Binance NFT Marketplace Review | The Ascent by Motley Fool

Binance NFT marketplace is an accessible platform with all the features you’d expect from one of the world’s most popular cryptocurrency exchanges. Binance users can buy and sell NFTs via the app or web browser, and the trading fees are lower than many of its competitors. It has a broad range of NFTs, with a particular focus on gaming items. While users can’t buy NFTs directly with U.S. dollars or euros, it is relatively easy to deposit fiat money onto the main platform and convert it into cryptocurrency.

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Services

Users can buy and sell NFTs on Binance NFT. The platform also allows pre-approved artists to mint their own NFTs, but this is not currently available to ordinary users. Users can trade for fixed prices on 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 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 fees mean alternatives — like the Binance Smart Chain — are gaining traction. Users can deposit or withdraw NFTs from either crypto network. Right now, NFT minting is only available on the Binance Smart Chain.

Supported wallets

NFT buyers will need to consider where to store their NFTs safely, which is where wallets come in. Binance supports the following non-custodial wallets:

• WalletConnect
• MetaMask
• Binance Chain Wallet

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

Even so, many NFT collectors prefer to move their purchases to a crypto wallet they can control. MetaMask is one of the top 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 will need Binance Coin (BNB), Binance USD (BUSD), or Ethereum (ETH). One big advantage to using the Binance NFT marketplace is that it’s connected to the Binance cryptocurrency exchange. Users still can’t 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

Every NFT marketplace charges several different fees when you buy, sell, or create an NFT. Some of these are platform specific, others are the gas fees — the cost of making a transaction on a specific blockchain. Gas fees vary depending on what 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’s a summary of the fees on Binance NFT marketplace: