Binance is unarguably the largest and most popular crypto exchange platform globally. In 2021, the exchange launched its NFT marketplace, a BNB chain-based peer-to-peer marketplace where Binance users can buy and sell NFTs.
Although the Binance marketplace is fairly new to the trend, it has recorded amazing growth and success, making it the largest NFT marketplace on the BNB Chain.
The marketplace is powered by its native chain but also supports Ethereum NFTs. This way, traders can transfer their NFT between both networks.
Minting your NFTs on the Binance NFT marketplace is easy. However, like other NFT marketplaces, users must abide by simple rules and meet requirements before minting their NFT on the marketplace.
In this guide, you’ll learn more about the Binance NFT marketplace and how to mint an NFT.
Binance NFT Marketplace
As mentioned earlier, the Binance NFT marketplace is the largest open, peer-to-peer NFT marketplace. It features a vast category of digital assets, including gaming merch, mystery boxes, art, sports, and so much more.
Types of NFTs available on the Binance NFT marketplace include:
- Art
- Collectibles
- Entertainment
- E-sports
- Gaming
- Premium
- Sports
- NFT Mystery Box
The marketplace is a diversified ecosystem of various NFTs with varying rarities. It supports and provides many mind-blowing features, making it the go-to hub for creators and collectors. The interface is beautiful and easy to navigate, especially for newbies.
As expected, the Binance NFT marketplace has gained traction as a decentralized NFT trading ecosystem backed by Binance Exchange. Therefore, there is maximum security for user assets and their money.
Aside from this, the marketplace is built on the BNB Chain that provides low-cost, high speed and efficient NFT trading. Apart from the BNB Chain, the marketplace also supports ETH NFTs.
However, before using the Binance NFT marketplace, you must register and verify an account with Binance exchange. After registering for an account, you can explore available collections or list your NFT as a creator.
Alternatively, you can check out exciting upcoming collections in the COMING SOON section – especially early access VIP passes, INOs, and upcoming game merch.
Pros and Cons of Minting NFTs on the Binance NFT marketplace
Over the last few years, the Binance NFT marketplace has grown to be a reputable security-conscious NFT platform with an easy signup process and cheaper fees.
However, it may not be suitable for many creators because it offers a low royalty fee and stringent minting rules. Therefore, while it may be an excellent platform for NFT traders and collectors, creators may find it difficult to earn much from their works.
Pros
- Free and easy signup or registration process
- Intuitive and user-friendly interface
- Low fee and high-speed NFT minting across Ethereum and BNB Chain
- Excellent user-focused security integrations backed by industry-leading security systems
Cons
- Unlike Opensea, the Binance NFT marketplace has few stringent and restrictive rules for minting digital assets on the platform.
- Binance NFT marketplace is relatively new to the game. Meanwhile, it is still running behind many NFT marketplaces in terms of offering and delivering rare and most sought-after projects.
- Low royalties for creators: Binance NFT marketplace offers an extremely low 1% reward in royalties. Compared to other platforms, especially Opensea, Rarible, or SuperRare, which allows up to 10%, thus – may be utterly discouraging for unicorn projects looking to use BNB Chain.
How to Mint your NFT or NFT Collections on Binance NFT Marketplace?
The most exciting feature of Binance NFT is that creators can easily mint NFTs and create collections on both BNB Chain and Ethereum blockchain.
Before proceeding, ensure you have a verified Binance account. After creating an account, navigate to Binance NFT and edit your profile.
You can add a profile picture and a bio. You can also add your Facebook, Twitter, Instagram, Telegram, and Discord social media handle to your profile.
This way, you can share your profile link with friends and followers on these social media platforms to gain more Binance NFT followers.
To mint an NFT, you must create an approved collection first. Meanwhile, ensure you have enough BNB or ETH to cover gas and other fees – depending on the blockchain network you’d like to mint your NFT.
How to create an NFT Collection on Binance NFT?
Here’s a step-by-step guide on how to create a collection on Binance NFT:
- Log in or sign up on the Binance exchange
- Go to Binance NFT
- Create a collection
- Submit your request
1. Login or sign up on the Binance exchange
Navigate to Binance.com on your PC web browser. This is because the minting feature is only available for web browsers on PC devices.
On the homepage, click on LOG IN from the top right corner of the homepage to log in to your Binance account.
Input your login details and complete 2FA verification.
However, if you don’t have a Binance account, click REGISTER on the homepage to sign up for a new Binance account.
On the signup page, submit your email address and preferred password. Agree to the Terms of Service and Privacy Policy and continue registration.
Verify your email address with the six-digit verification code sent to your email.
Once done, you can log in to your Binance account and verify your identity with any government-issued identity card like a national ID card, driver’s license, or international passport.
2. Go to Binance NFT
After logging in to your account, click on NFT from the top navigation of your home screen to go to the Binance NFT marketplace.
In Binance NFT, you can start creating your NFT collection or mint an NFT by tapping on the CREATE button in the top right corner.
3. Create a collection
As mentioned earlier, before you mint any NFT on Binance, you must create an approved NFT collection.
