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How to Buy NFTs in 4 Easy Steps

2021-12-14

Buying an NFT doesn’t have to be complicated. With a bit of guidance, you can buy your first NFT in a matter of seconds.

Main Takeaways:

  • If you’re looking for an easy-to-use NFT marketplace with low fees, Binance NFT might be your best bet.

  • In this article, we’ll walk you through the different ways and steps to buying your first NFT on Binance NFT.

  • Buy NFTs via fixed price, auction, making an offer, or from a Mystery Box on Binance NFT.

That one person in your friend group can’t stop talking about them. It’s all over social media and suddenly, everyone’s profile picture is an ape. NFTs, or non-fungible tokens, are finding their way into every industry, from the tech giants to digital collectibles. With its growing popularity, there’s also been a large influx of new marketplaces and platforms to buy, sell and trade NFTs. Some charge high fees, while others are clunky and have poor transaction speeds.  If you’re looking for an easy-to-use NFT marketplace with low fees, Binance NFT might be your best bet.

Binance NFT is the world’s largest centralized NFT marketplace where anyone can browse and trade a diverse selection of in-game items, virtual land, art pieces and more — at a flat trading fee of just 1%. Buy and sell in-game items, digital collectibles, virtual land, art pieces and more. With such a diverse selection of top NFTs created by world-famous artists and indie content creators, chances are an NFT has already caught your eye. Find out how to buy your first NFT with Binance NFT now. 

Step 1: Top Up Your Wallet With Crypto 

Before we get started, you’ll need to create a Binance account and top up your spot wallet with BNB, BUSD or ETH. These are the three accepted cryptocurrencies on the Binance NFT Marketplace.

Since Binance NFT is part of the larger Binance ecosystem, you can easily buy crypto or top up your Binance wallet on the same platform. Here are some steps to purchase crypto on Binance:

  1. Sign up for a Binance account.

  2. Buy crypto. You can do so in various ways, including buying with a credit or debit card, buying it on Binance P2P or buying it via third-party channels.

  3. Deposit crypto to your Binance account. This only applies to crypto holders that have crypto on another platform, or are planning to buy crypto via third-party channels.

Step 2: Access Binance NFT Marketplace on the App or Browser 

Once you have BNB, BUSD or ETH in your Binance account, you’re all ready to explore the Binance NFT Marketplace. There are two ways you can access the Binance NFT Marketplace.

Binance App

  • On the App homepage, drag down from the top to access [Marketplace]. You will see [Binance NFT] under [Mini Apps] at the bottom of the page.

  • Alternatively, tap [More] and then press [Binance NFT], which you can find under the [Trade] section.

Desktop browser 

  • Click [NFT] at the top of the Binance.com homepage, and you’ll arrive at the NFT Marketplace. Alternatively, you can click here

Step 3: Finding The Right NFT 

How do you choose the right NFT in a sea of choices? Here are some quick tips for finding the right NFT before you hit the purchase button. 

  • If you’re an avid gamer, you can visit our gaming gallery by clicking [Gaming/ IGO] at the top of Binance NFT homepage. You’ll find all our NFT gaming collections and upcoming drops. Click on a gaming project you find interesting to visit their collection page. 

  • Use the filter functions on the secondary market or the Mystery Box Market. You can search for NFTs according to different categories/ collections, sale types, NFT types and more. 

  • Check out our handpicked recommended collections and creators or trending NFTs on the homepage.

  • Visit the ranking boards on the marketplace page, where we spotlight the top-performing NFTs, collections and creators. 

Step 4: Buying The NFT You’ve Chosen

You’ve picked your NFT, and you’re ready to buy! There are three different ways you can buy an NFT, and it will depend on how the creator/ seller has set the sale format. The four sale formats are Auction, Fixed Price, Make an Offer & Mystery Box.

How to bid for an NFT via Auction? *

  • Step 1: On the NFT listing page, click the [Place a Bid] button. 

  • Step 2: Enter your bid amount and click [Place a Bid].
    *Take note of the minimum markup; this is the minimum amount you need to increase the last bid to place your new bid. 

  • Step 3: Once you’ve successfully placed your bid, you’ll see a confirmation splash screen. The highest bidder when the auction closes will successfully purchase the NFT.

  •  Please note: Bids cannot be canceled, and your funds will be locked until a new bid is placed or the auction ends.

How to buy a fixed-price NFT? 

  • Step 1: On the NFT listing page, click the [Buy Now] button to pay the total price. 

  • Step 2: You will then see a pop-up which shows the confirmed amount to pay for. Click [Confirm] to complete your purchase.

  • Step 3: After successful payment, you will see another pop-up box which shows that your purchase is successful. Click on [Collected] in the pop-up to view your NFT.

How to buy an NFT Mystery Box? 

Mystery Boxes contain a surprise NFT that is revealed once you open the box. There are four types of NFTs you might find: super, super rare (SSR), super rare (SR), rare (R), and normal (N). If you’re interested in learning more about mystery boxes, you can read our helpful academy guide.  

  • Step 1: You can buy a Mystery Box by using a fixed price, making an offer, or bidding in an auction. On the Mystery Box listing page, click [Buy Now] or [Make Offer], or [Place a Bid].

  • Step 2: An [Order Detail] pop-up will appear asking you to check and confirm the details of your purchase. Click [Confirm] to make an offer, complete your fixed price purchase, or [Bid Now] to complete your auction bid.

  • Step 3:  Once your purchase is successful, go to [User Center] - [Collected], or [History]- [Orders] - [Purchase History] - [Mystery Boxes] to view your Mystery Box.

How do I open my Mystery Box?

You can choose to open your mystery box right after or keep it as it is in your collection. To open your Mystery Box, follow the steps below:

Step 1: Enter [Binance NFT Marketplace] from the Binance homepage.

Step 2: Go to [User Center] - [Collected]. Click on the Mystery Box you want to open. 

Step 3: You’ll be directed to the Mystery Box product page. Press [Click to Reveal], then press [Open Box].

Step 4: Now you’ll see the NFT you’ve unboxed from your Mystery Box. You can find the NFT in your Mystery Box collection. To view, go to [User Center] - [Collected]. 

You’re All Set

You’re now ready to become a full-time NFT collector or trader. However, it’s essential to understand and research what you’re buying—like any other asset. For more help, you can read our guide to key indicators when evaluating an NFT

For NFT gamers or newcomers interested in gaming, stay up-to-date on our Twitter or Telegram Group, where we share the first deets on our weekly Initial Game Offering (IGO) drops. For NFT collectors who love collectibles and art, Binance NFT also offers an extensive collection of artists from around the world, renowned or regional. 

Read the following helpful articles for more information:

DISCLAIMER: NFTs are an emerging asset class that is still evolving. The information in this article should not be construed as investment or financial advice. Always do your own research before making any decision to buy, sell or trade NFTs.