Binance NFT Marketplace: How to Deposit NFTs to Binance

Binance is the largest crypto exchange platform in the world, serving tens of millions of users per day. Although it started as a simple centralized exchange for crypto spot trading, Binance has expanded significantly, adding more products and services. In 2021, it launched an NFT marketplace simply called Binance NFT.

Binance NFT Marketplace offers mystery boxes, exclusive NFT collections, Initial Game Offerings (IGOs) and many other features. In this article we will show you how to deposit NFTs to Binance NFT so you can start trading them.

Deposit and trade NFTs on Binance

What you should know about the Binance NFT marketplace

The Binance NFT Marketplace was launched in June 2021. Primarily, it functions as a marketplace where participants can create, buy and sell NFTs. Users can find NFTs in various categories, including sports, games, arts, entertainment, and mystery boxes that contain NFTs of varying rarities.

While the Binance NFT marketplace can rightly be considered a newcomer, it has achieved a lot in just over a year. One of the main reasons for its growth is that it uses the BNB Chain and also provides access to Ethereum assets. There are also plans to launch support for more blockchains.

Why deposit NFTs on Binance?

There are several NFT marketplaces in the cryptocurrency universe. But why deposit NFTs on Binance instead of the other marketplaces? Depending on who you ask, there are many reasons to deposit NFTs on Binance. Here are some of the most relevant:

Ease of use

A good NFT marketplace should be easy to use, and Binance Marketplace is a good example. It has a simple yet powerful user interface that helps beginners navigate seamlessly and complete desired actions on time. For example, the home page displays all important categories to help users find what they are looking for.

Support for multiple chains

Unlike some of its competitors, the Binance NFT marketplace is not limited to a single chain. It allows users to trade non-fungible tokens (NFTs) on both the BNB Chain and Ethereum networks. As the market continues to grow, the Binance NFT marketplace seems well positioned to stay one step ahead of the competition.

Market liquidity and volume

Liquidity and volume are important metrics in the crypto market, including the NFT scene. This makes it easy and fast for users to initiate and complete transactions. As more of Binance’s 60 million users in over 180 countries join the NFT train, it will become easier for users to trade their tokens quickly.

Low trading fees

Who doesn’t want to shop at the lowest possible price? The Binance NFT marketplace offers NFT enthusiasts opportunities to trade for very low fees. The platform charges a flat trading fee of 1% for both creators and sellers. When you deposit NFT on Binance, you can be sure that the trading fee will be relatively lower than that offered by most other marketplaces.

Simple and fast payment options

You also don’t want your money to be stuck after trading NFTs. With Binance, you are assured of easy and fast payouts at all times. Your Binance account comes with a Binance wallet where you can make transactions quickly. It is also super easy to convert the assets in your Binance wallet into cash. The available ways to convert your holdings to fiat money on Binance include BNB & BUSD to fiat withdrawals, cash withdrawal via card or third party payments (TPP) and bank transfers.

User protection

You will also deposit your NFTs on a secured platform where your assets will be protected at all times. All users operate with verified accounts, which means that the chances of encountering a fraudster in Binance are low. Binance also has other measures to protect its users from most of the scams in the crypto and NFT market.

How to deposit NFTs on Binance – a step-by-step guide

Are you eager to start depositing NFTs on the Binance NFT Marketplace? Here are the main steps you should follow:

Connect to your wallet

The first important step is to connect your wallet to the Binance NFT marketplace, and below are the most important steps you need to take:

Go to Binance NFT and login to your account. Then click on [Profile] – [Collected NFTs] – [Deposit].

From the Deposit NFT sidebar, select the network of your wallet (Currently, Binance NFT Marketplace supports BNB Smart Chain and Ethereum. Make sure you select the correct network, otherwise you will not be able to see the NFT and NFT collections in the connected wallet)

Select the wallet you want to connect (MetaMask and WalletConnect are the supported wallets at this time. For example, if you use MetaMask, you need to install the MetaMask extension in your Chrome browser before starting the deposit process).

Once verified, the wallet will be connected (it is possible that the wallet will not connect at first and you will get an error message like “Wallet connection failed, please try again. You should repeat the above steps to try to connect the wallet again.

Select NFTs and/or NFT Pools

Once the wallet is connected, you will find the NFTs and NFT collections it contains. If there are no NFTs from the whitelisted pool in the connected wallet, you will see a blank screen. You can search for specific NFT collections using the search function. You can also go back to connect a new wallet by clicking the exit arrow near [Deposit NFT] title.

Select the NFTs or NFT Pools you want to deposit on Binance by checking the box next to each one. Then click on [Deposit Now].

You must approve the NFT collection for the NFTs you intend to deposit on Binance individually. You will see a check mark if a fundraiser has been approved. You can always click [Retry] if a collection fails to connect. Clicker [Ignore] means you will not be able to deposit the NFT collection on Binance.

Pay the gas tax

You will be required to pay a gas fee to authorize NFT collections when you wish to deposit NFTs on Binance. It is standard practice among NFT marketplaces. How to complete it:

Depending on the connected wallet, a pop-up will appear with the gas tax you need to pay to approve the deposit. Click [Confirm].

ONE [Deposit in Progress] window appears. Please wait patiently for your NFT deposit request to be processed. You will receive a notification when the process is complete. You can try again if the process fails at any time.

See your inmate NFTs

After depositing your NFTs on Binance, you can easily view them by clicking [History] – [Deposits].

Ends

The Binance NFT marketplace offers a lot to NFT enthusiasts, including creators, sellers and buyers. It is home to a wide variety of quality projects and makes it easy to create and trade NFTs. A multi-chain platform, the Binance NFT marketplace, also allows users to deposit NFTs from various sources. We have already discussed some of the most important reasons to deposit NFTs on Binance.

To conclude this piece, it is important to reiterate that there are many good reasons to choose the Binance NFT marketplace over the competition. As we have shown in the step-by-step guide, it is quite easy to deposit NFTs on Binance and withdraw or sell some of the deposited NFTs.