Introduction to Binance NFT Marketplace
In case you have not known, Binance is the largest global cryptocurrency exchange. It has launched its nft marketplace for those who are not yet aware.
What are NFT?
NFT are called non-fungible token which you can buy with common cryptocurrencies such typically ethereum.
They are unique tokens that carry digital content such as art, images, pictures, videos etc. NFTs offer the opportunity to own a specific copy of such digital art, music or collectibles. They are also often seen as speculative investments.
In order to buy or sell something on binance nft marketplace, you must have an account with binance. Click on the link below to register.
After registering, deposit funds into the binance account and exchange them for coins to use when buying the nfts. The common coins are either ethereum, binance coin or binance dollar or select the currency of your country it is available. Click on your wallet and choose to make a deposit from the menu select fiat currency (depending you your country).
It is generally better to send money to a binance account by bank transfer as it is free of charge. Buy only if your country permits Or use a debit or credit card to pay immediately but you pay a fee of 1.8 percent. Then you will need to exchange your currency eg euros into one of the currencies with which you can pay on binance nft being ethereum (eth), binance coin(bnb) or binance dollar (busd).
If your country does not permit direct deposit, then you can click on P2P Trading (peer to peer) to buy your desired currency or coin. You will see the eth, bnb or busd you have bought in your wallet under “funding”
How to Buy NFT on Binance NFT Marketplace
Go to binance nft marketplace and check out the available NFTs you can buy, bid or or sell your NFT
To search for a specific NFT, simply enter the name in the search box and search for it.
If want to view all the available NFTs, they are categorised based on
- Recommended Creators
- Recommended Collections
- Trending (NFts trending today)
To buy any NFT, you can either place an auction bid on a NFT you select or buy outright if you are comfortable with the maximum buy out price.
When you submit a bid in the window, you will always see how much of specific currency you have and if you won the auction, the appropriate amount of currency would be deducted and you would get the nft you were bidding on.
You can also resell the NFT for the price you set in addition to digital artworks at the marketplace.
Mystery Boxes on binance nft marketplace
Also, there are options to buy a limited edition mystery boxes. For example, you can be purchased for 20busd containing a collection of 16 collectible characters.
If you want, you can get a collector’s NFT which can have different values from normal, rare, super rare or super super rare. Mystery boxes will sell out very quickly and the last third wave will still happen in the future. The Mystery box can be found in the mystery boxes section at the top of the menu.
You will also be able to create your own nfts on binance nft marketplace and this process is called minting.
However, this option is intended only for artists who have been pre-selected by binance within the 100 creators and innovative creators programs. As part of the 100 creators program you can buy works from selected world artists.
Featured plugin for other wallets
It is also worth mentioning that binance launched also second platform called featured by binance. This is where you can buy limited special nft collections in this case it is necessary to attach an ethereum wallet eg metamask wallet. You can be do this by installing a plugin in chrome a link to the plugin. This can be found Here in the Metamask website
It will certainly be interesting to see how the binance nft platform will do in comparison with other well-known nft marketplaces such as openc. You will see there are interesting opportunity to invest in digital art from artists all over the world how to buy nft on binance nft marketplace.