Four (4) New Features and Improvements to Improve your NFT Trading Experience on Binance!
Since the emergence of the first NFT- 'Quantum' minted by digital artist Kevin McCoy, mainstream adoption of NFTs have seen a parabolic growth and gradually becoming one of the most formidable concepts of crypto currencies with HODLing and trading its major facets.
Just like trading crypto is more effective when traded on a SAFU platform like Binance with excellent order preferences and risk mitigation features, so should NFTs also be traded on a safe and reliable marketplace.
The Binance NFT MarketPlace is arguably the most safest and reliable NFT marketplace and they recently added four (4) new features and improvements to help users improve to their NFT Trading Experience!
This article will focus on the four (4) new features that will improve your NFT Trading Experience on Binance NFT MarketPlace; and I will also be sharing an extra feature as an incentive for those who read this article to the end.
So I advise you to read this non-financial guide to the end to get that extra tip.
Before we dive into the main content, let me acquaint you with some of the fascinating reasons that have captured the attention of many crypto enthusiasts, and why you too should also get involved with NFTs.
One mesmerizing reason is the fact that even with the red candles burning in all crypto charts recently; many cryptos projects going into extinction as their prices have dipped somewhat underwater and value, the NFTs craze is far from being over and still booming with new NFTs evolving and constantly taking the limelights.
Many traders are actually now realizing the importance of owning a crypto asset that has a real natural value other than just the pricing or monetary value.
Take For example, if your portfolio has a plethora of unique NFT collections that include "drop-dead" gorgeous art works, basketball legends collectibles, mono gaming collectibles, exclusive NFTs, NFTs with solitary ownership (that is; only you own the NFT in the whole world).
I am 100% certain, you wouldn't be worried about the pricing value because you intend to keep them not only for the pricing value but also for the uniqueness, and zest of emotions they bring you, especially when you know that their monetary value will definitely pump back up as market volatility is an integral part of the crypto market...
That is the unique effect NFTs bring to the fore in the crypto sphere.That being said, Let us now consider the main content of this article.
Four (4) New Features and Improvements to Improve your NFT Trading Experience on Binance!
To use any of these Binance NFT Marketplace features, kindly note that you would need to create a verified Binance account by clicking here, and then complete the KYC process.
If you already have a KYCed Binance account that you currently trade crypto with; simply click on this direct link: https://www.binance.com/en/nft/home?ref=65177765 to access the NFT Marketplace
Now let's consider the awesome new and improved features.
1. MAKE OFFER AND ACCEPT OFFER
This new feature makes it super easy to negotiate to buy NFTs on Binance NFT MarketPlace.
MAKE OFFER
With the "Make Offer" option, NFT Buyers can make an offer to buy any NFTs with a fixed price listing. The offer is a bid with details of the price that the buyer is willing to pay for the NFT, and the expiration period (that is; the period when the offer will expire and no longer binding).
To illustrate this:
Kelvin sees an NFT with a fixed price listing of 128.61 BUSD on Binance NFT MarketPlace; he likes the NFT and wants to buy it, but he thinks the fixed price of the NFT is higher than his valuation; he is willing to purchase it at 50 BUSD. What can he do?
This new feature makes it easier for Kelvin to negotiate by using the "Make Offer" option. As seen in the picture above, His bid carries the price he is willing to buy that NFT and the expiration date of his offer. So if the Seller doesn't accept Kelvin's offer price, at the set expiration date, the offer Kelvin made cancels automatically and the seller cannot accept to sell to him anymore at the offer price.
How to Make an Offer
Here is how to make an offer detailed in simple bulleted steps;
Go to Binance Marketplace Home using this direct link
Next Go to the NFT page or Mystery Box window,
Select the NFT or Mystery Box you are interested in buying,
Click [Make an Offer]
Input the Offer Price and enter the Expiration date that you choose
Finally click [Confirm]
ACCEPT OFFER
Just like NFT Buyers can make an offer, NFT Sellers too can accept or decline an offer made by Buyers. This means that the NFT Sellers can view, analyse and accept or decline bids from buyers.
How to Track and Accept or Decline an Offer.
Here is how to make an offer detailed in simple bulleted steps:
Go to Binance Marketplace Home using this direct link: https://www.binance.com/en/nft/marketplace?statusList=1&order=list_time%40-1?ref=65177765
Next, go to the User Center,
Click on History,
Select Orders,
Click on Purchase History,
Choose to accept or decline any pending Offer
2. IMPROVED FILTERS AND SEARCH FUNCTIONS
This next feature is an improvement that have been tweaked to help improve NFT exploration.
This feature now makes it easy to snipe out rare NFTs, filter, sort and view NFTs by their traits or by the unique characteristics selected.
To illustrate:
Damian is interested in buying a cute Panda NFT which he wants to give his daughter as an NFT gift because she likes Pandas.
There are over 770 NFT collections, with above 100,000 average daily sales and finding a certain NFT will mean flipping through a very long gallery of NFTs and that can be stressful and time wasting. What can he do?
