Binance NFT Marketplace Review – How to Buy NFTs on Binance

Fact Checked by Gary McFarlane

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

Binance has established itself as one of the most popular cryptocurrency exchanges globally.

With demand for non-fungible tokens growing, Binance has also launched a dedicated NFT Marketplace.

In this Binance NFT Marketplace review, we take an in-depth look at its core features. We also explain how you can buy NFTs via Binance and what fees to consider before using the provider.

Binance NFT Marketplace – Quick Overview

The Binance NFT Marketplace is a platform for trading a variety of digital artworks and collectibles. It was launched in June 2021 and aspires to become the world’s leading NFT marketplace to bring crypto enthusiasts, digital art creators, and collectors together in one single hub.

Binance NFT

The Binance NFT Market Marketplace offers three core services:

  • Marketplace – Users can mint, sell, and buy NFTs.
  • Mystery Boxes – Unique boxes with random NFTs inside, along with a chance to win rare tokens.
  • Events – NFT drops and offerings from global artists, musicians, athletes, and celebrities.

In addition to this, you will also have access to an NFT wallet called the Binance Chain Wallet that you can use to hold your NFTs at no additional cost.

Now that you have an idea of the basic layout of the Binance NFT Marketplace, let us take a closer look at each feature.

Binance NFT Marketplace – Supported Blockchains

Binance NFT Marketplace functions as a dual-chain system. Meaning, it integrates two blockchains – the Binance Smart Chain (BSC) and the Ethereum network – within its infrastructure. That said, it is programmed to run primarily on the Binance Smart Chain since this is the native blockchain network of the platform.

Moreover, BSC also lets users trade NFTs at relatively low gas fees when compared to Ethereum.

Nevertheless, those who prefer Ethereum for exposure to the crypto market will also be able to buy, sell, deposit, and view ETH-based NFTs in their Binance wallet. In order to buy NFTs on Binance, you will have to hold BNB, BUSD, or ETH tokens.

Binance NFT Marketplace – Features

NFT marketplaces come in all shapes and sizes. While some allow you to buy and sell NFTs, others also facilitate the minting of your own non-fungible token ideas.

The Binance NFT Marketplace presents the following services to its users.

Buy and Sell NFTs

With an account on the Binance NFT Marketplace, you will be able to buy non-fungible tokens with ease. There are numerous categories to choose from, including art, gaming, and more. Binance also supports NFT drops and holds events for the launch of exclusive new tokens.

If you want to become a seller on Binance, you can decide whether you want to list your NFT for a fixed price or hold an auction. If you are a creator, you will also be able to set a royalty for your NFTs. Otherwise, you will have to pay royalty fees to the creator every time you resell an NFT on Binance.

Mint NFTs

NFT Minting is the process of converting a digital file into a non-fungible token stored on the blockchain. This way, artists can create their own NFTs and put them for sale on marketplaces.

Moreover, after the first sale of your NFT, you will also be able to receive a royalty of up to 10% on all the subsequent deals of your collection.


On Binance, only pre-approved artists are allowed to mint NFTs. If you are a creator interested in minting on the Binance Smart Chain, you can send an email to the NFT Marketplace to receive an invitation. Remember that at the time of writing, only Binance Smart Chain is supported for minting.

Binance lets you mint NFTs in multiple file formats, including images, videos, and audio. Once created, the content you upload will be stored in a centralized database. While you can delete an NFT, it is not possible to make any alterations to an already-minted token.

Deposit and Withdraw NFTS

It is also possible to deposit NFTs from another platform and withdraw your tokens to a private wallet. As of writing, Binance connects to MetaMask and WalletConnect but plans to add additional options in the near future.

Transferring NFTs is more or less similar to moving cryptocurrencies between two wallets. You can do this by copying and pasting the destination wallet address. Moreover, when depositing NFTs, you will also have the option to set the gas fee for the specific transaction – which varies depending on the blockchain.

Binance NFT Marketplace – Types of NFTs Offered

Binance features seven different categories of NFTs within its marketplace.  Below, you will find an overview of each.

