Binance’s NFT Marketplace is growing exponentially, attracting non-fungible token collectors and traders from across the cryptocurrency space. Users can now effortlessly deposit, sell, or trade their assets on the Marketplace. This guide will show you how to deposit and trade on the Binance NFT Marketplace, provide you with reasoning for doing so, as well as give you tips for selling and promoting your tokens.
However, other essential platform features have been added, including depositing and withdrawing NFTs. Additionally, Binance NFT now supports multi-chain support, meaning NFTs created on multiple blockchain networks can be traded on the platform. So far, Binance Smart Chain (BSC) and its closely related Ethereum (ETH) networks are supported.
NFTs created on either of these host networks can be deposited into the marketplace, traded, and withdrawn from it effortlessly. This guide will show you how to deposit and sell your NFTs on an external wallet such as Metamask. We will use detailed step-by-step instructions so you know what to do and why each step is necessary.
Finally, we will discuss why you may want to transfer your non-fungible tokens into the Binance NFT Marketplace. The platform has several benefits over its competitors, and we will highlight these factors. To know more details about the largest cryptocurrency exchange globally, be sure to read our Binance review.
What is a Non-fungible token (NFT)?
To understand NFTs better, it is worth considering the difference between fungible and non-fungible assets. Bitcoin, Ethereum, and several other conventional cryptocurrencies are considered fungible assets because they are not unique. One BTC is precisely the same as the next, and this feature makes Bitcoin a great medium of exchange.
Non-fungible assets, on the other hand, are unique and one-of-a-kind. These assets created on a blockchain are called tokens, representing items that are unlike any other. The value of an NFT is based on its uniqueness, rarity, tangibility, and utility.
What is the Binance NFT Marketplace?
In October 2021, Binance enabled multi-chain support on the marketplace allowing deposits and withdrawals of NFTs created on Binance’s Smart Chain network and Ethereum. The latter is the most popular smart contract platform on which most NFTs have been created. Given that the BSC network is a close variant of Ethereum, it became easy to integrate the dual-chain support on the NFT Marketplace.
This feature update means that Ethereum-minted NFTs can be deposited into Binance, sold, bought, or traded for other assets. They can also be stored on the Binance NFT wallet. However, assets minted on the Binance NFT Marketplace can only be hosted on the BSC network, but, like their Ethereum counterparts, they can be transferred to external compatible wallets.
Reasons to deposit and sell your NFTs on Binance NFT
Binance’s NFT Marketplace has several benefits over its main competitors in the market. These include:
- Multi-blockchain support: currently, NFTs minted on the popular Ethereum and Binance Smart Chain blockchains can be traded on Binance NFT, while most other marketplaces only support one (typically Ethereum). Therefore, Binance NFT Marketplace offers broader functionality compared to its competitors.
- Access to an expansive Binance ecosystem: Binance aims to provide ultimate crypto convenience to its users, allowing them to interact with various apps and features, including the NFT Marketplace, using a single account.
- Broad crypto wallet support: by default, Binance enables its NFT Marketplace users to connect their MetaMask wallets or Binance Chain Wallet. However, it also integrates with the Wallet Connect protocol, which supports more than fifty other wallets, including Trust Wallet, Coinbase Wallet, Ledger Live, Atomic, and Cool Wallet S.
- Low trading fee: keeping with the overall Binance ethos of discounting services and products, the NFT Marketplace also charges extremely low fees compared to the competition. At 1% commission fees, that’s an unbeatable cost to the 2.5% industry standard for open marketplaces and 15-20% for closed ones.
- Offers a broader variety of NFT collections: there are several categories of NFTs supported on the Binance NFT Marketplace, including digital art, gaming, sports, esports, entertainment, and Premium tokens.
- User protection: From the get-go, Binance NFT has been conscious of the need to protect investors and artists alike against scams and counterfeit NFTs. Only preapproved creators can mint tokens on the platform, meaning all BSC-based NFTs are genuine. Additionally, since all NFT Marketplace users have Binance verified accounts, scammers are less likely to thrive in such an environment.
How to deposit your NFTs on Binance NFT?
Now that you have a better idea about what non-fungible tokens are and why one would want to trade them on the popular Binance NFT Marketplace, let’s look at how to transfer these tokens from an external wallet to your Binance NFT account.
Step 1 – Log in to Binance NFT
Access your Binance account and navigate to the NFT Marketplace after logging in. Alternatively, visit the Binance NFT page directly through the link https://www.binance.com/en/nft and click on the [Log In] button in the top right corner. Use your Binance account log-in details.
Step 2 – Navigate to the User Center.
Once you are logged into your Binance NFT account, hover over the User icon on the top right-hand side of the main navigation bar. Select [User Center] from the dropdown list.
Step 3 – Start the NFT Transfer process.
Click on the [NFT Assets] tab within the User Center page, then click the [Deposit] button to start the NFT transfer process.
Step 4 – Choose the transfer network.
In this step, choose the blockchain network hosting the NFT. As mentioned earlier, Binance NFT Marketplace supports Binance Smart Chain and Ethereum networks.
