How to buy an NFT on Binance – Binance NFT Guide

From digital artwork to virtual land, the NFT market is multiplying into unprecedented areas. There’s always that one friend that cannot stop talking about NFTS – but if you can’t beat them, you may have to consider joining them. The first question many start with is how to buy NFTs on Binance?

Non-fungible tokens (NFTs) do not have to be ownership over some obscure, intangible item, but they can also represent real-world items like real estate and event tickets. If you’re looking into tokenizing your possessions, or simply looking to invest in trending items, then keep reading to help understand how to buy NFT on Binance.

Cryptoassets are a highly volatile unregulated investment product.

How to Buy NFTs on Binance  – Tutorial

Below is a more detailed tutorial on how to buy NFTs on Binance. If you already have a Binance account with fiat money deposited, skip to step 4 of the guide.

Step 1: Open an account with Binance

The first step when looking at how to buy NFTs on Binance is to head to the official signup page. From here, decide on whether you want to open an account with your mobile number or email address.

Enter in the details, press Create Account, complete the security verification puzzle, and confirm the code sent to your mobile/email. It is advised, however, to enable two-factor authentication using a phone or Google. The process is the same for those looking at how to buy NFT on Binance US.

Step 2: Set up Binance wallet

Your Binance wallet will be set up automatically with your account, but if you would like to use the Binance Chain wallet, head to the Binance Chain homepage and click download wallet. Select the browser of your choice (this is a browser extension wallet), choose to either generate a seed phrase or to create a new Gmail, select a password and remember your seed phrase. Don’t share this seed phrase with anyone.

Step 3: Deposit funds and buy ETH

In order to buy ETH you must head to the menu screen of the desktop site, press Buy Crypto, and select Bank Deposit. You will be given an option of payment methods, but it’s usually between Bank Transfer and Bank Card, with different fees for each. Here you are depositing fiat to buy ETH under Markets, but you could also buy ETH directly by selecting Buy Crypto -> Credit/Debit Card.

Step 4: Search for NFT

On the desktop site, select NFTs from the top menu. On mobile, turn off Binance Lite on the menu and head to More -> Binance NFT. Once on the NFT page, select Marketplace and then under filters, select the criteria of what you’re looking for.

Step 5: Invest in NFTs

Now it’s time to invest in NFTs. After selecting the NFT you’re interested in, you will see that it’s either a bidding auction, fixed price, or simply available to make an offer.

As Binance is one of the best NFT marketplaces in 2022, Binance offers a plethora of non-fungible tokens to buy, sell and trade. In the event of making an offer, select ETH as your currency and type in how much ETH you’re willing to offer for the NFT. Hit Confirm, and this is ultimately how to buy NFTs on Binance.

Cryptoassets are a highly volatile unregulated investment product.

What are the Top NFTs to Buy in 2022?

When looking to buy NFT on the Binance NFT marketplace, you might be wondering what is popular in 2022? Much of the value increases in NFTs have been driven by more people gaining interest in these assets, meaning we need to look at what is trending upwards in terms of popularity. 

Before we get started with our top-three NFTs to buy right now, there are other popular NFTs to also consider including CryptoPunks NFTs, Azuki NFTs, and Prime Ape Planet NFTs.

You’ll also be able to buy the latter two cryptos via the popular crypto broker eToro. With low fees, social trading tools, and a wide range of supported payment methods, eToro is a perfect choice for beginners and experienced crypto investors. Here are three NFTs to check out.

1. Lucky Block NFTs – The Platinum Rollers Club Collection

As a new NFT project, Lucky Block is a decentralized lottery project that has recently launched in early 2022. The draws work like any other, with a daily NFT lottery in which you must see if your number matches. If we look at the price history of the Lucky Block cryptocurrency, we can see that it soared soon after being released, but has since become hostage to a stagnant crypto market. 

However, the reduced price and expectation that many believe of Lucky Block exceeding its all-time high may present an opportunity to buy while prices are still low. Plus, Google Trends shows that it has recently seen a rise in search volume.

One reason behind Lucky Blcok’s success is the rise of the Platinum Rollers Club NFT, which is an NFT that can land holders with the chance of winning from a pot of $10,000 – daily! Beyond this, there are also ‘rares’ contained within the Platinum Rollers Club NFT collection. 

There were 10,000 NFTs minted and listed for sale on March the 19th. Of these, 25 were rare NFTs, which are revealed upon purchase.

Cryptoassets are a highly volatile unregulated investment product.

2. Decentraland – Most Popular MetaVerse Coin

If you’re looking to get involved with the best MetaVerse coins and virtual land-buying, look no further than Decentraland. Essentially, Decentraland play-to-earn crypto gain in which players can buy plots of land and customize their own avatars. Of course, this sounds a bit like any other game, but the NFT structure means that these in-game assets are tokenized and thus tradable.

Many NFT games are using Decentraland and its Ethereum-based blockchain. MANA, however, is the native currency as opposed to ETH. Decentraland has been around since 2017, so it’s a proven concept, but it has rode the wave of interest in the MetaVerse, seeing as both go hand-in-hand. This is perhaps the best NFT to buy on Binance for those looking at MetaVerse assets.

Cryptoassets are a highly volatile unregulated investment product.

