What is Binance NFT Marketplace?
Cryptocurrency exchange Binance has finally entered the crypto art market. Binance launched its NFT marketplace on 24 June 2021 featuring digital artwork auctions by Andy Warhol — the American artist who inspired the pop art movement and Salvador Dali — the Spanish artist known for the fabled artwork “The Persistence of Memory”.
The marketplace lists all major genres of NFTs like gaming (sports and esports), collectables, entertainment and art.
Binance’s NFT marketplace launch will begin with the “Genesis” and “Mystery Box Series 1” auction event. Genesis will feature works from Warhol & Dali and will continue for five days till 29 June 2021.
This marketplace will function primarily on the Binance Smart Chain using the BEP-721 tokens (Binance’s NFT token standard). Additionally, it will also support NFTs on the Ethereum network.
What is an NFT Marketplace?
An NFT Marketplace is a marketplace for NFT. So far so good. But what is an NFT?
NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.
Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).
Binance NFT Marketplace Focus
Binance is a well-known name in the digital assets domain. This cryptocurrency exchange has played an important role in promoting crypto adoption, and there is an expectation that it may continue to do so for NFTs too. Binance NFT marketplace will feature three distinct product lines — Events, Marketplace and the Mystery Box.
Events, as the name suggests, will bring digital collectables from leading artists globally under one roof. Artists and enthusiasts can transact in these exclusive events to buy/sell premium crypto art. The marketplace is a much more open section of Binance Marketplace. Approved artists can mint their art and put it for sale (at a fixed price) or auction (to determine the highest price). The final product line, the Mystery Box, is a collection of miscellaneous and rare digital art.
Binance NFT Marketplace Fees
As Binance Smart Chain and Ethereum both charge network fees for executing transactions, it is obvious that gas fee is an integral component when buying or selling an NFT. When NFTs are minted on Binance’s marketplace, the artist has to pay the respective fees in Binance Coin (BNB).
We could not locate the exact amount of fees for each transaction on the Binance NFT marketplace (whether it is a buy or sell transaction).
However, the Binance NFT announcement in April 2021 clarified that the portal will charge the artwork creator a 1.00% processing fee for listing.
Layout of Binance NFT Marketplace
Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. The following picture is a print screen from the browsing overview at Binance NFT Marketplace (as of 24 June 2021):
Individual artworks are displayed as follows. Here’s a screenshot of an animated image of the Club Atlético Mineiro’s jersey listed on auction. You can see a detailed description along with bidding history, contract address and token ID.
Binance NFT Marketplace Payment Methods
A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal deposits. Seeing as Binance's NFT platform is connected to its exchange, and you can deposit fiat currency to the exchange through both wire transfer and debit cards, we have chosen to mark Binance NFT as accepting debit card deposits. PayPal deposits are however not possible.
If you think that Binance NFT is the platform for you, you can sign up by clicking on this link.