Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Binance NFT marketplace review and guide

This marketplace is not available to US residents, who are limited to the platform's exchange only.

No reviews yet. Write a review

Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.

The Binance marketplace isn't available to US residents, which are limited to only the use of the Binance exchange platform at Binance.us.

Binance NFT marketplace Pros and cons

Pros
  • Free to sign up. Creating and verifying your Binance account is free, and you can use the account across the Binance ecosystem.
  • Beginner-friendly. The marketplace is easy to navigate and processes are simple to execute.
  • Low NFT minting fee. As Binance NFT is supported by the larger Binance ecosystem, the fees for minting NFTs are some of the lowest in the market.
  • Security features. Integration with the Binance ecosystem means that the NFT marketplace benefits from the wider security systems implemented.
Cons
  • Minting permissions. Minting permissions are a little bit more restrictive than other platforms. This may be a problem for some NFT creators.
  • New to the market. The marketplace is young in comparison to other competitors and so isn't yet capturing the rarest or most sought-after NFTs.
  • Low royalties. Binance NFT only lets creators collect 1% in royalties. Compared to platforms like Foundation and OpenSea advertising up to 10% in royalties for each secondary sale, this is very low.

Binance launched a crypto exchange in 2017, originally focusing on trading Bitcoin. It evolved to list over 500 different cryptocurrencies, and in 2021, launched its very own mixed NFT marketplace: Binance NFT.

It's free to sign up and use, has a low mint fee, and low marketplace fees for trading NFTs. However, creators may not earn that much in secondary sales — Binance NFT only offers a 1% royalty fee. The platform may be great for collectors, but for creators looking to earn off their creations, not so much.

Our take on Binance NFT marketplace

Launched in June 2021, the Binance NFT Marketplace is a platform where users can create, buy and sell NFTs.

Though fairly new to the NFT sector, the marketplace can leverage the entire Binance ecosystem. The new platform utilizes both the Binance Smart Chain (BSC), which is native to the Binance ecosystem, and users can access Ethereum assets. Users are able to transfer NFTs between the two blockchains, with more blockchain support planned in the future.

Binance NFT is a mixed marketplace, featuring multiple NFT categories including gaming, sports, entertainment, art and even Mystery Boxes where you can collect surprise NFTs with varying rarities.

You can also select the Coming Soon button while accessing the marketplace to see NFTs associated with upcoming applications — for example, VIP passes for early access in upcoming blockchain games.

Town Star Game 2 Image source: Binance NFT

The marketplace is backed by the much larger Binance cryptocurrency exchange. Regulation surrounding the Binance exchange is unknown, since the company moved out of China after the country increased its cryptocurrency regulations. However, the company appears to do its best to comply with specific regulations based on the country.

For US residents, the Binance exchange is based out of California. However, the NFT marketplace isn't available to US residents at the time of writing.

About Binance NFT marketplace

The marketplace is on the BSC blockchain. Use your Binance account to utilize the exchange and marketplace — very convenient.

You don't have to verify a Binance account to interact with the Binance ecosystem, but to buy and sell NFTs and use the exchange, it's a requirement.

Verifying your account requires selfies, submitting personal information and valid government identification such as an up-to-date driver's license. Verification levels vary depending on your home country.

Marketplace Image source: Binance NFT

Binance NFT marketplace blockchain and currency

The Binance ecosystem is built on the BSC blockchain. It was originally built on Ethereum, but later transitioned to BSC, and BNB is the native currency.

Buy NFTs using BNB, BUSD or ETH, and BNB is required for gas fees.

How to buy NFTs on Binance NFT marketplace

There's no need to connect a third-party wallet to make purchases on Binance NFT marketplace — your verified Binance account and crypto is all you need. You'll need a crypto wallet to store or move digital assets in or out of Binance NFT.

To buy NFTs on Binance NFT, follow these steps:

  • Get a Binance account. Go to Binance.com and select Register. Account creation is free, and you need an email and password. If you've been referred by another user, enter the referral ID upon signup.
  • Verify your account. To verify your account and identity, select User Center then Identification. Verification levels determine what you can do on the platform. Select Get verified and your verification level (they vary by country). Complete the verification level with identification documents like a driver's license, selecting country and entering personal identification information.
  • Buy or deposit cryptocurrency. The Binance NFT marketplace requires BNB, BUSD or ETH for purchases, and BNB for gas fees. If you use the Binance crypto exchange, you have the option of buying cryptocurrency with a debit or credit card.
  • Buy NFTs. With your account verified and crypto loaded in your account, you now purchase NFTs on the marketplace. You can buy NFTs by buying a fixed price item, auction sale, or making an offer to a seller.