Click [Confirm] to continue.
Step 5 – Connect your wallet to Binance NFT.
Although MetaMask is the recommended or default choice, you may connect to any of the over fifty wallet options supported by the WalletConnect protocol.
Clicking the MetaMask tab will trigger the preinstalled MetaMask wallet to pop up. If you haven’t done so, log into your account to authorize the connection.
Click the [Sign] button to authorize the connection between your MetaMask and Binance NFT accounts. The MetaMask pop-up will disappear, and the Binance NFT page will reload to reflect the connected account.
NOTE: MetaMask supports both the BSC and Ethereum networks concurrently, but you have to select the correct network to avoid sending assets to the wrong networks and potentially losing them. If you have your NFT stored on the BSC account, make sure to select it and match it to the network option you made from Step 4 above.
Step 6 – Provide the NFT’s smart contract address.
The smart contract address refers to the address location where the contract is deployed on the host network. A single contract address can host a single or multiple NFTs such as those minted in a series. For example, here’s a listing of the One-Eyed Apes #0456 showing how to locate the smart contract address. Typically this address can be found within the NFT description on its listing page.
Once you locate the Contract address of your NFT, copy and paste it to the [Contract Address] form field shown below.
Binance only allows NFT deposits from pre-approved contract addresses that have been fully integrated with the NFT marketplace. Check the list of supported contract addresses here.
Step 7 – Choose the NFT to deposit
If Binance NFT supports your contract address, the system will display all the NFTs associated with that particular contract. You can only choose one to deposit from the available NFTs even if you own and wish to deposit more than one token. In this case, you will repeat this process until you deposit all the tokens.
Locate the preferred NFT, click on it to select it, and then scroll down and click on the [Confirm Deposit] button.
Step 8 – Pay transaction fees.
Transfers of NFTs between wallets constitute a network transaction, meaning that the transaction will attract a network fee. Binance NFT will prompt you to set a gas fee by triggering your MetaMask wallet.
By default, MetaMask will prefill the recommended gas fee, and often this figure is appropriate, but you can choose to change it up or down to a more preferred level. Click [Confirm] to authorize the transaction.
The NFT will be deposited into your Binance NFT account once the blockchain confirms the transaction. You can view it under the NFT Assets tab on the User Center page.
How to list and sell your NFTs on Binance NFT
With your NFT asset safely deposited into your Binance Marketplace, you may opt to hold it there or sell it. Below, we will detail all the steps it takes to list and sell NFTs on Binance if you choose the latter option.
The process is simpler and easier to follow compared to depositing NFTs as there is no interaction with an external service, wallet, or writing any data to the blockchain. Although the process is straightforward, we advise that you pay attention to ensure that you perform the actions properly and avoid making any serious mistakes.
Step 1 – Navigate to the ‘NFT Assets’ section.
Check the first two steps from our step-by-step guide to depositing an NFT detailed above to get to the User Center page. Here you will be able to select amongst four tabs which are [NFT Assets], [Mystery Boxes], [Crypto Assets], and [Favorites].
Click on the [NFT Assets] if it’s not already preselected. This action will display all the assets available on your Binance NFT account. Mystery boxes are assets that hold an undisclosed NFT, and they are kept in a different category. However, once the box is unlocked, its contents are transferred to the NFT Asset section.
Step 2 – Select asset for listing
Click on the [Collections] tab to reveal all assets in your account that can be listed. Next to the Collections tab is one for ‘On Sale’ items, where all listed NFTs are displayed. Here is where you will check to confirm whether your token has been successfully listed or denied by the Binance team.
Identify the NFT you want to list, hover over it to display a hidden button labeled [List NFT]. Click on this button to continue.
Step 3 – Provide listing instructions.
The first listing instruction to provide is to specify whether the NFT will be listed as an auction or a direct sale. With the former, the token will be sold to the highest bidder, while with the latter, the asset will be sold to the first person to click the buy button.
In the case of an auction sale, you will specify the minimum bid price, which is the starting price. You will also select the asset you wish to receive as payment and the minimum bid markup. A bid markup is an increment from the latest highest bid, and Binance allows the seller to specify a bid markup ranging from 5% to 20%. You can select from any of the three available options.
It’s worth noting that Binance charges an extra 1% of the sale price as royalty fees to be sent to the original creator of the NFT, which brings the total deductions to 2% (1% platform fees + 1% royalty fees.)
As part of the auction set up, you need to specify when the listing goes live. You can choose to list immediately after the Binance NFT team approves the listing or at a predetermined date and time.
If you prefer to sell the NFT directly and avoid the auction hustle, you can instead provide a selling price, listing date and time, and duration of the listing.
NOTE: Binance allows a seller to delist an asset. However, in the case of an auction sale, the delisting feature is disabled once the listing receives its first bidder.
Next, choose a category for your listing to help buyers find your assets in the marketplace. There is only an allowance for one category. Try to select the best descriptive category for your NFT.
