A Dive into Featured by Binance and Binance NFT Marketplace: Similarities and Differences

There’s more than one way to interact with NFTs through Binance with not one, but two NFT marketplaces to choose from.

By
Robert D. Knight
on
July 3, 2021
Category:
BSC News

The Tale of Two NFT Marketplaces

Featured by Binance is a decentralized non-custodial Non-Fungible Token (NFT) marketplace, while Binance NFT is a centralized market. Here we look at some of the things which set these two markets apart, and some of the things which unite them.

Featured by Binance

Featured by Binance

Featured by Binance is a decentralized non-custodial NFT marketplace. Non-custodial means that the users hold their NFTs in their own wallet. Binance also uses the term “self custody” which is a slightly more straightforward term for beginners. Featured by Binance is accessed by connecting a DeFi wallet to the gallery, and as such the transferring of NFTs requires payment in the form of gas fees. 

The Featured by Binance market is aiming to fulfil three objectives:

Exclusive NFTs from top creators and brands

Featured is seeking to partner with forward-looking brands, artists, and creators to deliver exclusive content which collectors simply will not find anywhere else.

An accessible marketplace for buying, selling and trading NFTs

Featured is designed to be as easy to pick up and learn as possible and already has a great range of NFTs to browse through. One of the first major collections on the platform was by sci-fi designer Dylan Cole with Featured by Binance growing into a diverse and varied market in a short period of time. 

Offer tools to allow the easy minting, selling and showcasing of content

Featured is designed to make it simple for entry level users to mint and own NFTs.

Binance NFT

“The Arrival” NFT range currently on Binance NFT

Binance NFT is the centralized NFT market on Binance, which has the advantage of zero gas fees. Binance NFT is hosted on Binance.com and is accessed through the same login details that users employ for the rest of their activities on the exchange.

Binance NFT features exclusive collectibles and exceptional quality content from some of the best artists and creators working in the sector. Binance chose 100 artists to spearhead the launch of Binance NFT on June 24th, and has since brought on board Lil Yatchy, Kyle, Guti, Frank Holiday and Nyan Sum. Binance NFT has also had huge success with tokidoki mystery boxes and a partnership with OG ESports.

Similarities Too

The long line of successful recent product launches on Binance NFT may give the impression that the centralized market is the primary focus of Binance, but the recent flurry of activity may be attributed to the fact that the market has only recently launched. In fact, Binance has vowed that one of the things that both markets will share in common will be world exclusive NFT drops and promotions. 

This will give users of both Featured by Binance, Binance NFT or both lots to look forward to in the months ahead.

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy in ETH and BTC, plus he also hodls some smaller cryptocurrency.

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