📌 What Is the Binance NFT Marketplace?
The Binance NFT Marketplace is a dedicated platform launched by Binance, the world's largest cryptocurrency exchange by trading volume, on June 24, 2021[reference:0][reference:1][reference:2]. It allows users to create (mint), buy, sell, bid on, collect, trade, and showcase digital blockchain collectibles represented as non-fungible tokens (NFTs)[reference:3].
The marketplace leverages Binance's massive user base, deep liquidity, and blockchain infrastructure to provide a seamless experience for both creators and collectors[reference:5][reference:6][reference:7]. It supports NFTs on the BNB Smart Chain (BSC) and Ethereum[reference:8], with additional support for Polygon[reference:9], enabling fast transactions and low fees[reference:10].
Unlike standalone NFT platforms, Binance NFT is deeply integrated with the broader Binance ecosystem, allowing users to manage both their cryptocurrency and NFT portfolios through a single NFT Wallet[reference:11].
Binance NFT stands out for its low minting fees, strong liquidity, and seamless integration with other Binance products. It also offers verified drops, gaming NFTs, and exclusive collections from global creators[reference:12].
🔗 Supported Networks
The Binance NFT Marketplace supports multiple blockchain networks, giving users flexibility in creating and trading NFTs:
| Network | Description | Gas Fees |
|---|---|---|
| BNB Smart Chain (BSC) | Binance's native blockchain with low fees and fast transaction speeds. The primary network for Binance NFT. | Low |
| Ethereum (ETH) | The most widely used network for NFTs, supporting high-value collectibles and major projects. | Variable ($5–$80+) |
| Polygon (MATIC) | Layer-2 scaling solution offering low-cost transactions; supported for buying, depositing, withdrawing, and listing NFTs[reference:13]. | Very Low |
When creating an NFT, you must select the network (BNB Smart Chain or Ethereum) that matches your collection's network. For lower fees, BNB Smart Chain is generally preferred.
💰 Fee Structure
Binance NFT is known for offering "some of the lowest transaction fees in the industry"[reference:15]. Below is a breakdown of all applicable fees:
- Platform Service Fee: When you sell an NFT on Binance NFT, a flat 1% platform service fee is charged on the sale price. This applies to NFTs minted on Binance as well as third-party-platform NFTs deposited and listed for sale[reference:17].
- Listing Fee: There are no fees for listing NFTs on the marketplace.
- Every time an NFT is sold, a royalty fee (0% to 10%) is paid to the original creator.
- The royalty fee is set by the creator during the NFT creation process and can be viewed on each NFT detail page.
- Creators can charge royalty fees up to 10% on secondary sales[reference:22].
- For NFTs from other platforms (Ethereum-based), a gas fee is incurred.
- Gas prices fluctuate depending on network traffic and are indicated on the payment confirmation page.
- Depositing an NFT to Binance NFT Marketplace also incurs a gas fee (paid to miners, not Binance).
- Creating (minting) an NFT on Binance incurs a minting fee of up to 0.005 BNB[reference:26].
- Ensure you have BNB in your spot wallet before minting.
Holding BNB tokens unlocks reduced trading fees on the platform[reference:29]. Using BNB for transactions can lower your overall costs.
- For the initial sale of an Unverified NFT (the first time a newly minted Unverified NFT is sold by the creator to a buyer), creators are restricted from withdrawing the transaction proceeds for ten days.
- After the 10-day clearing period, and provided the sold asset does not indicate a potential violation of Binance's rules, the creator will be able to use or withdraw the proceeds.
🛒 How to Buy NFTs on Binance
Follow these steps to purchase an NFT on the Binance NFT Marketplace[reference:32][reference:33]:
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1
Create a Binance Account
Sign up at Binance.com and complete identity verification (KYC) to access the NFT Marketplace[reference:34].
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2
Go to the NFT Marketplace
Navigate to nft.binance.com or click the "NFT" tab on the Binance homepage[reference:35].
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3
Browse or Search
Browse collections or use the search bar to find specific items or creators[reference:36].
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4
View NFT Details
Click on an NFT to view its details, including price, creator, royalty fee, and collection history[reference:37].
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5
Buy or Place a Bid
Select "Buy Now" for instant purchase at the fixed price, or place a bid if the NFT is up for auction[reference:38].
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6
Confirm and Receive
Confirm the purchase, and the NFT will appear in your Binance NFT Wallet[reference:39].
Always check the creator's profile and the collection's history to verify authenticity before purchasing[reference:40]. Use Binance Coin (BNB) for lower fees when buying and selling NFTs[reference:41].