NFTs for Good Causes

For those unaware, Binance has set up a charity platform in order to use the power of blockchain technology for philanthropy. The NFTs for Good category is designed to contribute to this endeavor.

This showcases digital artworks by different contemporary creators, such as world-renowned doodle artist Jon Burgerman. Proceeds from the sales of these NFTs will go towards various charity projects.

Gaming NFTs

These NFTs are digital tokens that are used in popular play to earn games. Gaming NFTs come in all shapes and sizes. You will be able to buy NFTs that represent characters in games, plots of virtual land, accessories, weapons, and much more.

Sports NFTs

Investors can use Binance to collect highlights from famous moments in games, virtual merchandise, digital tickets to major sports events, autographed photographs, and much more – all in the form of NFTs.

For example, NFTs linked to Micheal Owen, Alphonso Davies, and many more prominent players are listed on Binance as of writing.

Art NFTs

Art NFTs are emerging as one of the most popular non-fungible token categories in the crypto world. Binance gives you access to NFT artworks created by both established as well as upcoming artists.

Mystery Boxes

To bring more users onto its platform, Binance has also introduced mystery boxes for NFTs. In essence, a mystery box contains a special random NFT. However, buyers won’t know what the content is until they purchase the box and open it.

Binaance Mystery box

In most cases, these mystery boxes feature NFTs with different rarity levels. These vary from normal to super rare. And if you are lucky, you might get a super rare NFT that sells for thousands of dollars. Mystery Boxes are available to buy for a fixed price or at an auction.

Entertainment NFTs

Binance has joined hands with a few big entertainment companies to bring NFTs to its users. You will be able to find NFTs created by Big Screen Entertainment, YG Entertainment, and even the K-pop giant SM Entertainment. These come in a variety of formats, including images, videos, and audio.

Premium NFTs

Finally, when compiling this Binance NFT Marketplace review, we also found that the platform has a premium category for non-fungible tokens. These are NFTs that are launched exclusively on Binance and are highly promoted by the platform.

One such example is that of the NFT Auction Collection released by the State Hermitage Museum on Binance.

Moreover, you will also find collectible NFTs. Binance also features the launch of new NFT projects so that you can keep track of notable upcoming drops. To help you make a decision on which collection to purchase, Binance ranks the NFTs on its marketplace based on collections, sales, and creators.

Binance NFT Mini App

Binance offers a feature-rich mobile app that allows users to buy and sell cryptocurrencies on the go. The latest version of the Binance App also comes with an in-built feature to access the web version of its NFT marketplace.

Binance NFT App

However, this is a mobile-friendly version of the Binance NFT Marketplace. It offers a better user experience and navigation while making it easy for you to invest in NFTs easily.

Binance NFT Marketplace – Fees

As a business, Binance NFT Marketplace makes money by charging its users a variety of fees.

Here are the different types of charges you need to be aware of before using the Binance NFT Marketplace.

Deposit fees

As we noted earlier, you can deposit your non-fungible tokens into the Binance NFT Marketplace. While doing this, you can set the desired gas fee you want to pay.

However, bear in mind that gas prices can fluctuate, and depending on the amount you choose to pay, the speed of the transaction can vary.

Trading Fees

Buying or selling an NFT on Binance will incur a service fee. Binance charges a flat 1% processing fee for facilitating each trade.

Withdrawal Fees

If you are withdrawing your NFT to a platform outside of Binance, you will have to pay a network fee.

However, these charges are not paid to Binance directly, but to validators and minters who process the transaction.

These withdrawal fees are dynamic and vary depending on the network status of the respective blockchain.

Minting Fees

When you mint NFTs on Binance, there are gas fees involved, which vary based on the blockchain you choose.

On top of this, you will also have to pay a minting fee, which is set at 0.000001 BNB. Based on prices as of writing, this amounts to just $0.0004.

Binance NFT Marketplace Security

As with any fintech platform, it is crucial that you consider the safety of your chosen NFT marketplace.

