BNB Chain NFTs are gaining traction in the wake of the FTX-induced Solana crisis. These NFTs are issued on the BNB Smart Chain, and they benefit from the scalability, speed, and low fees that the network provides. Is this the right time for a creator to mint in BNB Chain? What are your best alternatives?
Table of Contents
Binance Chain NFT Overview
Similar to other chains, Binance Chain has seen a steady decline in Transaction Volume in the 2022 bear market. However, we have seen encouraging signs in the last month, where the transaction volume has seen an upward trend in minting a Binance NFT.
Source: Nansen
How do Binance Chain NFTs compare with Ethereum?
Due to a lack of valid data, we will compare the average monthly NFT Volume of both chains for the first half of 2022.
There is a massive volume gap between the Ethereum and Binance Chains. However, there is a big opportunity. Let us see the Non-NFT Transaction volume in both chains
Source: Nansen
Interestingly, the BNB chain handles at least thrice the number of transactions than Ethereum daily. This indicates that there is a huge opportunity for growth for Binance Chain in the NFT space. We have already seen Binance pushing this with partnerships with well-known people (recently Cristiano Ronaldo).
Conclusion 1:
- Ethereum Chain should be the first choice for NFT minting.
- Do consider Binance Chain Minting due to its future potential and its connection with Binance.
Top Marketplaces in BNB Chain and Fees
Conclusion 2:
- It is clear that the Binance NFT Platform has huge exposure over the other NFT Marketplaces and has a clear advantage.
- However, please keep in mind that the Binance Platform needs KYC and hence is not suitable for DAO Based NFT projects. For Artists, it is still relevant.
Royalties among Binance Chain Marketplaces
Undoubtedly, the Binance NFT Platform has the highest volume. Element has climbed up the ladder and picked the 2nd spot, Tofu takes the 3rd Spot.
Advantages and Disadvantages of Minting in BNB NFT Marketplace
Element’s Advantage over Tofu
- Batch buying to save gas fees
- One-click buy makes the user experience smooth
- One order to buy on multiple networks (BNBChain, Solana, etc)
Conclusion 3:
- In case you are minting on Binance Chain, Binance NFT Marketplace is the first choice.
- It is preferred that artists and games register themselves in Binance and mint their NFTs on the platform.
- Element is our 2nd choice. It is decentralized and cross-chain, however, has a comparatively low volume. However, you will have to mint the NFT First in another platform like NFTTrade.
- We would prefer DAOs to stick to Ethereum or Solana
Final Conclusion
- Ethereum Chain should be the first choice of a creator for NFT minting.
- Consider Binance Chain Minting due to its future potential and its connection with Binance. Artists or creators looking for long-term engagement with NFTs shall not consider the BNB chain as their first choice.
- Choosing a Platform
- Option 1: Binance NFT Platform:
- In case you are minting on Binance Chain, Binance NFT Marketplace is the first choice. It is clear that the Binance NFT Platform has huge exposure over the other NFT Marketplaces and has a clear advantage.
- However, note that the Binance Platform needs KYC and hence is not suitable for DAO Based NFT projects. For Artists, it is still relevant.
- It is preferred that artists and games register themself in Binance and mint their NFTs on the platform.
- Option 2: Element
- Element is our 2nd choice. It is decentralized and cross-chain, however, has a comparatively low volume. However, be very careful, as royalty is not on-chain.
- Tofu NFT is good for secondary listings.
- Option 1: Binance NFT Platform:
- We would prefer DAOs to stick to Ethereum or Solana
- Minting
- Mint in Binance NFT Marketplace
- Mint in NFT Trade and sell in Element. Gaming studios can also apply here.
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