Cryptocurrency News

How to Buy NFTs on Binance NFT Marketplace

By October 19, 2022 No Comments
Binance NFT cover image

Key takeaways:

  • Binance NFT Marketplace is one of the best places to buy NFTs and Mystery Boxes, offering such benefits as low fees, multi-chain support, exceptional customer service, and a wide array of digital assets
  • There are three major ways to buy a Binance NFT or Binance Mystery box, including buying fixed-price NFTs, bidding in an auction, and making direct offers to creators/owners
  • Finding the right NFT to buy from the wide variety of options can be daunting, but Binance helps you by organizing assets according to sales types, NFT types, creators, categories, and more
  • You can buy an NFT of your choice on the NFT marketplace on Binance in just four easy steps

Non-Fungible Tokens, commonly called NFTs, are becoming more popular with each passing day. They are all over the place – blogs, social media, and even gaming platforms. They are highly sought-after by everyone who understands their potential, including celebrities, athletes, and even sporting brands. Individual investors are also flooding NFT markets.

Just as you’d expect, the popularity of NFTs has resulted in the proliferation of NFT marketplaces. Binance, which has grown into one of the biggest cryptocurrency platforms, operates one of the biggest NFTs marketplaces. Are you considering minting, buying, or selling NFTs anytime soon? Binance NFT Marketplace is the right place to do that.

Why should you trade NFTs on Binance NFT?

If you are familiar with Binance, you will understand why most people will choose the platform ahead of others when it comes to trading digital assets. Personally, I love Binance because of its easy-to-use features, as well as its exceptional 24/7 customer service. Binance is also friendly when it comes to fees. I love the fact that I save more money when I trade NFTs and other digital assets on Binance.

There are several other reasons people choose Binance for NFT minting and trading. The friendly user interface is backed by high-level security. Binance has optimized its security architecture, and it is very difficult for any user to lose an asset once he/she adopts standard practices.

Other reasons to consider using Binance NFT ahead of others include:

  • Wide variety of NFTs and other digital assets
  • High liquidity and volume
  • Multi-chain support (especially for users who are open to opportunities in any viable blockchain project)
  • Simple token conversions
  • Support for multiple payment methods.

How to buy NFTs on Binance?

Earlier, we stated clearly that Binance operates a safe NFT market where investors/traders can transact freely and cheaply. At this point, it is important to state that the market is a big one that permits all kinds of activities, including minting. You need to understand what you want before delving in.

So, are you simply interested in buying Binance NFT or Mystery Box NFT? There are three different ways to do it on the platform, including:

  • Fixed price
  • Auction
  • Make an offer 

We’ll discuss each method to help you understand exactly what you are doing once you get to the marketplace.

Fixed-Price NFT

As the name implies, Fixed-price NFTs are Non-Fungible Tokens with specific price tags. These are assets with fixed prices, and you will need to pay the stated price to purchase them.

Buying an NFT for a fixed price is pretty simple. You just need to click on the “Buy Now” button on the NFT listing page and confirm the amount you’re paying by clicking the “Confirm” button on the pop-up window. Another pop-up will inform you that your purchase is successful, and you can view the purchased asset by clicking “Collected”.

Auction NFT

An Auction NFT is open for bidding, and the highest bidder at the close of the auction will successfully purchase it. Imagine going to a traditional auction to bid for a piece of artwork – that’s just how auction NFTs work, even on the Binance NFT marketplace.

To bid for a Binance NFT, you need to visit the listing page and click “Place a Bid”. Note the minimum markup and bid an amount that is higher than it. Once your bid is successful, it cannot be canceled, and your fund will be locked until a new bid is placed or the auction ends. If you are the highest bidder, you get the NFT. If you lose the bid eventually, your fund will be released.

Make an offer

Binance understands that buyers and NFT creators/owners can negotiate at some points. This is obviously the reason for introducing the Make Offer functionality. It provides much-needed price flexibility in the Binance NFT market.

Making an offer for an NFT is pretty simple, and you can also make an offer for a Mystery Box NFT. You need to go to the NFT or Mystery Box you intend to buy and click “Make Offer”. Go ahead to set the price you’re offering for the asset and the expiry date. You can only make one offer for a particular NFT or Mystery Box, and the validity period must range from 24 hours to 1 month. Confirm the offer and wait for a deal, cancellation, or expiration of the offer. Meanwhile, your offer amount will be frozen from your funding wallet until the offer is accepted, canceled, or expired.

