How to buy NFTs Binance

How to Buy NFT on Binance Marketplace

Binance is the world’s leading cryptocurrency exchange in terms of the daily trading volume. While Binance has established its mark as the largest crypto exchange in the world, the company continues to grow alongside the broader cryptocurrency market.

The non-fungible token (NFT) market has become a multi-billion dollar market, and Binance has become an important player in this ecosystem. The Binance NFT marketplace is home to thousands of unique NFTs and can be acquired via a wide range of options.

However, the various ways to purchase NFTs on the Binance NFT marketplace remain a challenge for some investors. This article is carefully written to shed light on this problem and walk investors through how to buy NFTs on Binance.

How to Buy an NFT on the Binance NFT Marketplace

Time needed: 15 minutes.

Interested in buying NFTs on Binance? Follow these simple steps below to purchase an NFT on the Binance NFT marketplace.

  1. Open a Binance Account

    You need to open an account with Binance. This makes it easier to pay for NFTs in the marketplace. If you don’t already have a Binance account, use this link to get a discount on Binance Trading fees.

  2. Deposit Funds

    After setting up your account, deposit your funds into your Binance account and purchase BNB (or any of the accepted tokens on the Binance NFT marketplace).

  3. Navigate to the Binance NFT Marketplace

    Visit the Binance NFT marketplace and search for your preferred NFTs. 

  4. Locate the NFT You Want to Purchase

    You can find NFTs by exploring the Binance NFT Marketplace or searching for specific creators’ profiles to view their NFTs under “Created”, “Collected”, and “Favorites”. 

    If an NFT/Mystery Box is listed, you can buy it directly using the fixed price or bid in the NFT auction. If the NFT/Mystery Box is not listed, you can make an offer to the seller. 

    There are two major types of NFT collections on Binance NFT. The first one is the Premier collections, which are created in collaboration with Binance NFT. In contrast, the second group is the Standard collections, which are non-verified by Binance NFT.

    An orange tick indicates premier collections besides the name on the marketplace, ranking boards, collection page, NFT detail pages, and user profiles. Standard collections do not feature the orange tick.

    If you want to buy your first NFT but struggle to find quality projects, the best thing to do is to browse NFTs via ranking boards that showcase the top sales, collections and creators across the Binance NFT marketplace.

    Binance has included detailed information on the Floor Price, Volume, Items and Last Price within each ranking board. These data will help you assess the value of each NFT project.
    For those who would like to explore NFTs of different rarity levels and unbox a surprise or a rare NFT at a lower price, you can browse through the Binance Mystery Boxes page.

  5. Make an Offer

    After finding the NFT you like and making an offer to the seller, wait for the reply.

  6. Make Payment

    If the seller agrees, you can pay for the NFT using BNB or approved coins straight from your Binance wallet. The NFT will become yours once the transaction is concluded.

What are NFTs?

Non-fungible tokens (NFTs) are cryptographic assets on a blockchain. NFTs have unique identification codes and metadata that distinguish them from each other.

Recently NFTs have gained adoption in various aspects of the global economy, in addition to cryptocurrencies. NFTs have become the ideal medium for digitally representing physical assets like real estate and artwork. 

Since NFTs are based on blockchains, they eliminate intermediaries, allowing artists and content creators to connect directly with their audiences. 

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Analyzing Metrics on Binance NFT Marketplace

There are thousands of NFTs on the Binance NFT marketplace, making it hard for investors to determine the best NFTs to purchase. Before you buy an NFT on Binance, you must look at specific metrics which will help you make informed decisions before acquiring an NFT. These metrics include;

Binance NFT Market Place

Floor Price

The floor price is the lowest price of an NFT asset within an NFT project. As an investor, buying the floor is considered a good starter strategy as it gives you a good entry point into an NFT project. 

The owners of NFTs within a project set up floor prices. In the NFT space, the more popular an NFT project is, the higher its floor price. Hence, it would help if you looked at the floor price of an NFT project before you decide to buy.

Estimated Market Cap

Similar to cryptocurrencies, the market cap of an NFT project tells you a lot about the project. You can calculate the estimated market cap of an NFT project by multiplying the 7-day average trading price by the total supply of the collection. For instance, if the average 7-day trading price is $500 and we have 1,000 NFTs within the project, the estimated market cap would be $500,000.

Total Supply

Total supply refers to the number of NFTs in the collection. The supply is essential to consider as an investor because it affects how the collection’s value is perceived. Usually, the higher the supply, the lower the market value for each NFT within the collection. 

Sales

Being an investor in an NFT project with low sales is not ideal. If there is low trading activity, it means investors are not very interested in the NFT project, and it would be unwise to acquire NFTs that other people are not willing to buy from you in the future. 

Rarity

Rarity is also known as uniqueness and is an essential quality within the NFT ecosystem. Some NFTs were designed and launched by popular artists, making them rare and valuable. Some NFTs represent tokenized real-world assets. In-demand NFTs have greater value compared to those with lower demands. 

As an investor, you need to check out the rarity of an NFT project before you decide to acquire them. You can use platforms like rarity.tools to help you find how rare an NFT project is. 

These platforms and their tools will help determine the rarity of an NFT by accessing the blockchain explorer and other sources, taking into account various factors like the NFT’s popularity, trading volume and number of owners.

rarity.tools

Trading Volume

This metric refers to the overall trading volume of an NFT project. The higher the trading volume, the higher the demand for the NFTs. Targeting projects with high trading volume is recommended as buyers would always be available. NFT projects with low trading volumes are not appealing as investors might find it hard to sell their NFTs in the long run. 

Ceiling Price

We discussed the floor price earlier, and the ceiling price is the opposite. The ceiling price is the cost of the highest-priced NFT in the collection or the highest amount paid for an NFT. Buying the most expensive NFT within a collection is usually considered high risk as you might struggle to find willing buyers above your purchase price. However, getting the right buyers to acquire the NFTs from you can be rewarding. 

Conclusion

The Binance NFT marketplace is home to thousands of unique NFT projects. The marketplace continues to grow, but many investors find it hard to purchase NFTs on the platform. This article shows you what to look for when searching for an NFT and how to purchase the NFTs on Binance. 

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