Want to buy Non-fungible tokens (NFTs)? Right now, to buy NFTs, you need Ethereum, which you can pick up on various marketplaces on the web like Coinbase and Binance.
WHAT IS AN NFT?
NFT stands for Non-fungible token. A “Non-fungible” means unique and not replaceable. A unique non-replaceable token. This means you can’t make and circulate fake collectibles because each item can be traced back to the original issuer.
Also Read: NFTs: What are Non-Fungible Tokens?
How to Buy NFTs in Kenya
What you need;
- An Account With an NFT MarketPlace – Binance is a good one just recently launching Binance NFT, a Non-Fungible Token (NFT) marketplace and trading platform in June 2021.
- Purchase Ethereum – Since most NFTs are Ethereum-based tokens, most marketplaces for these collectibles accept only ETH tokens as payment. If you already have an account with a cryptocurrency exchange, you can purchase Ethereum on it and send your crypto to your MetaMask wallet.
I will focus on the Binance NFT marketplace. Along with minting NFTs, Binance NFT Marketplace allows users to buy newly created and deposited NFTs. Sales follow an Auction or Fixed Price format, payable in several different cryptocurrencies.
On the platform, NFT purchases are subject to a simple fee structure that supports creators and depositors. Creators who mint NFTs receive a 1% royalty payment from all subsequent trading, as well as those who deposit external NFTs into the Marketplace.
To purchase NFTs on Binance, make sure to purchase either BNB, BUSD, or ETH to interact with Binance NFT Marketplace.
Steps to Buy an NFT on Binance NFT Marketplace (Auction)
- Once you log in to the NFT marketplace, you are going to want to find an NFT for sale using the Auction sale method, you will have to place a bid to have a chance of winning. The highest bid at the auction’s end will end up purchasing the NFT.
- On your preferred listing, you can see the NFT’s description, image, bidding history, and other details. Once you’re sure you want to place a bid, click the [Place a Bid] button.
- You’ll now see a pop-up box letting you enter your bid amount. Take note of the minimum markup: this is the minimum amount you need to increase the last bid to place your new bid. Click [Place a Bid] once you’ve input the correct amount.
- Once you’ve successfully placed your bid, you’ll see a confirmation splash screen
Steps to Buy an NFT on Binance NFT Marketplace (Fixed)
- If you want to purchase an NFT in an instant sale, it is much simpler than placing a bid in an auction. All you need to do is locate the NFT.
- Once you’ve found the NFT you want to buy, click the [Buy Now] button to pay the full price
PS. you can also buy a Mystery Box that contains a surprise NFT that is only revealed when you open the box. There are four kinds of NFT you might find: super, super rare (SSR), super rare (SR), rare (R), and normal (N).
To purchase a Mystery Box, head to the Mystery Box page for more information. You’ll then see a fixed price for each box, along with a changeable quantity.