Bonus – Mystery Box NFT

As the name suggests, a Binance Mystery Box NFT is a box that contains a random NFT from a specific NFT collection. Like physical mystery boxes, they offer some elements of surprise, unlocking hidden NFTs that may be rare and expensive. Generally, there are four types of NFTs you can get when you open a Mystery Box, including:

  • Normal (N)
  • Rare (R)
  • Super Rare (SR)
  • Super, Super Rare (SSR)

The processes involved in buying a Mystery Box are identical to the processes involved in buying a standard NFT. You can buy a fixed-price mystery box, bid in an auction, or make an offer for one or more.

How to find the right NFT to buy?

While finding valuable NFTs on Binance is easy, choosing one out of thousands can be a daunting task. You need to understand what you are looking for or spend quality time deciding what to buy. However, Binance has made it simpler for everyone to find the NFTs of their choice by being strategic with their search. The assets are organized according to interests, creators, and other helpful criteria.

In a nutshell, here are helpful tips for finding the right Binance NFT to buy:

  • Visit the Gaming Gallery and browse through the gaming collections if you are an avid gamer or interested in gaming NFTs
  • Visit the Secondary Market or the Mystery Box Market and use the filter functions to find NFTs and collections – you can search according to NFT types, sales types, collections, or categories 
  • Choose from the trending NFTs or browse through the handpicked/recommended NFT collections or creators
  • You can also visit the ranking boards on the Binance NFT marketplace and review the top-performing creators, collections, and NFTs before making your choice 

If you have difficulty finding the right NFT, you can try creating your own digital collectible using Binance’s integrated suite of tools. Read our previous article on the topic for more information about how to mint NFT on Binance, and the minting rules and terms you have to be aware of. Keep in mind that creating an NFT collection incurs a smart contract deployment fee of 0.10 ETH, or 0.03 BNB, depending on the blockchain you want to use.

How to buy Binance NFT in 4 simple steps

Are you ready to buy an NFT from the Binance marketplace? Here are 4 steps you need to take to buy an NFT on Binance.

Step 1: Top up your wallet with crypto

If you are new to Binance, then you need to create a Binance Account first. After verifying your account, you can proceed to add some crypto to your wallet. If you are focused on buying an NFT, it is best to top up either BNB, BUSD, or ETH since they are the acceptable cryptocurrencies on the Binance NFT marketplace.

If you have crypto on other platforms, transferring to Binance is quite simple. Ultimately, ensure you have adequate crypto in your wallet when attempting to purchase an NFT.

Step 2: Access Binance NFT Marketplace on the app or browser

You can trade Binance NFTs on both desktop and mobile devices. If you are using a computer, visit the homepage and click on NFT to get started. If you are using the Binance App, log in to the homepage, tap “More”, and click on “Binance NFT”.

Step 3: Find the right NFT

Once you are on the Binance NFT marketplace, it is important that you take your time to find the NFT you want. This can be easy if you have an idea of what you really want. We’ve already provided tips on how to search for the NFT of your choice.

Even if you are not conversant with the Binance NFT market, finding a valuable NFT may not take too long. However, it is important that you research properly and take your time to find what you want.

Step 4: Buy the NFT you’ve chosen

As we’ve discussed already, there are three different ways of buying an NFT on the Binance NFT marketplace. It all depends on how the creator or seller has set the sale format. You can either buy a fixed-price NFT or participate in an auction or make an offer for a specific NFT or mystery box.

Depending on the sale format, you can complete your purchase of an NFT instantly or wait for days or weeks for your bid to be accepted.

Wrapping up

Binance has really opened up the NFT marketplace to everyone, lowering the barrier in many ways. We’ve discussed the most important things you need to know on how to buy NFT on Binance. You should have a clear understanding of what you want and buy NFTs you are convinced will be valuable to you. It is worth noting that the ability to buy NFTs is available only on the international-facing platform, as Binance.US NFT buyers currently have to look elsewhere to engage in NFT trading.