The cryptocurrency market is full of innovations. NFTs are an especially hot topic in 2022 as well. Digital artworks bring in enormous amounts of money and more and more people want to dive into the hype. But there are always scams and frauds. On the crypto exchange Binance, you can buy and trade NFTs safely and easily. This article is a complete guide on how to buy NFTs on Binance. Let’s take a look at it in more detail.
What is Binance?
Binance is the world’s biggest crypto exchange. The trading platform was launched in 2017 and quickly became one of the most extensive platforms for trading cryptocurrencies. Today, Binance has by far the highest trading volume of any crypto exchange.
Binance mainly profited from the hype surrounding Bitcoin and other cryptocurrencies at the end of 2017. The platform offers over 100 cryptocurrencies, staking, and, now, NFTs. But how can you buy NFTs on Binance? The complete exchange comparison is here.
What are NFTs?
NFTs are non-fungible tokens. As the name suggests, they are non-fungible. This means that the tokens cannot be replicated and are thus unique. For example, Bitcoins are fungible. They are not unique, but each bitcoin can be replicated. This is not the case with NFTs.
Due to their originality, NFTs are extremely popular in the digital art market. Many NFTs present digital works of art, some of which gain extremely high prices. But NFTs are also becoming increasingly vital as assets in games in the gaming sector. Large NFT collections such as the Bored Ape Yacht Club are available on many NFT exchanges.
What does Binance offer for NFT marketplaces?
Binance mainly offers the centralized Binance NFT Marketplace. Centralized marketplaces vary from decentralized marketplaces. In a centralized environment, NFT marketplaces are subject to more regulation. Nevertheless, these also deliver more robust security.
There are also decentralized marketplaces featured by Binance. These marketplaces are more open and less regulated. However, the risk of buying NFTs on these marketplaces is higher than on centralized marketplaces.
How to buy NFTs on the Binance NFT Marketplace?
On the Binance NFT Marketplace, you can either buy an NFT at a fixed price, submit an offer to the seller, or participate in an NFT auction.
Selling NFTs follows a simple fee structure. The creator of the NFT receives 1% of the sales price for each sale. This also applies to the person who broadcasts external NFTs on the marketplace. To buy an NFT on Binance, you must first create an account on Binance.
How to use the Binance NFT Marketplace?
Before starting, you’ll need to create a Binance account and fund your wallet with BNB, BUSD, or ETH. These are the three eligible cryptocurrencies on the Binance NFT Marketplace.
Since Binance NFT is a piece of the more extensive Binance ecosystem, you can effortlessly buy crypto or fund your Binance wallet on the same platform. Here are some steps to buy crypto on Binance:
- Sign up for a Binance account.
- Next, buy crypto. You can do so in different methods, such as purchasing with a credit or debit card, purchasing it on Binance P2P, or purchasing it via third-party channels.
- Save some crypto to your Binance account. This is only applicable to crypto holders that have crypto on another platform or are intending to purchase crypto via third-party channels.
How to buy the NFTs on Binance?
Login to Binance and go to the Binance dashboard. There you will find the NFT option at the top of the header.
From there you can go to the Marketplace.
Next, click on an NFT collection and then select an NFT. Once you have selected your NFT, you can select whether you want to buy the NFT directly or make an offer.
To pay at Binance you can use the Binance USD Coin. If you don’t have enough BUSD, you can purchase it with one click.
Now, confirm the amount you wish to bid or confirm the direct purchase of the NFT. You have now purchased an NFT or have submitted an offer for the respective NFT on Binance.
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