The Binance NFT Marketplace, launched on June 24, 2021, by Binance, the world’s largest cryptocurrency exchange by trading volume, is a platform for creating, buying, selling, and trading non-fungible tokens (NFTs). It operates primarily on the Binance Smart Chain (BSC) but also supports Ethereum and Polygon networks, offering low transaction fees and high liquidity. Key features include:
Marketplace: Users can mint, buy, sell, or bid on NFTs, with a 1% transaction fee for creators and sellers, and a 1% royalty on subsequent trades. Premium Event collections offer artists 90% of sales profits.
Mystery Boxes: These contain NFTs of varying rarity, adding gamification to the purchasing process. Users can trade unopened boxes or open them to reveal NFTs.
NFT Loans: Users can use select blue-chip NFTs (e.g., Bored Ape Yacht Club, Azuki) as collateral for loans, a unique feature.
Staking: Staking programs for collections like Yuga Labs and The Sandbox allow users to earn tokens like $APE or $SAND.
Initial Game Offerings (IGOs): Exclusive gaming NFTs from top-tier projects are available, connecting developers with players.
Binance NFT integrates with the broader Binance ecosystem, leveraging its user base of over 185 million and reputation for security. It has featured collaborations with high-profile figures like Cristiano Ronaldo, Toni Kroos, and Mike Tyson, as well as collections like Urbanball and Franck Muller’s digital wearables. However, minting is restricted to pre-approved creators, though trading is open to all verified users.
Binance ceased support for Bitcoin-based NFTs (Ordinals) in April 2024 due to network congestion and to streamline offerings, advising users to withdraw such assets by May 18, 2024. Despite this, the platform remains a hub for digital art, collectibles, and gaming assets, with recent posts on X describing it as a vibrant ecosystem for creators and collectors.
For more details, visit Binance NFT or check their official guides for buying, selling, or depositing NFTs.
