![]() Verifying your account requires selfies, submitting personal information and valid government identification such as an up-to-date driver's license. You don't have to verify a Binance account to interact with the Binance ecosystem, but to buy and sell NFTs and use the exchange, it's a requirement. Use your Binance account to utilize the exchange and marketplace - very convenient. The marketplace is on the BSC blockchain. However, the NFT marketplace isn't available to US residents at the time of writing. However, the company appears to do its best to comply with specific regulations based on the country.įor US residents, the Binance exchange is based out of California. Regulation surrounding the Binance exchange is unknown, since the company moved out of China after the country increased its cryptocurrency regulations. The marketplace is backed by the much larger Binance cryptocurrency exchange. You can also select the Coming Soon button while accessing the marketplace to see NFTs associated with upcoming applications - for example, VIP passes for early access in upcoming blockchain games. Users are able to transfer NFTs between the two blockchains, with more blockchain support planned in the future.īinance NFT is a mixed marketplace, featuring multiple NFT categories including gaming, sports, entertainment, art and even Mystery Boxes where you can collect surprise NFTs with varying rarities. The new platform utilizes both the Binance Smart Chain (BSC), which is native to the Binance ecosystem, and users can access Ethereum assets. Though fairly new to the NFT sector, the marketplace can leverage the entire Binance ecosystem. Launched in June 2021, the Binance NFT Marketplace is a platform where users can create, buy and sell NFTs. The platform may be great for collectors, but for creators looking to earn off their creations, not so much. However, creators may not earn that much in secondary sales - Binance NFT only offers a 1% royalty fee. It's free to sign up and use, has a low mint fee, and low marketplace fees for trading NFTs. It evolved to list over 500 different cryptocurrencies, and in 2021, launched its very own mixed NFT marketplace: Binance NFT. ![]() Compared to platforms like Foundation and OpenSea advertising up to 10% in royalties for each secondary sale, this is very low.īinance launched a crypto exchange in 2017, originally focusing on trading Bitcoin. Binance NFT only lets creators collect 1% in royalties. The marketplace is young in comparison to other competitors and so isn't yet capturing the rarest or most sought-after NFTs. This may be a problem for some NFT creators. Minting permissions are a little bit more restrictive than other platforms. All international money transfer services. ![]()
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