Purchased NFTs are sent to your Binance account, accessible from your User Center. In terms of fees, there's a flat 1% fee for trading NFTs, and gas fees on Binance NFT marketplace are paid with BNB.

Buy NFTs on Binance NFT Marketplace

Types on NFTs on Binance NFT

Binance NFT offers seven categories of NFTs, plus a mystery box:

  • Art — The art category features artwork from both known and unknown artists. Krista Kim, Ali Sabet, Kefan404, Palm Instinct and Joseba Elorza are some of the most popular artists who have their works listed in this category.
  • Collectibles — Designated for collectible NFTs, this section features a range of collectible digital assets. The Nyan Sum Cards by Mighty Jaxx are some of the items available in the collectibles category.
  • Entertainment — Two-time BRIT Award winner Lewis Capaldi is one individual whose work you might find in the entertainment category. Lil Yachty and Kyle are other popular musicians who have their work listed in this category.
  • E-sports — The e-sports category lists esports items and content. E-sports team eStarPro is one of the first e-sports teams to have its content listed in this category.
  • Gaming — The gaming category features gaming-related items from creators all over the world. There are hundreds of gaming items for purchase from the platform.
  • Premium — This category features premium NFTs. For example, the State Hermitage Museum launched a premium NFT Auction Collection on the Binance NFT Marketplace over the course of one week in August and September 2021.
  • Sports — The sports category, as the name suggests, is all about sports items. For example, digital assets related to sporting greats such as Michael Owen, José María Gutiérrez Hernández and Alphonso Davies are listed within this category. NFT tickets are also listed.
  • NFT Mystery Box — These have a surprise NFT. They are sorted into rarity levels. On the navigation bar of Binance NFT, select Mystery Box to browse the collections. After you buy one, you're redirected to the product page where you can select Click to Reveal and then Open Box.
Marketplace Image source: Binance NFT

Token standards on Binance NFT are BEP-721 and BEP-1155.

How to sell NFTs on Binance NFT marketplace

To sell an NFT on Binance NFT, follow these three steps:

  1. Sign in or register a Binance account. Follow the same steps listed in how to buy NFTs to register and verify your Binance account, if you haven't done so already. If you already have a verified account, then sign in.
  2. Deposit an NFT or create one. If you already own an NFT, find the NFT within your personal cryptocurrency wallet. Send the NFT to the Binance exchange by selecting the Deposit button, which is located within the NFT User Center. You'll have the option to deposit via either the Binance Smart Chain or the Ethereum blockchain. If the NFT you want to sell is already in your Binance account, simply select the NFT Asset tab, then choose the NFT you wish to list for sale. Pre-approved users can also mint an NFT on Binance NFT then list it for sale.
  3. Choose sale method. You have two options, either auction or fixed price. The Binance team manually reviews every NFT sale before approving it for listing. This ensures it meets the platform's standards. This process takes four to eight hours.

At the time of writing, Binance only allows preapproved users to mint. Binance plans to expand this feature to all registered users in the future. Here's how to mint an NFT:

  1. Sign in to your account. Remember that you need a verified Binance account to access all the features of the Binance ecosystem.
  2. Select Create. On the top-right corner of the Binance NFT navigation bar, select Create.
  3. Choose a format. You can upload an image, video or audio file to be minted. Accepted formats are JPEG, PGN, GIF, MP4, MP3, MPEG, AVI and WAV. File must be under 50MB.
  4. Single or series. You have the option of creating a single NFT, BEP-721, or a series, BEP-1155.
  5. Complete the details. Enter the NFT's title, description, note the BNB fee and confirm the transaction.

Once the file is minted, you'll find the new NFT in your account under NFT Asset. You can also track your sales history, bidding orders and purchase history in your account. All NFTs minted on Binance NFT are on the BSC blockchain, and the minting fee is 0.000001 BNB.

