If a user still wants to list an NFT after they have exceeded their Asset Listing Limit, they can upgrade the limit by clicking “Raise Limit” and completing 2FA.
Types of NFT you can Buy and Sell
Binance NFT marketplace supports a wide range of NFTs. Users can buy and sell NFTS in supported categories including art, premium, entertainment, gaming, sports, NFT for Good, and collectibles. The NFT for Good collection on this platform is used to raise cash for charity.
That said, the platform offers more than 2.5 million NFTs allowing users to filter by sale, file type, currency, and category.
Binance NFT marketplace focuses on gaming NFTs and is called by NFT enthusiasts the largest gaming NFT platform.
It also offers an IGO for fresh gaming projects that allow people to buy land and in-game items early on. The platform also sells mystery boxes that hold anything from rare NFTs to regular NFTs. However, as already stated, these use a gambling methodology as users won’t know what is within the box until it is opened even though it sells for a fixed price.
Supported Blockchain
The Binance NFT platform supports deposits from the Ethereum and Binance Smart Chain (BSC) networks. Deposits and withdrawals are available for both blockchains while NFT minting on Binance NFT is only available on the Binance Smart Chain (BSC).
Supported Wallets
Binance has an NFT wallet known as the Binance Chain Wallet, it runs on the Binance Smart Chain. It also supports non-custodial wallets like Metamask and WalletConnect. Binance NFT can also be stored in hardware wallets like Ledger.
NFT Minting
One of the most compelling features of the Binance NFT marketplace is that it gives creators the ability to mint NFTs. Creators can quickly mint NFTs to create personal NFT collections on the supported blockchain.
However, to create an NFT collection on Binance you need to be a verified user. So you’d need to complete Identity Verification before starting and you must have a minimum of 2 followers on the Binance NFT user profile.
To mint, your NFT on Binance, create an NFT collection first and get it approved. But you need to ensure that you have enough Ethereum or Binance Coin in your Spot wallet to cover any associated NFT minting fee.
There are 2 methods to create NFT collections. First, when you click “Create” on the Binance NFT platform, it’ll redirect you to a minting page. There you should see a pop-up with the message “Create a New Collection before Minting NFT”. Click on the “+Collection” button below the message.
Alternatively, head to Profile – Created and click “+Create New Collection”.
You’ll be redirected to a page where you can create a collection. To do so, you’ll need to enter the required details for your collection including Name, Description, Category, Logo Image, Banner Image, Symbol (this cannot be changed after the collection is created), and Smart Contract Owner Address.
Once that’s done, you need to connect your wallet. To do so, paste your wallet address and hit “Add a Wallet”. This will redirect you to the “Connect Wallet” screen. Select the network of your wallet and click Confirm. As already mentioned, Binance only supports the Ethereum network and the Binance Smart Chain.
Choose the wallet you intend to connect to, which can be either WalletConnect or MetaMask. You can change the Smart Contract Owner details after the creation of your collection but it’ll cost a fee.
Lastly, agree to the terms of service and click “Create”. Since creating a collection deploys a smart contract, it’ll take some time for your chosen blockchain to execute. You will receive an email notification once the collection is ready.
Once you’ve created a collection you can begin to mint NFTs on Binance. To start, head to the Binance NFT marketplace and hit “Create”. Next, go over the terms and conditions and accept. Binance states that if your account violates its risk management policies you will be unable to mint NFTs.
Once that’s done you’ll be redirected to the NFT minting page. There you have to input the details of your NFT such as name, description, network, and collection. You can pick the collection you just made or use a new one by clicking “+Add a new Collection”.
Next, choose the properties of your NFT, you can add up to 100 properties. After the required details have been added you’ll see an estimated minting fee. Click “Create”. Your NFT file will begin uploading. So you’ll need to wait for Binance to review it through their automatic verification system.
After the minting process is done, you should see a “minting completed” pop-up with the Token ID and contract address of your NFT. Next, click “View Item” to head to your collection, or hit “List NFT” to list it for sale.
If the platform requires additional time to process the item, you’ll get a successfully Requested pop-up. When it’s done you’ll get an email stating that the NFT is minted.
If the minting process fails you’ll get an error message. This could happen if the Binance review determines the NFT holds inappropriate content. If you receive this message 5 or more times in 24 hours you will get suspended from using the minting feature for the next 24 hours.
How to Buy NFT on Binance NFT Marketplace
There are 4 steps to buying NFTs on the Binance NFT platform. The first step is to add crypto to your wallet. For this, you’ll need to create a Binance account and then top up your spot wallet with ETH, BUSD, or BNB. You can buy crypto on the Binance NFT platform using your credit or debit card or other third-party channels if you don’t have the needed coins.