To do this, click on “+ (add) collection” from the prompt that pops up on the page for creating an NFT.
However, creating another one is not compulsory if you have already created an NFT collection.
Subsequently, you will be redirected to a CREATE A COLLECTION page where you can input details of your new collection. This includes:
- NAME of your collection. This will be used as the name of the NFT smart contract once it is deployed.
- DESCRIPTION – that briefly describes your NFT collection.
- CATEGORY – that can include Art, Sport, Entertainment, ESports, Gaming, or NFT For Good.
- LOGO and BANNER IMAGE: Upload a logo and banner image representing your NFT collection.
- Indicate the blockchain network of your collection. This can either be BNB Chain or the Ethereum network.
- Input the NFT symbol or token tracker in the field provided. The symbol can be up to 10 characters, including letters and numbers.
NOTE: Binance will review your collection name and description for any inappropriate content. If you need to change or modify anything, you will be notified by Binance.
- Finally, connect your wallet to the platform to confirm ownership of the NFT collection. While this is optional, you need it if you’d like to change the contract address of the collection.
- To do this, paste your wallet address and click on ADD A WALLET to add your smart contract wallet.
- You will be redirected to a page where you can connect your wallet via WalletConnect.
- Add social media links.
4. Submit your request
After inputting all the above collection details, ensure you double-check them because you won’t be able to change them after deploying the collection.
Once you’re done verifying the details, read and agree to the Terms of Service and Minting Rules of the Binance NFT marketplace. Finally, click CREATE to submit your request.
Click CONTINUE from the message that pops up to submit your collection and pay the Smart Contract Deployment Fee.
Approving the collection may take a few days because an independent contract will be deployed for your collection. Once the collection’s smart contract has been deployed, you will be notified via email.
Steps to Mint an NFT on Binance NFT
After creating a collection, you can now mint your NFT. However, before you get started, ensure you have enough BNB or ETH to pay for gas and other fees.
Here’s a step-by-step guide on how to mint NFT on Binance:
- Go to Binance NFT and create NFT
- Input NFT details
- Click on CREATE
1. Go to Binance NFT and create NFT
To mint an NFT, go back to the Binance NFT homepage at Binance.com/nft. Alternatively, you can go back to the Binance homepage > NFT.
In the Binance NFT marketplace, click on CREATE from the top left corner of the homepage.
Meanwhile, if you are an existing user and your account violates Binance’s risk management policies, your account will be restricted from creating an NFT.
2. Input NFT details
On the minting page, upload the asset you want to mint. This can be an image, video, or audio of any supported format.
Then, enter the required details about your NFT. This includes:
- Name
- Description
- Blockchain network
- Collection: Select the collection you want to add the NFT to. You can select the collection we created earlier or create a new one by clicking on + ADD A NEW COLLECTION.
- Then, enter the PROPERTIES of the NFT. This includes its features, traits, or characteristics. You can add up to 100 properties for each NFT.
3. Click on CREATE
Double check the details of your NFT. Finally, read and agree to Binance’s Terms of Service and Minting Rules. Then click on CREATE.
The file will start uploading, and Binance will review your NFT before it is successfully minted.
Once the minting is complete, you will see a notification that says MINTING COMPLETED. Afterward, you can list your NFT for sale in the Binance NFT marketplace.
Binance NFT marketplace fees
The Binance NFT marketplace has perfectly mapped out fees convenient for everyday collectors and creators. There are no hidden or additional fees for any users – thus, this continues to boost its usage and adoption.
Apart from the royalty fee/percentage of 1%, there is a marketplace fee of 1%, all paid in BNB, the native currency of the BNB Chain. If you’re trading any NFT, you will also pay a meager gas fee of 0.000001 BNB.
Is the Binance NFT marketplace safe?
Binance NFT is powered by the largest crypto exchange platform in the world, Binance. The platform is a well-known DeFi ecosystem with over 90 million users worldwide.
As expected, Binance is a security-conscious marketplace with tons of safety measures in place to safeguard users’ assets. Aside from strong encryption, there is a multi-layer sign-in process and options for two-factor authentication.
While security breaches and hacks are not rare in the crypto world, Binance has been a victim of hacks a couple of times. Meanwhile, most of these breaches result from users’ noncompliance with security measures like 2FA.
Still, it doesn’t affect the fact that Binance is one of the most secure crypto exchanges globally. Therefore, while using Bijance NFT, ensure that you follow every recommended security measure.
Conclusion
While Binance is not a new player in crypto, Binance NFT is still trying to gain ground in the NFT sector.
This is because it faces stern competition from established marketplaces like Opensea, Rarible, or Looksrare.
For instance, Opensea, Rarible, Mintabke, and other existing marketplaces offer up to a 10% royalty fee for creators. Therefore, it’s normal to see creators choose these platforms over Binance NFT.
This way, if you’re looking to make a profit off NFT resales, minting your NFT on the Binance NFT marketplace may not be advisable.
However, its advantages over other marketplaces include ease of use, low fee minting, and security. Therefore, it is undoubtedly a good place to start.
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