Sell NFTs on Binance NFT Marketplace

Binance NFT marketplace fees

Marketplace fee 1%
Royalty percentage 1%
Minting fee 0.000001 BNB
Gas fees Paid in BNB

Binance NFT marketplace NFT drops

Binance NFT doesn't have a page on upcoming NFT drops. However, on the Binance exchange, there's information on crypto airdrops.

To stay up to date with crypto airdrops, you can follow Binance on various social media outlets such as Facebook, Instagram, Telegram, Twitter and YouTube.

Binance also features Binance Newsroom where you can access its blog, announcements and media assets.

How the Binance NFT marketplace app works

Use the Binance app to browse, buy and sell NFTs. With the Binance app open, simply select Binance NFT to interact with the marketplace.

The app is available to Apple and Android devices, and it's free to download.

Marketplace Image source: App Store, Binance app screenshots

Binance NFT marketplace's unique features

The Mystery Box NFTs are a cool buying option offered on Binance NFT. We haven't seen another mainstream marketplace offer this product. Blockchain games often feature loot boxes or loot crates, but with these boxes, you usually know what you're getting.

The NFTs you can get in a Mystery Box are sorted into rarity levels: super super rare (SSR), super rare (SR), rare (R) and normal (N)

GB Sugar Image source: Binance NFT

Is the Binance NFT marketplace legit?

Binance as a whole is a well-known ecosystem. It's considered one of the top crypto exchanges, with well over 28 million registered users worldwide, according to an estimate done in October 2021.

Security is a number one priority for the Binance exchange, with the same security measures also implemented for the marketplace. All account access requires two-factor authentication (2FA). While security is always a major concern, Binance has experienced pretty major hacks.

In 2019, the Binance exchange went through a major large-scale security breach, resulting in over $40 million worth of Bitcoin stolen, reported by CNBC.

More recently in April 2022, Binance had to freeze $5.8 million in funds — across 86 accounts — that were stolen from Ronin Network by a hacker group known as Lazarus, reported by The Record. The funds were recovered, though.

Security breaches and theft aren't rare in the world of crypto and NFT trading. However, it's worth noting that there are other major crypto exchanges and NFT marketplaces that have never experienced a hack, such as Gemini and FTX (as far as we know, anyway).

Often, security breaches on these platforms are a result of consumers not setting up 2FA or becoming victims of phishing scams. No matter what NFT marketplace or exchange you choose to use, keep your account and wallet seed phrases safe.

Bottom line

The Binance NFT marketplace is a relative latecomer to the rising NFT sector. It faces stiff competition from NFT marketplaces that have been in existence for much longer.

OpenSea has been around since 2017, and as a result, is the biggest and most popular NFT marketplace to date. Other major competitors include Nifty Gateway, Rarible and Mintable — all of these competitors advertise higher royalty percentages as well.

For creators, we don't recommend Binance NFT if you're looking to earn from your NFT resales. However, the marketplace is easy to use, signup is simple and there's a free mobile app. For new NFT collectors, this could be a good starting point.

Compare marketplaces to buy NFTs

1 - 4 of 4
Name Product GXFCY-NFT Categories Services Blockchains Payment methods
Gala Entertainment
Gala Entertainment
Gaming
Buy, Sell
Ethereum, Binance Smart Chain, GALA
Cryptocurrency
Blockchain gaming platforms where you can earn Gala and NFTs through playing.
Upland
Upland
Sports, Gaming, Music, Metaverse
Buy, Sell, Mint
EOS
Credit card, Cryptocurrency, PayPal
Upland is a blockchain-based game where you can buy, sell and mint NFT properties mapped to the real world. Receive a 4500 UPX bonus for signing up
Splinterlands
Splinterlands
Collectibles, Gaming, Trading cards
Buy, Sell, Stake
Hive
Cryptocurrency, PayPal
Splinterlands is a digital, play-to-earn, collectible card game built on hive blockchain technology.
Binance NFT Marketplace
Sports, Collectibles, Art, Gaming, Music, Trading cards, Domain names, Metaverse (Virtual Worlds), Memes, DeFi, Mixed
Buy, Sell, Mint
Ethereum
Credit card, Debit card, Cryptocurrency, Bank transfer
A peer-to-peer marketplace supported by one of the worlds largest cryptocurrency exchange, Binance. Not currently available to U.S. residents.
loading

Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.

Name Product GXFCY Deposit methods Fiat currencies Cryptocurrencies Offer Disclaimer Go to site
eToro Cryptocurrency Trading
eToro Cryptocurrency Trading
Bank transfer, Credit card, Debit card, Neteller, Skrill

18

78

Disclaimer: Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply.
Go to site

Capital at risk

View details
Binance Cryptocurrency Exchange (Not available to US users)
Bank transfer, Cryptocurrency

1

369

Go to site

Capital at risk

View details
KuCoin Cryptocurrency Exchange
KuCoin Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, PayPal, P2P

50

743

Go to site

Capital at risk

View details
Bybit Cryptocurrency Exchange
Bybit Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, P2P

73

279

Disclaimer: Highly volatile investment product. Your capital is at risk.
Go to site

Capital at risk

View details
Gate.io Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card

8

1607

Go to site

Capital at risk

View details
Kraken Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay, SWIFT

8

222

Go to site

Capital at risk

View details
OKX Cryptocurrency Exchange
Bank transfer, Cryptocurrency, iDEAL, PayPal, POLi, SEPA, Faster Payments (FPS)

35

338

Go to site

Capital at risk

View details
Uphold
Uphold
Bank transfer (ACH), Credit card, Debit card, Apple Pay, Google Pay

27

237

Capital at risk

View details
EXCLUSIVE
Paybis Cryptocurrency Exchange
Bank transfer, Credit card, Debit card, Neteller

42

357

Finder Exclusive: Get 25% discount on all commission for 1 transaction when using promocode Finder25. There is no time limit on the validity of the promo code.
US residents: Restricted in the following states - NY, CT, NM, WA, HI, AL, VT, FL, AK, NV.
Go to site

Capital at risk

View details
Finder Award
Bitstamp Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, SEPA, Faster Payments (FPS)

3

96

Capital at risk

View details
Coinmama Cryptocurrency Marketplace
Credit card, Fedwire, SEPA, Google Pay, SWIFT, Bank card

6

15

Capital at risk

View details
OFFER
Gemini Cryptocurrency Exchange
Bank transfer (ACH), Cryptocurrency, Debit card, PayPal, Apple Pay, Google Pay, SWIFT

7

151

Go to site

Capital at risk

View details
Finder Award
Crypto.com App
Bank transfer, Credit card, Cryptocurrency, Debit card, PayPal, Wire transfer, Apple Pay, Google Pay, SWIFT

31

378

Capital at risk

View details
loading

Are you visiting from outside the US?

Select an option to continue

Bybit Cryptocurrency Exchange

Bybit Cryptocurrency Exchange logo
  • Offers leverage and derivative trading
  • Supports EUR, GBP and CHF
  • Licensed to operate in all European countries
Go to site
Disclaimer: Highly volatile investment product. Your capital is at risk.

KuCoin Cryptocurrency Exchange

KuCoin Cryptocurrency Exchange logo
  • Buy, sell and trade over 700 crypto assets
  • Supports 10 Asian fiat currencies
  • Offers crypto futures trading
Go to site

Kraken Cryptocurrency Exchange

Kraken Cryptocurrency Exchange logo
  • Buy, sell and trade over 200 crypto assets
  • Licensed to operate in 17 jurisdictions in Oceania
  • Supports AUD
Go to site

Binance Cryptocurrency Exchange (Not available to US users)

Binance Cryptocurrency Exchange (Not available to US users) logo
  • Supports over 300 crypto assets
  • Binance Pay enables users spend their crypto
  • Binance P2P supports multiple African fiat currencies
Go to site

Binance Cryptocurrency Exchange (Not available to US users)

Binance Cryptocurrency Exchange (Not available to US users) logo
  • Supports over 300 crypto assets
  • Binance Pay works with Credencial Payments to support crypto payments
  • Binance P2P supports five Latin American fiat currencies
Go to site

Bybit Cryptocurrency Exchange

Bybit Cryptocurrency Exchange logo
  • Supports leverage and derivative trading
  • Supports 300 spot trading pairs
  • Low-to-non-existent trading fees
Go to site
Disclaimer: Highly volatile investment product. Your capital is at risk.
Bethany Hickey's headshot
Written by

Editor, Banking

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

Bethany's expertise
Bethany has written 430 Finder guides across topics including:
  • Personal finance
  • Banking
  • Auto loans
  • Insurance
  • Cryptocurrency and NFTs

More guides on Finder

Ask a question

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site