Using this improved filter, he can easily use the yellow filter button to add a filter to make his search faster as he searches using the word panda as seen in the picture below.
The filter tool is a very powerful and useful tool to search for rare NFTs, easily land on NFT collections official page,find a specific NFT, analyze prices of NFTs based on their distinctive traits and so much more.
There is also an option to use Frequently used filters and it's found on the left side of the NFT Marketplace page.
3. SET REMINDERS FOR A MYSTERY BOX SALE
This feature is a very good NFT and mystery box hunting weapon that works like a trade alert.
This feature is very beneficial if you are a mystery box hunter like me who is too busy to constantly follow various mystery box sale or launch hypes or wait for a launch countdown. So with this feature, you basically get an alert 20 minutes before launch or sale of the mystery box or NFT.
Some of the main characteristics of this feature are as follows;
An alert to discover new NFT IGOs,
Set a reminder not to miss mystery box launches,
Subscribe to any mystery box launch of your choice,
Keep track of upcoming Binance NFT launches.
How does the Set Reminder work?
Go to Binance Marketplace Home using this direct link: https://www.binance.com/en/nft/marketplace?statusList=1&order=list_time%40-1?ref=65177765
Next, Go to the mystery box/NFT page or use this direct link: https://www.binance.com/fr/nft/mystery-box?ref=65177765
Click the clock icon ⏱️ located next to the BUY button and you're all set!
You will be notified exactly 20 minutes before the mystery box sale.
What a resourceful way to ensure that you'll never miss out on any good NFT launch.
4. NEW NFT PAYMENT OPTION- BINANCE PAY
This new feature is an integration of a payment option- The Binance Pay.
To learn more about Binance Pay read up this FAQ on Binance Pay.
Binance Pay is now supported on Binance NFT Marketplace.
This new feature is currently only available for fixed-price NFTs and Mystery Boxes on the Binance NFT secondary market but you can be sure that it will be optimised to do more in future.
This new NFT payment feature affords Binancians to:
Buy fixed-price NFTs and Mystery Boxes
Utilize the option to convert their cryptocurrencies to other cryptocurrencies required to purchase NFTs directly on the payment page free of charges (FOC).
Can you keep a secret? I use this feature to quickly swap my crypto and take advantage of FOC- please don't spill!
To use this feature, follow the guide in my previous article here or look up this article on the Binance Blog to guide you setup your Binance Pay.
Once you have set up your Binance Pay, feel free to use it as a payment option to purchase any NFT or Mystery Box with fixed price listing.
Existing Binance Pay users who have already set their Pay PIN do not need to set up Binance Pay again as they can use this feature with their preset data.
Congratulations 🎉👏 If you are now reading this part of my article; you surely deserve to read about the fifth feature available on Binance NFT MarketPlace.
5. Password-free Purchasing Experience
Everyone knows that passwords are there to protect and secure our accounts, but it can be boring sometimes when you have to enter passwords for almost anything and everything, no wonder the invention of high-tech security protocols like fingerprint and face detector to reduce the need for password entries.
The Binance NFT Marketplace has a similar feature that allows its Users to set a Password-Free Purchase Limit per transaction. This means that the NFT Marketplace now allows users to set a purchase limit that wouldn't require entering a password to confirm NFT purchase on the Market Place.
Note that whenever you are making a purchase above the set limit, you will have to enter your Password or Binance Pay Pin to complete the transaction.
The new Pay PIN function allows you to complete your transactions securely when the price of your purchase exceeds the price you have set as your Password-Free Purchase Limit (Per Transaction) when purchasing NFTs or Mystery Boxes.
How to Set the Password-Free Purchase Limit
To set up Password-Free Purchase Limit:
Go to User Center
Click on Settings
Select Account Limit to adjust the amount.
That's the sweet incentive packaged for you, for reading this article to the end.
Kindly note that if you decide to use this feature, you must be very careful to monitor and take responsibility for the security of your account.
Final Thoughts:
The concept and use case behind NFT is very unique and massive, probably why the value of NFTs can never be compared to the other aspects of crypto.
The importance of Trading NFTs on a NFT Marketplace that has amazing and "sort out" unique features can not be overemphasized.
Start your NFT journey today on Binance NFT Marketplace !!!
As always, remember to DYOR to confirm the details of this article and to learn more about NFTs, because the content of this article represents my own personal research and opinions.
If you like this content, feel free to like, and share to your crypto friends and enthusiasts.
Get exclusive access to my archive to discover more crypto educational research.
To learn more about NFTs and Binance NFT Marketplace, consider looking up the following research guides;
https://www.binance.com/en/support/faq/777d6487fb7b491696571e3cbf3518f7
https://www.binance.com/en/support/faq/f2d24d2faf1c4c878acf40df5481086f
Article Direct Links:
Resources
https://www.binance.com/en/support/faq/777d6487fb7b491696571e3cbf3518f7
https://www.binance.com/en/support/faq/f2d24d2faf1c4c878acf40df5481086f
About Pompey Fintech Academy
I am a crypto currency content creator and a crypto trading tutor. Feel free to reach me via email: kaycpompey@gmail.com.