3. SAND – Leading Crypto Offering Access to a Wide Range of NFTs

We think gaming will have a large presence in the world of NFTs – and vice versa – which is why the Sandbox token SAND makes the list. The Sandbox is, like Decentraland, an Ethereum-based NFT gaming metaverse. But Sandbox allows non-techy players to trade and monetize their own virtual reality NFTs.

Sandbox is the virtual world, in which NFTs make up its possessions (land, games, assets). The platform has mega-deals with Snoop Dogg, Deadmau5, Steve Aoki, and many others. The brand deals with Warner Music Group and Adidas have added a lot of credibility to the virtual world and have cemented its position within the MetaVerse.

When looking to buy NFT on Binance app, players can accumulate SAND whilst playing and then spend it on virtual equipment and aesthetics. LAND can also be purchased whilst all SAND holders are involved in governance decisions as well as staking SAND tokens for passive rewards. Currently, SAND is priced at $3.04 with a market cap of $3,522,280,679 as of April 6th, 2022.

Cryptoassets are a highly volatile unregulated investment product.

Binance NFT Marketplace Review 

Binance is by far the largest cryptocurrency exchange in the world – and for good reason. Despite having only been founded in 2017, the company has hit a transactional volume of billions, multiple times more than its competitors, making it highly popular to buy NFT with Binance wallet.

A huge reason behind their NFT marketplace success is because of the 1% commission rate, making them very competitive and far outpricing many of their biggest competitors. There are a variety of payment methods with competitive fees, many fiats to choose from, and cheap and easy withdrawals. 

Technically, deposits are free, meaning that Brits, for example, can directly buy £5,000 worth of ETH with their debit card for free – ETH can then be used to buy NFTs. Depositing fiat alone would cost 1GBP (bank transfer) or 1.8% when using a bank card. Binance also has incredible liquidity due to its popularity, making it cheap and fast to convert your crypto into your NFT-buying coin of choice (usually ETH).

If you thought the 1% NFT purchasing commission was good, the selling fees are also 1% which is even more impressive. This makes it one of the most profitable places to sell NFTs, whilst Opensea, Rarible, and many others take 2.5%. This also reflects well on buyers, who do not see inflated selling prices to account for high selling fees.

Whilst some beginners may complain about the Binance app being confusing, the NFT marketplace is simple and concise. There’s a great ranking feature that shines a light on all the top-performing NFT collections and artists on the homepage, which is worth keeping an eye on. As for executing the purchase of the NFTs, it’s very easy to make a bid or an offer, with the price being denoted in both BNB and your fiat of choice for ease and simplicity.

Cryptoassets are a highly volatile unregulated investment product.

Is Binance the Best NFT Marketplace?

It’s difficult to argue that Binance isn’t the best all-around crypto exchange – or at least, the most powerful. However, NFTs are just one market, so it’s difficult for Binance to outcompete every exchange in every possible area. 

Crypto.com is one of the few companies that not only offers a lower commission, but no sale commission either. When trying to profit from buying and selling NFTs, this is a huge win for Crypto.com

There is a great selection of NFTs on Crypto.com, from Snoop Dogg to Aston Martin Cognizant F1 Team. This is where some of the most popular and credible NFT creators come to sell their creations, and you can even see it in real-time on their dedicated live drop pages. This means you can be the first to get your hands on hot NFTs before their price rises. It’s easy to browse the NFTs that were previously dropped too, both the curated and user-made NFTs.

One particular stand-out feature of Crypto.com is that they declare varying levels of rarity by using the information from how many editions were minted. 

Another reason to doubt Binance as being the best NFT marketplace is that many people find the Binance app to be convoluted. The layout of the Crypto.com marketplace, on the other hand, is also a little more vibrant and slick, and it’s certainly easier for beginners to get to grips with. It’s not just aesthetics, but features such as making offers/bids in auctions are easy, along with the ability to payout your NFT balance to the Crypto.com App in a flash. The separation between your NFT and regular crypto accounts (but with seamless integration) is a benefit for those looking to separate their NFT business activity from day-to-day crypto handlings.

Another area in which Binance is outcompeted is in regards to how many NFTs there are available. Binance has what they term Binance NFTs, whilst Crypto.com has around 9 different types. However, OpenSea has around 600, making them the exchange that has the most choice – though their commission for purchases is significantly higher.

So, whilst Binance is perhaps the better platform when it comes to advanced crypto trading (technical analysis, derivatives, selection of coins), Crypto.com actually outperforms the Binance smart chain NFT marketplace specifically, and particularly for beginners. Crypto.com also offers crypto staking and a convenient crypto app too, though.

Cryptoassets are a highly volatile unregulated investment product.

The Verdict 

If you’re looking at how to buy an NFT on Binance then you have clearly made up your mind about NFTs! However, Binance isn’t your only option. Your decision on where to buy NFTs lies within which NFT collections you’re looking at and which platforms you’re already signed up to. 

If you’re looking for the cheapest place to buy NFTs that also has a strong collection and an intuitive user interface, Crypto.com offers a fantastic NFT marketplace for both beginners and experienced users. Plus, if you’re looking at how to sell NFTs on Binance, you may find Crypto.com to be both cheaper and thus possibly more lucrative. Simple, cheap, and home to Snoop Dogg’s very own NFT – what more could you want?

Cryptoassets are a highly volatile unregulated investment product.

FAQs When Buying NFTs on Binance