Custodial and non-custodial NFT platforms on the Binance exchange
Due to the increased popularity of NFTs in the cryptocurrency market, Binance has developed custodial and non-custodial platforms for storing and trading NFTs.
Featured By Binance – Non-Custodial NFT Platform of the Binance Exchange
The Featured By Binance platform makes it possible to work without registering and creating an account. That is, it allows traders to remain anonymous. Transactions are carried out without intermediaries, which significantly reduces the amount of commissions.
Featured By Binance is a decentralized platform. That is, the owner has full control over their assets. But the user himself is responsible for the security and safety of the password and seed phrase. If they are lost, the owner of the wallet will forever lose his funds.
Through the Featured By Binance platform, you can sell tokens either at a specific price or through an auction. To start working, the NFT owner needs to connect his wallet to the platform. It should be noted that working with cryptocurrency wallets has its own specifics. Therefore, this platform is suitable for more experienced users.
NFT-Marketplace Binance – Custodial NFT Platform of the Binance Exchange
This platform is available to all registered users of the exchange. Before you can start trading and participating in auctions on the platform, you need to fund your spot wallet on the Binance exchange with cryptocurrency. After the purchase, NFT can be left on the exchange’s custodial wallet or transferred to another wallet.
To sell NFT, you must first transfer the token to the exchange platform. NFTs are hosted on various blockchains that support certain token standards. Before sending NFT to a wallet, you should check if your wallet supports the required type of token. When transferring a token to an incompatible platform, NFTs may be lost.
The Binance NFT-Marketplace platform interface is easy to use and does not require third-party wallets to be connected. This makes trading easy even for beginners.
The Binance exchange has created platforms that cater to the needs of different crypto enthusiasts. Users, based on their own priorities, can choose the platform that suits them