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Introducing Binance NFT Marketplace

2021-06-23 11:42

What is the Binance NFT marketplace?

The Binance NFT marketplace is a marketplace that features all forms of digital artworks and collectibles. Powered by the Binance blockchain infrastructure and community, the Binance NFT marketplace provides a high liquidity platform for users to launch and trade NFTs.
A non-fungible token (NFT) is a type of digital token that represents a unique asset. These can either be entirely digital assets or tokenized versions of real-world assets. As NFTs are not interchangeable, they function as proof of authenticity and ownership within the digital realm. To learn more about NFTs, please refer to the Binance Academy article A Guide to Crypto Collectibles and Non-fungible Tokens (NFTs).

How to get started with the Binance NFT Marketplace?

The Binance NFT Marketplace brings together artists, creators, and crypto enthusiasts on a single platform to create and trade NFTs. The platform features 3 product lines:
  • Marketplace: Mint, sell, bid, and purchase NFTs from creators around the world.
  • Events: Buy premium and exclusive NFTs created by leading global artists and the most influential names and brands. Events will include offerings from digital artists, musicians, as well as athletes and celebrities.
  • Mystery Boxes: Each Mystery Box is guaranteed to have one random NFT inside. Open for a chance to win a Normal (N), Rare (R), Super Rare (SR), or Super Super Rare (SSR) NFT.
Please note that purchased Mystery Boxes cannot be returned for any reason, but you can trade the unopened Mystery Box or the NFT it contains after opening the Box on the Binance NFT Marketplace.
If you‘re new to Binance, you can get started in 4 quick and easy steps:
To learn more about how to get started on Binance, please refer to:

Frequently Asked Questions

1. How do I get an NFT account?
You can use your regular Binance account to access the Binance NFT Marketplace. If you are not a Binance user, you need to create a Binance account first.
2. Which cryptocurrencies can I use to buy or trade NFTs on the Binance NFT Marketplace?
The Binance NFT Marketplace supports BNB, BUSD, and ETH.
3. Does the Binance NFT Marketplace allow users to deposit and withdraw NFTs?
Yes. You may deposit your NFTs to the Binance NFT Marketplace and list them for sale. Please refer to How to Deposit NFT on Binance for more information.
Please note that your NFT contract address needs to be pre-approved before you can import it to the Binance NFT Marketplace.
For more information on NFT withdrawals, please refer to How to Withdraw NFT from Binance.
4. Can I mint NFTs on the Binance NFT Marketplace? How do I create and list my NFTs?
One of the most exciting features for creators on the Binance NFT Marketplace is minting non-fungible tokens (NFTs). You can quickly mint NFTs and create your own NFT collections on BNB Chain (former BSC) and Ethereum (ETH).
Please note that only verified users can create NFTs on Binance, so you must complete Identity Verification before you start. In addition, you need to have at least 2 followers on your Binance NFT user profile.
For more details, please refer to How to Create Your NFT on Binance NFT Marketplace.
5. Do I need complete Identity Verification before I trade NFTs?
Yes. You need to complete Identity Verification to trade NFTs. Please note that you may need to complete certain levels of verification to increase your respective deposit and withdrawal limits. The limits vary for different countries. To learn more, please visit How to Complete Identity Verification.

Glossary

NFT stands for non-fungible token. It is a digital token that represents unique assets that can be used as proof of authenticity and ownership over digital and tokenized physical assets.
Mint: the act of creating or issuing a non-fungible token (NFT).
BNB Chain is comprised of the BNB Smart Chain (former BSC) and the BNB Beacon Chain. BNB Smart Chain enables smart contract functionality and is compatible with the Ethereum Virtual Machine (EVM), making it easy for developers to create tools and DApps or to port their projects over from Ethereum.
BNB is a utility token that powers the Binance ecosystem. It is the native coin of the BNB Chain. Please note that to mint NFTs on the Binance NFT Marketplace, you need to pay the corresponding fees in BNB.
Released in late 2020, BEP-721 is Binance’s NFT token standard, which runs on the BNB Chain (former BSC). Note that you cannot use BEP-721 tokens on the Ethereum network.
Mystery Box is a box that contains a random NFT. After purchasing it, you can open for a chance to win a Normal (N), Rare (R), Super Rare (SR), or Super Super Rare (SSR) NFT. You can also trade unopened Mystery Boxes if you wish.