The Binance NFT marketplace has been updated to boost the convenience of NFT assets and offer a range of non-fungible tokens to choose from. Users can explore and purchase NFTs from the marketplace, thanks to the enhanced filters, leaderboards, price analysis charts and third-party platform integration that present the in-demand collections.
If you want to find out how to buy an NFT on Binance marketplace, reading further will guide you in the right way and introduce you to multiple ways.
Buying an NFT on Binance marketplace
Before you begin to make the purchase, the first step is to create an account and verify it. The process is easy and can be completed within a few minutes. Once this is done, the non-fungible tokens can be purchased via the crypto that’s in your Spot or Funding Wallet.
There are three methods to buy NFTs on the Binance NFT Marketplace:
- Fixed-Price NFT/Mystery Box
- Bidding NFT/Mystery Box Auction
- Making an Offer on NFTs/Mystery Boxes
At the moment, NFTs on the marketplace can be bought only through the fixed price method. In case one wants to purchase NFTs that are both deposited or minted on the Binance marketplace, here are two ways:
- A listed NFT can be bought via the fixed price or can be placed a bid on in the auction.
- A non-listed NFT can be bought by making an offer to its seller.
1. Buying a fixed-price NFT/Mystery Box
There are two ways to make these purchases. Based on an NFT’s source, it can be bought from the marketplace or one can visit the NFT/Mystery Box detail page for the same.
- Visit Binance and log in to your account. Go to “Binance NFT.” You will see the NFT/Mystery Box you want to buy. It can be bought in two ways:
- Quick payment
- Regular payment
Quick Payment
1. On the NFT asset card, click “Buy Now.”
2. A “Confirm Payment” pop-up will appear with the price of the item. Choose a payment method “Spot or Funding Wallet” as well as the payment currency. ETH, BNB and BUSD are supported. Proceed by clicking “Confirm.”
3. Upon a successful NFT purchase, a “Payment Successful” window will appear.
Let’s move on to the second way now.
Regular payment
1. Pick the item you are interested in buying. You will be redirected to the detail page of the item. Click “Buy Now.”
- A “Confirm Payment” pop-up will appear with the price of the item. Choose a payment method “Spot or Funding Wallet” as well as the payment currency. ETH, BNB and BUSD are supported. Proceed by clicking “Confirm.”
3. Upon a successful NFT purchase, a “Payment Successful” window will appear. The purchased NFT/mystery box will be distributed in your profile.
2. Bidding NFT/Mystery Box Auction
Using the auction sale method, an NFT and Mystery Box can be purchased on the Binance NFT marketplace. After placing the highest bid, the item can be bought when the auction ends.
1. Log in to your account and go to “Binance NFT.” Click the NFT or Mystery Box you are interested in. You will be redirected to the detail page. The bidding price can be seen along with the auction duration countdown. Click “Place a Bid.”
You can click “Buyout Price” and purchase the NFT if the seller has set a buyout price.
2. In the pop-up window, enter your bid. Before you place the bid, check the minimum markup, which refers to the minimum price required to increase from the previous bid to place your bid. The available balance in your Funding Wallet can be seen. ETH, BNB and BUSD are supported. Place the bid and click “Place a Bid.”
Additional funds will have to be deposited in case there’s insufficient amount in your Funding Wallet.
3. A confirmation pop-up will appear after the bid has been placed successfully. It is not possible to cancel a bid once it has been placed. The funds are locked until another user places a higher bid or until the auction ends.
3. Making an Offer on NFTs/Mystery Boxes
Binance has a “Make Offer” feature to offer increased flexibility to buyers who want to purchase an NFT or a mystery box. If an NFT or a mystery box is not listed for sale, an offer can be made to the seller. This feature can also be used if a listed NFT has to be purchased at a lower-than-asking price.
1. Log in to your account and go to Binance NFT. Click “Make Offer” after finding an NFT/Mystery Box you like.
2. Select your offer’s payment asset followed by entering the price. Do not forget to select an expiry date for your offer, which should be a minimum of 24 hours and maximum of one month.
To proceed, click “Confirm.” 1 BUSD is the minimum price for an offer and it is possible to make just one offer for each NFT/Mystery Box. The offer amount is frozen from the Funding Wallet, and the assets are released after the cancellation or expiration of the offer.
Click “Buy Crypto/Deposit” if the account balance is not sufficient.
3. Go to “Profile” followed by “Offers” and click on “Offers Made” to see the offers. You can have a maximum of 20 active offers. In order to make new offers, cancel a few of your active offers. To cancel an offer, click “Cancel,” and your assets will be released.
FAQs
Yes, you can use Binance to easily purchase the NFT you are interested in.
You can purchase the NFT token through the following steps:
1. Download a self-custody wallet
2. Choose a username
3. Store the recovery phrase
4. Keep aside some money for fees
5. Purchase and send ETH to the wallet
6. Buy the NFT token using ETH in the trade tab
You have to log in to your Binance account to access the marketplace. Another way is accessing Binance NFT mini app through the Binance app.
Of course it is and one of the best advantages is the low fees. The platform has a mere trading fee of 1%.
Yes, you can easily sell your NFT on Binance with the help of guidelines set by the NFT marketplace.
You can trust a number of marketplaces for NFT with the Binance NFT marketplace being one of them.