Binance has a long-standing reputation in the industry and caters to millions of users from across the world. In terms of security, Binance requires all its users to set up two-factor authentication to perform transactions on its platform.

According to its website, all cryptocurrencies on Binance are kept in cold wallets, however, it isn’t clear whether this protocol extends to NFTs.

Binance security

On top of this, Binance also mandates its users to complete identity verification in order to perform any transactions on its site. KYC standards in place are designed to protect users’ accounts against fraud and prevent corruption and money laundering.

Binance NFT Marketplace Customer Service

The Binance NFT Marketplace comes with a well-designed customer support center. You will be able to find detailed tutorials and how-to guides on all features you will come across on this platform.

There is also an FAQ section that you can check out to find answers to the most common queries.

That said, if you are looking to talk to a customer representative directly, you can do this via a live chatbox.

How to Get Started With Binance NFT Marketplace

In this section of our Binance NFT marketplace review, we will discuss how you can get started with this platform. . If you already have an account with the Binance exchange, you can use those credentials to sign-in on the NFT Marketplace.

Alternatively, if you are completely new to the Binance ecosystem, you can follow the steps below to set up your account to buy NFTs today.

Step 1: Create a Binance Account

In order to be able to buy and sell NFTs, you will need to have a Binance account. So the first port of call is to visit the Binance website and click on the ‘Register’ button.

The process of opening an account is pretty straightforward. You simply have to enter your email address and choose a password for your account.

Binance Sign Up

Binance will then send a code to your email address. You will have to enter this code in order to complete the initial registration process.

Step 2: Complete Identity Verification

As we noted above, Binance requires its users to complete an identity verification process as part of its security measures.

Here is how to get verified on Binance:

  • Choose your country of residence
  • Enter personal information such as your full name and address
  • Submit a copy of your government-issued ID – such as a valid passport or national ID card
  • Provide proof of address document – such as a utility bill
  • Complete facial recognition by uploading a selfie

The KYC requirements might vary depending on your country of residence. Once you have completed the process, Binance will review your data in a timely manner and will send you an email notification when your account has been verified.

In many cases, this will be completed in under two minutes.

Step 3: Buy or Deposit Cryptocurrency

With a verified Binance account, you can access all of the features offered by the platform. But first, you will need to deposit cryptocurrency into your Binance wallet. As noted earlier, you need to have either BNB, BUSD, or Ethereum to buy NFTs on Binance.

Binaance buy crypto

For this, you can use the Binance exchange and buy digital assets using your credit/debit card. Alternatively, you can also use the Binance exchange, P2P marketplace, or one of the other supported methods to purchase your chosen crypto coins.

Remember that you will also have to pay fees when buying cryptocurrencies on Binance, depending on the specific method you choose. Once you have bought some cryptocurrency, you can keep the tokens in your Binance spot wallet to access them at the NFT marketplace.

Buy Crypto at eToro

While Binance has a good reputation in the crypto industry, the platform is not licensed by any top-tier financial authorities. If you prefer using a regulated broker to buy cryptocurrency online, we suggest that you consider eToro.


This social trading platform is regulated by several top-tier financial bodies – including FCA, CySEC, and ASIC. Moreover, it is extremely beginner-friendly and supports multiple payment methods, including bank transfers, credit/debit cards, and e-wallets like PayPal.

Here is how you can buy cryptocurrency at eToro.

  1. Register: Sign up on eToro by providing your personal information – including your first and last name, phone number, and email addresses. You will also have to assign a password for your account.
  2. KYC: Complete the KYC process by providing a proof of identity document such as a passport or driver’s license. You will also have to verify the address you submitted, by attaching a copy of a utility bill or a bank statement.
  3. Deposit: Add funds to your eToro account by using a debit/credit card or making a bank transfer. E-wallets such as PayPal are also supported.
  4. Choose Cryptocurrency: Choose the cryptocurrency you want to buy on eToro by searching for it. For instance, if you are looking to buy Ethereum, you can type ‘ETH’ into the search bar and then click on the ‘Trade’ button to proceed.
  5. Buy Cryptocurrency: When the trading box appears, you need to enter the amount of cryptocurrency you want to buy in US dollars. Finally, use the ‘Open Trade’ button to finalize the order.

eToro will execute your order and the cryptocurrency you bought will instantly be added to your portfolio. Moreover, take note that you can start purchasing cryptocurrencies from just $10 on this platform.

etoro buy crypto

Once the purchase is completed, you can use the eToro Money app to transfer your cryptocurrencies to your Binance spot wallet. If not, you can leave your digital assets on eToro for free.

