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How to Buy And Sell NFTs With Cash On Binance NFT Marketplace

2021-09-13

Key Takeaways

  • Binance NFT provides high liquidity and a wide range of top NFTs at an affordable price.

  • If you’re an existing or first-time Binance user, discover the basics of NFTs and how you can instantly get started on Binance NFT. 

  • Learn how to directly deposit cash on Binance NFT through our extensive selection of payment gateways. 

Non-Fungible Tokens, more commonly known as NFTs, are the latest rage on the decentralized market. NFTs are typically Ethereum-based tokens used to authenticate digital ownership of a real-world asset attached to a token, making it possible for artists to digitally release their work without the risk of counterfeits. This has led to the emergence of the NFT Collecting trend, which involves the collection of various series and sets of NFTs released by artists of projects.

The Binance NFT Marketplace brings together artists, creators, and crypto enthusiasts on a single platform to create and trade top NFTs. Powered by the Binance blockchain infrastructure and community, the Binance NFT marketplace provides the highest liquidity platform for users to launch and trade NFTs. 

Three distinct product lines are on offer, including the Marketplace for minting, selling and bidding, Events that feature NFTs from top artists, and Mystery Boxes that feature NFTs with different rarity levels.

Users can use their Binance.com account to buy and sell NFTs on the Binance NFT Marketplace, leveraging all of the convenience of a single access point. This makes it easy for users to utilize all of the functions of features of Binance and load up their Binance wallet to transact on the Binance NFT Marketplace.

NFT Collecting

To get started with NFT Collecting, users should first examine the market. Binance offers an abundance of educational materials on NFTs, making it easier for users to decide which types of NFTs they may be interested in.

There are different breeds of NFT collectors. Some collect NFTs in expectation of return on investment as the asset accrues value over time or through usability on its respective platform. Some collect NFTs because they fear missing out on the new trends, also described as FOMO. There are also collectors who buy NFTs for their artistic appeal or utility as an in-game asset in dApps, granting special abilities or unique items in NFT games.

Decentralized vs Centralized NFT Marketplaces

Just as with exchanges, NFT marketplaces are divided into decentralized and centralized types. Decentralized marketplaces include Featured by Binance and some others. Centralized marketplaces include the Binance NFT Marketplace and others.

The main difference between the two types is that decentralized marketplaces boast a higher degree of autonomy and are not bound by any legal constraints or jurisdictions, also leveraging a slightly higher level of security. Centralized marketplaces, on the other hand, are fully legal and enjoy the benefits of higher liquidity and broader user bases due to their regulated natures.

Read more: NFT Marketplaces – What to Know Before Buying & Selling NFTs

Getting Started With The Binance NFT Marketplace

From unique pieces created by local creators worldwide to exclusive collections by influential brands and artists, Binance NFT is the premier platform for users to enjoy a top-tier NFT experience with affordable prices, ultra-low trading fees and high liquidity.  If you’re an existing Binance user, you can start your NFT journey today. If you’re new to Binance, you can click here to register for an account.

Read more: Getting Started with the Binance NFT Marketplace

If you’re an existing or new Binance user, you’ll need to deposit funds in your wallet before you can buy your first NFT. To get started, here’s a step-by-step guide to get your wallet ready for NFT purchases. 

How To Buy NFTs Via Fiat Channels: A Step-By-Step Guide

The Binance NFT Marketplace offers a broad variety of payment channels to facilitate the purchase, sale and exchange of assets. Since the marketplace is connected to the Binance ecosystem, transactions operate in the same way they do on the exchange. 

Deposit cash via credit card: 

  • Log in to your Binance account and click on Buy Crypto for Credit/Debit Card.

  • Select the currency and enter the fiat amount you want.

  • Enter your credit card details and billing address.

  • Confirm the order and follow the bank’s OTP Transaction Page to verify the payment.

Please read this guide for more details on How to Deposit Fiat With Credit/Debit Card

If you want to deposit cash via a bank transfer channel, you can follow the same steps above after you’ve selected your payment method. Depending on the Fiat currencies you would like to top up, please read this detailed guide on How To Make a Bank Transfer To Top Up Your Balance.

How To Connect a Fiat/Spot Wallet To Your Binance NFT Wallet 

To connect your fiat/spot wallet, you can visit the Binance website to convert your fiat to BUSD, BNB, or ETH. Click on your preferred trading pair on the home page to view the corresponding spot trading page. 

For example, if you want to buy BNB,  click on the [Trade] option and select [Classic] or [Advanced]. Go to the buying section to buy BNB, fill in the price and amount for your order, and then click [Buy BNB] to complete the transaction. 

Shop For NFTs on Binance NFT Marketplace

There are many NFTs up for sale on the marketplace and users need to evaluate their value based on a number of criteria. Among them are reputation, scarcity, and provenance. NFTs from an acclaimed artist is more valuable than edition-based NFTs from a lesser-known creator. NFT projects also have price floors across marketplaces, and it is vital to place bids at or above this mark. Keep tabs on volume and transaction activity, as projects that have more activity offer more profit opportunities.

Join our Binance NFT Community on Telegram or follow Binance NFT on Twitter and Instagram for the latest news and updates. For artists and creators looking to collaborate, contact nft@binance.com. 

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