Next, go to the Binance NFT marketplace either on the browser or mobile app. Once you’re on the platform you need to select the NFT you intend to purchase. You can search for your NFT according to the various categories, NFT types, collections, sale types, etc. There are also handpicked recommended creators and collections on the Binance NFT homepage.
The fourth step is purchasing the NFT you selected. There are several ways you can buy NFT and this depends on how the seller/creator set their sale format. The available sale formats include Fixed Price, Mystery Box, Auction, and Make an Offer.
Let’s see the various options:
Auction
Go to the NFT listing page and click “Place a Bid”
Input your bid amount and click “Place a Bid”. The minimum markup is the minimum amount needed to increase the last bid to place a new bid.
After successfully placing a bid, you’ll get a confirmation message. Once the auction closes the highest bidder successfully purchases the NFT. It’s important to note that bids cannot be canceled.
Fixed Price
Click “buy now” on the NFT listing page to pay the fixed price of the item.
Next, you should see a pop-up that displays the amount to pay. Click “Confirm” to finish the purchase.
Once the payment is successful you’ll get a purchase success pop-up message. To view your NFT click on “Collected”.
Mystery Box
You can purchase a mystery box by making an offer, bidding in an auction, or using a fixed price. To do so, click “Buy Now” on the Mystery Box listing page, Place a Bid, or Make an Offer.
Click “Confirm” to finish your purchase. To view your NFT, go to User Center – Collected – History – Orders – Purchase History – Mystery Boxes.
Binance NFT Fees
Binance NFT charges several fees depending on your activity on the Binance marketplace.
- Third-party Fees: When users buy NFTs from other platforms via the Binance marketplace they are charged fees from those NFT marketplaces.
- Gas Fee: Buyers are charged fees depending on the blockchain. These gas prices or network fees fluctuate based on traffic.
- Platform Fee: Binance charges sellers a fixed 1% service fee.
- Royalty Fees: Sellers must pay a 1% royalty fee for every secondary market sale.
- Minting Fee: For each NFT, users are required to pay 0.005 BNB or 0.001 ETH in minting fees.
- Smart Contract Deployment Fee: The current smart contract deployment fee is 0.10 ETH for Ethereum and BSC 0.03 for the Binance Smart Chain.
There are also burning, withdrawal, and deposit fees but these are all network fees.
Binance NFT Payment Methods
Binance NFT offers 5 payment methods Ethereum, Binance Coin, Binance USD, credit or debit card, and Binance Pay. However, Binance users only buy NFTs directly with the supported cryptocurrencies. If you opt for the credit or debit card option you’ll need to buy cryptocurrency first and then use the coin to purchase an NFT.
Binance NFT Security
Binance NFT offers several user-level protection features. This includes anti-phishing protection and two-factor authentication. Users can also set account limits to minimize fraudulent activities.
All data transferred from the user’s computer to the Binance platform are encrypted. Facial recognition is also required for NFT withdrawals on the Binance NFT market.
Unlike most NFT marketplaces, Binance does not have a page outlining the security measures put in place to ensure the security of NFTs on the platform. The platform, however, claims to have measures in place to check the authenticity of NFTs on the platform. It also has a team dedicated to identifying and penalizing fraudulent activities.
The Binance Chain Wallet for NFT asset storage is a highly secure non-custodial wallet. The wallet is secured by Secure Asset Funds for Users (SAFU). This is an insurance fund built by Binance.
Customer Service
Binance has a 24/7 help center that is fully equipped with answers to problems Binance NFT users may face while using the marketplace. The support team can be contacted via the support chat box or by submitting a ticket on the website. The platform also has a dedicated Twitter account for customer complaints.
Users who are not satisfied with the service they received from the support team can send feedback to the team stating the exact aspect of the service they were not satisfied with.
Final Thoughts
Binance NFT is an easy-to-use platform that is geared toward gaming enthusiasts as half of the NFT collections on the marketplace are game NFTs. That said since the NFT market is a part of the Binance ecosystem, the regulatory challenges limit the use of the Binance platform to supported countries as you need to own a Binance exchange account to join the NFT platform.
Our extensive analysis of the NFT Marketplaces doesn’t stop here. You can also read about our Rarible Review as an alternative to Binance NFT or you can check out our list of Top NFT Marketplaces.
FAQ
Most frequent questions and answers
Yes, unlike most NFT marketplaces, Binance NFT charges some of the lowest fees in the industry (1%) for NFT trading and has an easy-to-use interface for beginners.
Yes, you can withdraw NFTs from Binance but you need to be verified to do so.
OpenSea offers more NFTs and allows all users to mint NFTs on the platform. Unlike Binance that only supports pre-approved creators.
Yes, users on Binance NFT must pay gas fees to execute several NFT transactions.
The easiest method is by selling your NFT in an NFT marketplace like OpenSea or Binance NFT.
NFTs in themselves are not a great investment it is the underlying value of the particular NFT you purchase that makes a great investment.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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