Binance NFT Marketplace Review | The Ascent by Motley Fool

by James · July 11, 2022

Binance NFT Marketplace is an accessible platform with all the features you would expect from one of the world’s most popular cryptocurrency exchanges. Binance users can buy and sell NFTs via the app or browser, and the trading fees are lower than many of the competitors. It has a wide selection of NFTs, with a special focus on game items. While users cannot buy NFTs directly with US dollars or euros, it is relatively easy to deposit fiat money on the main platform and convert them to cryptocurrency.

READ MORE: Top cryptocurrency apps

Table of Contents

Services

Users can buy and sell NFTs on Binance NFT. The platform also allows pre-approved artists to emboss their own NFTs, but this is not currently available to regular users. Users can shop for fixed prices in the marketplace, participate in auctions or buy mystery boxes. Premium auctions include five masterpieces from the Hermitage Museum or a selection of unique moments from the Associated Press.

Blockchains

The Binance NFT platform supports two different blockchains: Binance Smart Chain (BSC) and Ethereum (ETH). Ethereum is the most popular NFT blockchain, but high gas taxes mean that alternatives – such as Binance Smart Chain – are gaining ground. Users can insert or remove NFTs from both krypton networks. Right now, NFT minting is only available on Binance Smart Chain.

Supported wallets

NFT buyers need to consider where to store their NFTs safely, and this is where wallets come in. Binance supports the following non-deposit wallets:

WalletConnect
MetaMask
Binance Chain Wallet

Many investors choose to leave their digital assets on the platform where they bought them in what is called a custodian wallet. Binance says that its custodian wallet is highly secured and insured by the Secure Asset Fund for Users (SAFU), a kind of insurance fund the platform has built up.

Nevertheless, many NFT collectors prefer to move their purchases to a crypto wallet they can check. MetaMask is one of the best NFT wallets and is probably the best known. But it’s not the only one out there. Binance also works with WalletConnect and its own Binance Chain Wallet.

Payment methods

To buy or sell NFTs, users need Binance Coin (BNB), Binance USD (BUSD) or Ethereum (ETH). A major advantage of using the Binance NFT marketplace is that it is linked to the Binance cryptocurrency exchange. Users can still not buy NFTs directly with cash, but it is easy to deposit fiat money and convert it to crypto.

READ MORE: Best places to buy Ethereum

Fees

Each NFT marketplace requires several different fees when you buy, sell or create an NFT. Some of these are platform specific, others are the gas charges – the cost of making a transaction on a specific blockchain. Gas charges vary depending on the platform you use. Ethereum is the most common, but also the most expensive. Fees on Binance Smart Chain are a fraction of the cost on Ethereum.

Here is a summary of the fees on the Binance NFT marketplace: