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Binance's NFT, IGO, and Mystery Box Ecosystem 2022 (How To BUY)
Ways To Buy An NFT On Binance
Let’s take a look at how to buy NFTs on Binance via the Binance NFT Marketplace. We’ll also cover Mystery Boxes, Initial Game Offerings (IGOs), and other ways to get NFTs on Binance.
The most straightforward way to buy an NFT on Binance is to locate the NFT you want on the Binance NFT Marketplace and then buy it outright or place a bid (don’t worry we will cover these terms later).
To do this, you would first search for a specific NFT, or use a filter to find NFTs by creators, collection, trending NFTs, along with other search filters.
Once you find an NFT you are interested in, you can make things simple by paying the buyout price to get the NFT instantly, or you can instead place a bid and attempt to win that auction.
If you end up placing the highest bid and win that Auction, you will then obtain the NFT, congratulations you have purchased your first NFT!
In this article, we will go over the above process of using the NFT marketplace in more detail, and we will also discuss other ways to get NFTs like Mystery Boxes and Initial Game Offerings.
Let’s cover using the marketplace now.
Your Guide To Buying NFTs On The Binance NFT Marketplace
Binance NFT is the world’s largest centralized NFT marketplace. Just like the popular decentralized marketplace OpenSea, you can use Binance’s NFT marketplace to buy, sell, bid, auction, and even create NFTs.
Here is how you use Binance NFT to buy an NFT.
- Getting Funds Ready In Your Account
To buy an NFT on Binance, you first need a Binance account setup and funds in your wallet. So if you don’t have a Binance account already, use our Binance NFT referral link https://www.binance.com/en/nft/marketplace?ref=GRYRDBZW to sign up. Our link will give you a 20% discount on trading fees for life, which is perfect for trading your crypto before and after you buy NFTs (see our Binance Referral Code Review for more on how to save on Binance).
After your account is set up, you’ll have to buy or deposit crypto to your Binance wallet to buy NFTs. Since the stablecoin used on Binance NFT is BUSD, we suggest loading up your BUSD wallet. However, you can transact in BNB, BUSD, or ETH on Binance NFT, so feel free to use BNB or ETH instead.
- Browse the Marketplace
The next step is to browse the NFT marketplace. You can do this on the mobile app or desktop version of the site.
On the app homepage, press [More] and then press [Binance NFT] under [trade].
On the desktop, click [NFT] at the top of the Binance homepage. Or you can use our Binance NFT Marketplace link to save yourself some time.
Once you are in the marketplace, it is time to find the NFT you want. There are many different ways to browse NFTs. These include:
- Doing a direct search
- Using the filter function on the Binance NFT secondary market or the Mystery Box Market by clicking [Mystery Boxes] at the top of the Binance NFT homepage
- Checking out the rankings boards
- Checking out the categories displayed on the main marketplace pages
- Visiting the Gaming Offering page by clicking [Gaming/ IGO] at the top of the Binance NFT homepage
Regardless of how you search, the goal here is to find the NFTs you want.
- Buy Your NFT on the Marketplace
The method of buying an NFT on Binance NFT will vary depending on whether you bid via an auction or buy directly. Please note not every NFT will have both options, so you may have to choose one or the other depending on the NFT you want.
To buy via Auction:
- Click the [Place a Bid] button
- Then enter your bid amount by at least the “minimum markup” and click [Place a Bid]
After you place your bid, you will then see a confirmation screen. If you are the highest bidder when the auction closes, you will have purchased the NFT. Please note that bids cannot be canceled. Funds will remain locked until a new bid ends or the Auction ends.
To buy a fixed priced NFT:
- Click the [Buy Now] button to pay the total price
- Then click [Confirm] in the pop-up window to complete your purchase
After you complete your payment, you will see a second confirmation screen showing that your purchase was successful. You can then click on [Collections] in the pop-up to view your NFT.
Above we covered buying and auctioning on Binance NFT, where you selected the NFT you wanted. Now let’s cover Mystery boxes, where, as the name sounds, the NFT you get is a surprise until the Mystery Box is opened.
To buy a mystery box:
- Navigate to the Mystery Box listing page and click [Buy] to purchase
- Then click [Confirm] to complete your purchase
- After your purchase, you can then click collections to view your unopened Mystery Box
After buying your Mystery Box, you can click [Collections] on the confirmation window to view your unopened Mystery Box. Alternatively, you can visit User Centre > Mystery Box > Collections to see your unopened boxes.
How to open a mystery box:
- Go to [User Centre] – [Mystery Boxes] – [Collections] and click on the Box you want to open
- Then, press [Click to Reveal], then click [Open box]
After clicking reveal, you will be able to see your unboxed Mystery Box and can find out if you got a super (S), super rare (SSR), super rare (SR), rare (R), or normal (N) NFT.
Initial Game Offering (IGO)
Another way to get NFTs from Binance is by applying for an IGO. This is where you pre-purchase a blockchain game’s NFTs or tokens at its early development stage.
The benefit here is getting early access to exciting new NFT gaming projects.
To join an IGO:
Go to the IGO page [Gaming/IGO] and click on the IGO you wish to participate in. You can also find IGOs on the main Binance NFT page.
After you click, you will see a page to see all the project details. If you find an IGO that is still open, you will then have to apply for the IGO.
To be part of the IGO, you must complete four phases:
Check out the IGO FAQ
page for more details on what you need to do in each phase to particpate in an IGO.
The bottom line is that you can also get NFTs via this early access mechanism.
NFT Events, Collections, and More
Not only can you use the marketplace to buy and bid or decide to go the IGO or Mystery Box route as well, but there are also other exciting ways to discover NFTs on Binance.
For example, the NFT Event Collections page links you off to different NFT events in Arts, Entertainment, Gaming, and sports. Meanwhile the NFT Avatar Collection lets you explore NFT Avatars so you can stylize for example your social media profile!
There are many different ways to buy NFTs and build your collection on Binance. Of course, you can choose to sell, trade, or even create NFTs. So make sure to check it all out. If you have questions, drop them in the comments!