Binance NFT is one of the most reliable and well-known crypto exchange marketplaces in the world! In fact, it is also one of the world’s largest centralized marketplaces for non-fungible tokens! Therefore, using Binance NFT to buy NFTs is also one of the best options out there!
But, how do you do that?
Well, it’s a lot easier than you would think it is! You see, anyone can use this marketplace to browse or trade any NFT they want. This includes in-game items, digital collectibles, virtual land, art, and so much more. All you need is the correct knowledge to do so! Therefore, we’ve put together this quick and easy guide on the Binance marketplace and how to buy NFTs off it!
Introduction to Binance NFT
Binance NFT is a marketplace where you can sell or buy NFTs powered by the Binance blockchain. It supports a huge variety of non-fungible tokens that include: gaming – collections – documentation – assets from the real world – art – real estate.
However, working with this platform does come with a number of fees that you may be charged during transactions. Whether you trade, deposit, withdraw, buy, or sell NFTs; there is a fee to pay! The only thing that is actually for free is the listing fee for NFTs.
This means you can list your NFT for sale without any additional cost. Other fees include:
Minting Fees: For every NFT you mint, you will be charged 0.022 BNB
Trading Fees: Binance NFT charges a flat 1% trading fee when you sell or buy NFTs
Royalty Fees: The creators are entitled to a 1 – 10% royalty fee from the sellers after their NFT is sold first
Binance NFT Features:
– Multiple listing options like fixed-price or highest bid (NFT auction)
– A great tool for minting non-fungible tokens and collections (DApps)
– Top collection rankings, top sales, and even top creators monitoring tools
– One of the few marketplaces with their own dedicated NFT blog
– Mystery boxes that contain special random non-fungible tokens!
How to Buy NFTs on Binance?
– STEP 1
Register on Binance NFT to create an account either on their app or website. You can do this with your phone number or email address.
– STEP 2
Set up your Binance. This is where you can choose between a BNB Chain wallet or any other crypto wallet of your choice!
– STEP 3
Deposit cryptocurrency into your crypto wallet – either BNB, BUSD, or ETH to buy NFTs on Binance NFT.
– STEP 4
Access the marketplace on the app or browser and find the right NFT you want.
– STEP 5
Finally, buy NFTs on Binance NFT in three different methods:
Via an Auction:
– On the NFT listing page, click [Place a Bid]
– Enter your bid amount and click [Place a Bid]
– The highest bidder successfully purchases the NFT and they get a confirmation splash screen
Fixed-Price NFT
– On the NFT listing page, click [Buy Now]
– You will get a pop-up window for the confirmed amount to pay
– Click [Confirm]
– Click on [Collections] to view your NFT
NFT Mystery Box
– On the Mystery Box listing page on Binance NFT, click on [Buy]
– An [Order Detail] pop-up will appear for you to confirm your purchase
– Click [Confirm] to complete your purchase