Customers of Binance can now easily deposit NFTs, list them for sale or trade, and withdraw them to other platforms.
Binance NFT – Binance’s native NFT marketplace – now supports multi-chain transfers between Binance Smart Chain and Ethereum.
Binance customers can now easily deposit their NFTs, list them for sale or trade, and withdraw them to other platforms such as OpenSea, thanks to the addition of multi-chain support.
Customers can use a Web3 wallet like Metamask that is linked to a Binance Account to deposit and withdraw NFTs using the new feature.
The launch of these two features, according to Binance, “elevates Binance NFT to an open marketplace ecosystem” – a sign that Binance is stepping up its efforts to challenge OpenSea’s market dominance in the space.
#BinanceNFT is now multi-chain! NFT deposits and withdrawals are now LIVE on our marketplace. 🎉🎉
Transfer your NFTs easily to and from @BinanceChain and Ethereum (ETH) networks!
— Binance NFT (@TheBinanceNFT) October 21, 2021
Binance stated in a recent blog post that the multi-chain expansion is “part of our commitment to building an expansive ecosystem,” emphasizing the benefits of using Binance’s native marketplace.
Binance also stated that collectors “can now leverage the largest crypto community in the world” to sell and trade their NFTs “on a grander scale,” indicating that Binance is serious about capturing the top spot in the emerging NFT marketplace space.
As NFTs continue to dominate the space, a slew of exchanges have jumped on board and launched their own NFT marketplaces in addition to Binance.
The first was FTX, which launched in October with a Solana-focused approach as well as multi-chain integration with Ethereum.
To the delight of the wider NFT community, Coinbase then threw its hat into the ring and announced its own native marketplace, Coinbase NFT.
Many in the community believe that an exchange-based NFT marketplace is the most likely option to dethrone OpenSea due to its massive capital backing and large userbase.
Other, more innovative NFT marketplaces have also emerged – NFTTrader now allows trades and 1-for-1 swaps across a variety of NFTs, allowing users to save on fees and additional costs.