🏷️ How to Sell NFTs on Binance
To list and sell your NFTs on the Binance NFT Marketplace[reference:42]:
- Go to "My NFT": Navigate to your profile and select "My NFT" to view your owned NFTs.
- Select the NFT: Choose the NFT you want to sell from your collection.
- List for Sale: Click on the "List" or "Sell" button and set your desired price[reference:44].
- Choose Sale Type: Select between Fixed Price (instant purchase) or Auction (bidding)[reference:45].
- Confirm Listing: Review the fees (1% platform fee + royalty fee) and confirm the listing[reference:46].
For NFTs minted on Binance, the same royalty fee applies to all NFTs in the collection. You can only set the royalty fee amount during the NFT creation process.
🎨 How to Create (Mint) NFTs on Binance
Any verified user can mint and list NFTs on Binance without administrative approval[reference:49]. Follow these steps[reference:50][reference:51]:
- Complete identity verification (KYC)[reference:53].
- Have at least 2 followers on your Binance NFT user profile[reference:54].
- Have BNB in your spot wallet for minting fees (up to 0.005 BNB)[reference:55].
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1
Access the NFT Marketplace
Log in to your Binance account, go to the NFT Marketplace, and click on your profile icon.
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2
Select "Create"
From your profile, select the "Create" option to start minting your NFT[reference:57].
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3
Upload Your Media
Upload your digital file (JPG, PNG, GIF, video, or audio) according to the given requirements[reference:59].
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4
Add Details
Enter the name, description (max 500 characters), and properties of your NFT[reference:61].
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5
Select Network & Collection
Choose the network (BNB Smart Chain or Ethereum) and confirm or create a collection[reference:64].
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6
Set Royalty Fee
Confirm your royalty fee (0% to 10%) for secondary sales[reference:66].
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7
Confirm and Mint
Review the minting fee (up to 0.005 BNB), agree to the terms, and click "Create" to finalize the process[reference:68].
Once your NFT is created, you can proceed to list it for sale on the Binance NFT Marketplace at your preferred price[reference:69].
💰 NFT Staking on Binance
Binance offers NFT Staking, allowing users to lock specific NFTs to earn rewards in the form of tokens or other digital assets. This feature enables NFT holders to generate passive income from their collections[reference:71].
- How it works: Users can stake eligible NFTs from select collections and earn rewards over a specified period.
- APY: Annual percentage yields vary by collection and staking duration.
- Eligibility: Only specific NFT collections are eligible for staking; availability changes regularly.
To participate, visit the Binance NFT Marketplace, navigate to the "Staking" section, and check available collections and reward rates.
NFT staking involves locking up your assets for a period. Market volatility and project risks may affect rewards. Always understand the terms before participating.
⚖️ Pros & Cons of Binance NFT Marketplace
✔ Low fees: 1% platform fee, no listing fees, low minting cost[reference:72]
✔ High liquidity: Leverages Binance's massive user base[reference:73][reference:74]
✔ Multi-chain support: BNB Chain, Ethereum, and Polygon[reference:75][reference:76]
✔ Integrated ecosystem: Seamless connection with Binance products[reference:77]
✔ Creator-friendly: Up to 10% royalty fees on secondary sales[reference:78]
✔ Verified drops: Access to exclusive collections from global creators[reference:79]
✔ NFT Staking: Earn rewards on eligible NFTs[reference:80]
✘ KYC required: Full identity verification needed to access the marketplace[reference:81]
✘ Centralized: Operated by Binance, not fully decentralized[reference:82]
✘ Limited curation: Focus on quality over quantity of collections
✘ Sales settlement delay: 10-day hold for initial sales of Unverified NFTs
✘ Gas fees: Ethereum-based NFTs incur variable gas costs
💡 Tips for Success on Binance NFT
- Verify authenticity: Always check the creator's profile and collection history before buying[reference:85].
- Use BNB for lower fees: Holding BNB unlocks reduced trading fees on the platform[reference:86].
- Research collections: Look into the project's roadmap, community, and team before investing.
- Start small: If you're new to NFTs, begin with lower-value items to learn the market.
- Follow verified drops: Binance NFT regularly features exclusive drops from top creators[reference:87].
- Monitor gas fees: For Ethereum-based NFTs, timing your transactions during low-traffic periods can save costs.
- Set realistic prices: Research similar items to price your NFTs competitively.
Join the Binance NFT community on Telegram or follow Binance NFT on Twitter for updates on drops, events, and new features.