You can provide an optional description if necessary to help sell the item. Typically, some assets may gain utility after being created, and this extra feature may not be included within the original description. If that’s the case, provide an updated description, confirm that the listing is correct, then click on the [Submit] button.
Binance NFT team will review the listing to ascertain that it complies with listing policies. The process takes between four and eight hours. If approved, the item will be listed immediately or scheduled for listing as per the instructions provided by the seller.
Tips on selling and promoting your NFTs on Binance NFT
The tips below can help you avoid losses while trading NFTs, not just on Binance but on several other NFT marketplaces.
Tip 1 – Verify your identity
On Binance, it is mandatory to verify your identity before using the NFT Marketplace. Therefore, if you have trouble accessing the marketplace and are yet to complete your verification, you might want to start there. Identity verification is vital to protect all parties in a trade. Both the buyer and seller of an NFT will feel confident to engage in a trade, knowing they may get recourse if the deal is not honored.
ID verification also helps to deter scammers and unauthorized access to your account, thereby increasing the safety of your NFT assets.
Tip 2 – Learn to assess the value of NFTs
Assessing the value of an NFT asset is crucial because it will help you correctly price your NFT. There is no standard way of evaluating this new asset class, but you can consider some factors to help you gauge how much your asset may be worth. You do not want to overprice a token that it discourages buyers, and you don’t want to underprice it that you are practically throwing it away.
A few factors to guide you in determining your NFT’s value include:
- Scarcity – perform an objective search to determine how rare your asset is in the market and how much it is sought after. The higher the two metrics, the higher you should price it. Most NFTs minted on the BSC are rare because Binance has partnered with talented and popular creators to produce these tokens, and they are often made in limited quantities.
- Utility – Different assets can be used for various purposes, and NFTs are no different. Some non-fungible tokens are rare gaming items such as shields, characters, or parcels of land, while others are pure collectibles. Yet still, others can be used for real-world applications such as event tickets. Understanding what an NFT can be used for and why it matters makes it easier to know its worth in the market.
- Tangibility – NFTs are often created in connection to another value item such as an event ticket, a virtual or offline parcel of land, a painting, etc. The value of the token will vary depending on its anchor asset. A ticket to a popular event will cost more than one to an obscure one and will vary the value of NFTs representing either ticket. Therefore, learn to correctly associate a token to its offline asset’s value to price your NFT in the marketplace accurately.
Tip 3 – Beware of NFT Scams
There are several scams an NFT investor on the Binance marketplace can fall for, including fake or phishing platforms, fake bidding, and brand/artist impersonation. Check out our detailed guide to protecting yourself against Binance NFT scams. In the guide, you will learn several ways to avoid getting scammed, such as making good use of Binance’s account security tools and maintaining high levels of security hygiene.
Selling non-fungible tokens can be rewarding if done right. For one, as an NFT seller on the Binance marketplace, you need to know how to properly list, price, and sell your asset. You also need to understand how to protect yourself from scams.
This guide has provided a detailed step-by-step guide to transferring your NFT from an external wallet or platform to Binance and then listing it for sale. As demonstrated, the process is simple and it only takes a few easy steps, but there are pitfalls to avoid, especially while depositing your tokens. Pay attention to the steps provided in this guide, and you should complete the process as effortlessly as described.
Finally, hopefully, you will consider applying the tips provided in the last section. They are meant to protect you against losses while trading NFTs on Binance and several other similar marketplaces. These are just the basics of NFT trading, and we encourage you to research and be knowledgeable about your trade. Be proactive and always be curious. The NFT landscape is changing rapidly. Be ready to roll with the changes.
Frequently Asked Questions
What is a non-fungible token (NFT)?
A non-fungible token is a cryptographic record stored on a compatible blockchain representing a unique digital or physical item. In analogous terms, an NFT is like the title of a property. A property title holds information about the property, including its description, provenance, and ownership. Similarly, an NFT contains the same information but on an immutable blockchain network.
What is Binance NFT Marketplace?
Binance’s NFT Marketplace is a platform on which non-fungible tokens can be created, stored, sold, bought, and traded. The platform is operated by the leading cryptocurrency exchange Binance.
Why should I transfer my NFT to Binance Marketplace?
Binance NFT offers its users several benefits making it the ideal place to buy, sell and trade non-fungibles. Some of those reasons are support for dual blockchains (i.e., Binance Smart Chain and Ethereum), low NFT trading fees (1%), and support for a wide variety of NFT categories, including gaming, art, entertainment, sports, and collectibles. Additionally, the NFT Marketplace is seamlessly integrated with the broader Binance ecosystem allowing the Binance account holders to use their login details to access the NFT marketplace.
How do I assess the value of my non-fungible token (NFT) before selling it?
Three main factors determine the value of a non-fungible token: scarcity – the measure of how ‘hard-to-get’ and desirable the NFT is; utility – the importance or usefulness of the token; and tangibility – the connection between the token and the item it represents on the blockchain. The more valuable an asset it represents, the more valuable the token will be considered.