The crypto market has opened up to so many use cases in the last few years, showing why the sector continues to be classed as superior. Asides from digital assets being used for payments, tokens are being used for various use cases across the market. One such is the non-fungible token that has taken over the market in this present day. Although it has been in the market for far too long, that sector of the market is now getting the recognition it deserves. With more artists and users alike showcasing their NFTs, it is paramount to know what they are and where you can purchase them. In this article, we will be looking into the steps you can undertake to purchase NFTs from the popular crypto exchange, Binance.
What are NFTs?
Non Fungible Tokens or NFTs are rare tokens that hold a digital representation of physical objects. In simpler terms, NFTs are used to record the ownership of digital pieces of rare products on a blockchain. The products might be arts, videos, music, or other rare objects. Fungible tokens where one token can replace another because they hold the same importance. However, Non-fungible tokens cannot replace each other because each NFT is unique and has a value tied to the product’s rarity. A typical example of a non-fungible token is one digital piece of art holding more value than a digital piece of music. NFTs thrive and see a surge in price based on how many people want the object. Their values are put on a blockchain and it records them in order for users to verify and authenticate them.
How Does NFT Work?
NFTs are generally found on blockchains with different blockchains supporting the assets since emergence. This means that users can choose to mint their NFTs based on the instructions of a specific blockchain. Minting an NFT is a way to transfer an object on a blockchain, which leads to creating a digital version of the object. Some of the blockchains where traders can mint NFTs include Ethereum and Binance. Both platforms have different standards for minting NFTs, so traders need to familiarize themselves with the platform they intend to use. Although both blockchains offer the same service, the cost is what sets them apart. Traders can also send NFTs from one blockchain to another. Asides from that, users can buy, sell, and store NFTs across blockchains. Traders who intend to keep their NFTs can do so using a wallet.
What is Binance?
Binance is presently one of the world-leading crypto exchanges in the world. The crypto exchange was founded in Hong Kong by Changpeng Zhao in 2017. Binance provides basic crypto trading features to users across its platform, with the exchange supporting about 1,000 coins, including BNB, its native token. Binance is popular across the crypto sector for its low transaction fees and fast services. The crypto exchange also offers users rewards for trading and using its native BNB token on the platform. Besides the basic crypto trading carried on the platform, Binance allows companies to launch their ICO on its platform. Traders who intend to use the exchange will need to sign up, verify their identity, deposit funds and start trading.
Is Binance A Good Exchange?
Binance is one of the most popular and straightforward crypto platforms globally, earning a good name and reputation for itself in the process. Although the crypto exchange looks fit for most experienced traders, newbies can get the hang of trading on the exchange in no time. The crypto exchange charges one of the lowest fees globally, providing about 600 cryptos for users to trade. However, its services in some areas, including the US, are fully functional, but it records users’ inflow through its low fees. Binance has a good measure of security on the platform, seeing a low rate of issues on that front in the last few years. However, the company has been on the radar of regulators worldwide in the last few years.
Binance NFT Marketplace
Binance NFT marketplace is a platform that Binance owns. In the platform, users get access to all sorts of NFTs and digital pieces. The platform uses the Ethereum blockchain but offers support to other blockchains across the market. Binance NFT marketplace should be your top priority if you want to carry out your activities in an easy-to-understand platform. The platform charges traders a standard fee of 1% for any trades made. Besides being a reputable company globally, the Binance NFT marketplace has works from artists across the crypto market. Binance charges one of the lowest minting fees, and users can pay in BNB.
How To Purchase NFTs On Binance NFT Marketplace
Trading on Binance is one of the smoothest experiences one can ever have in the crypto market. In the same vein, the Binance NFT marketplace offers the same smooth experience for traders who intend to enter the NFT space. There are a series of known and unknown artists in the marketplace, which means that you have access to the best of the best NFTs. With this, you might be looking to purchase your first NFT on the platform. Below are the steps to purchase your first NFT on the Binance NFT marketplace;
Step 1 – Sign Up/Log In
The first step to accessing the Binance NFT marketplace will require you to sign up for an account if you don’t have one. You will need to submit specific details and verify them before getting onto the platform. However, traders with an account need not register again as you can move to the second step.
Step 2 – Deposit/Buy Assets
After you have registered and set up your Binance account, you can move on to deposit fiat into your account on the platform. Binance provides different methods of deposit, which are different across most countries. If you cannot deposit fiat, you can deposit crypto from an external wallet. However, you will need to either buy or convert your tokens to BNB, ETH, or BUSD before you can use the NFT platform.
Step 3 – Enter The Binance NFT Marketplace
Once you have your assets in your wallet on the platform, you are good to go. Now you will need to enter the NFT marketplace of the exchange. To access the marketplace, you will click the NFT at the top of the homepage. This will take you to the marketplace, where you can see a comprehensive list of NFTs for sale.
Step 4 – Buy Your NFT
Once you’re in the NFT marketplace, you will need to place a bid for the NFT you intend to purchase. In the next step, you will need to confirm your bid, which should be higher than the minimum markup. Once you place your bid, you can only get your cash when there is a new bid, or someone purchases the item.
NFTs are here to stay, and they are the newest way to make money in the crypto market. Traders can put their rare art pieces or other objects up for sale across different platforms. However, you should know that you need only to patronize known names. This is because they provide verified users and buyers and would limit scammers on the platform. It will also eliminate the likelihood of frauds and scams across the market.
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