If you want to buy an NFT, one of the easiest ways to do so is through the likes of the Binance NFT marketplace.
While it is already pretty simple to buy an NFT, gas fees and MetaMask wallets can complicate the practice on the likes of OpenSea. With the NFT market growing larger by the day, exchanges such as Coinbase are seeing opportunities to create NFT marketplaces.
That's where Binance comes in. In a bid to expand its service portfolio, Binance started trading NFTs in 2021. It opened the Binance NFT marketplace, a place where users could buy, sell and trade NFTs. Here's how to purchase NFTs on Binance.
How to buy NFT on Binance
To buy an NFT from Binance, simply go to the Marketplace section of the app or website to get started.
Since its launch, the crypto exchange has onboarded approximately 1000 creators and has supported the listing of nearly 2.5 million NFTs. These spans a diverse number of categories such as art, collectibles, and fashion. Here's a more detailed breakdown of how to purchase an NFT:
- Sign Up/Sign In to your Binance account.
- Top your wallet with adequate crypto to make the purchase. Binance NFTs are available in BNB, ETH, or BUSD, so depending on your NFT, make sure to have one of these in your account.
- Go to Binance NFT Marketplace on the browser.
- Find the NFT that you wish to purchase, through the different categories and filters.
- Buy the NFT via placing the bid, or;
- Buy the fixed price NFT via clicking on the buy the NFT button. Pay the price displayed and click on confirm to complete the transaction.
Read More: How To Transfer Withdraw Money From Binance
Binance NFT marketplace fee
According to the website,binance charges a minimum of 0.005 BNB to mint NFTs on the BSC chain.
On the Ethereum blockchain, a user will have to pay a minting fee of 0.01 ETH.
Upon creating a new NFT collection, finance automatically deploys a new smart contract deployment fee which has to be paid immediately. The nominal charge of that category will be nearly 0.15 ETH for ethereum users and 0.03 BNB for BSC users.
How to sell NFT on binance NFT marketplace
To sell your NFTs on the Binance NFT marketplace, a user must,
- Go to the NFT assets section
- Select assets for listing
- Provide listing instructions
- Fill in the details
- Click on submit
- Your NFT is ready to be sold