The entire process of purchasing cryptocurrencies on eToro will take less than 10 minutes – from start to finish. Moreover, you can use this broker to invest in stocks, ETFs, commodities, and forex.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

Step 4: Buy NFTs on Binance

With BNB, BUSD, or ETH in your Binance spot wallet, you can proceed to explore the NFT you want to buy. When you find an NFT that interests you, click it to find out more information.

How to buy NFTs on Binance

Once you are ready to proceed, you can click the ‘Buy Now’ button and make the payment. If your chosen NFT requires you to make an offer, click on the ‘Place a Bid’ button instead.

When the transaction is complete, you will be able to view the NFT in your Binance account.

Binance NFT Marketplace vs NFT

There is no denying that Binance is a well-established cryptocurrency exchange. In fact, it has developed an entire ecosystem that gives you access to tons of services, including crypto loans and savings accounts.

However, you might be wondering whether Binance is the best platform for your NFT needs.

In this section, we compare Binance against another popular NFT marketplace – This cryptocurrency platform has a lot of similarities to Binance.

Keep in mind that each NFT marketplace has a different selection of collectibles.

Like Binance, also offers a variety of features and services to its users, such as an exchange, crypto interest accounts, and loans. However, there are some distinct features that set these two apart when it comes to NFTs.

Supported Blockchains

On the Binance NFT Marketplace, you will be able to buy and sell NFTs minted on the BSC and Ethereum networks. supports three blockchains – Ethereum, Polygon, and the Chain.

Payment Methods

Binance only allows you to pay for NFTs with cryptocurrencies. On the other hand, on, you can buy NFTs using fiat currency – by using a debit/credit card. You will also be able to link digital wallets such as MetaMask to fund your NFT purchases.


Both Binance and allow you to buy, sell, deposit, and withdraw NFTs on their marketplaces. However, also lets you share your NFTs on social media or with your friends using a customizable template. You will even be able to pick a backdrop for your NFTs when sharing.

Moreover, also lets you customize your profile and set wallet avatars. It also comes with a gallery mode and ranks your NFTs based on rarity. You will also be able to save your favorite NFTs with the spotlight function.

In addition to this, is also very beginner-friendly. You will be able to navigate the platform with ease and buy NFTs without having to pay any commissions.

If you would like to know more about the services offered by the platform, you can check out our review here.

at, the #1 NFT Marketplace for 2022

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

Binance NFT Marketplace Review – Conclusion

Our Binance NFT Marketplace review found that the platform features all kinds of content, from visual arts and gaming to music and sports. For buyers, it gives access to exclusive NFTs and charges low transaction fees.

On the other hand, creators can also benefit from the platform’s high liquidity, in addition to competitive royalty payment rates.

That being said, when compared to other leading NFT marketplaces, we prefer

Put simply, the marketplace is more user-friendly than Binance, fees are lower, and beginners can make an NFT purchase with a debit or credit card.

at, the #1 NFT Marketplace for 2022

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.


What is Binance NFT Marketplace?

Can you mint NFTs on Binance?

What fees does Binance charge for NFTs?

How to buy NFTs on Binance?

Which cryptocurrencies can I use to buy NFTs or Binance?

About Kane Pepi PRO INVESTOR

Kane Pepi writes for several high profile publications such as InsideBitcoins, the Motely Fool, and Learnbonds. Based in Malta, Kane is extremely skilled at complex subjects related to financial matters - including a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and actively engaged in Doctorate Degree research, for the money laundering threats of the blockchain economy.