Binance has unveiled several new features and improvements over the past couple of months, designed to make the non-fungible token (NFT) buying, selling, and trading experience more accessible and potentially more profitable.
Binance NFT users can make use of new features, such as Make Offer, improved sorting filters, payment optimizations, Mystery Box-related enhancements, and more, to seize control over their NFT experience on the platform and pursue lucrative investment opportunities in the digital collectibles space.
The ‘Make Offer’ feature makes NFT trading a breeze
One of the recent additions to the Binance NFT marketplace is the so-called Make Offer feature, which allows interested buyers to make an offer for NFTs listed on the market, hence the name. Buyers can propose a price that is either lower or higher than the original listing price. The offer can then be accepted or ignored by the seller.
How to make an offer?
Here’s a step-by-step guide to the “Make Offer” functionality available to Binance NFT users. The process of proposing a price for a listed NFT is straightforward and very simple.
Step 1 – Go to the NFT marketplace, or the Mistery Box section, and search for an NFT you would like to make an offer for.
Step 2 – Click on the NFT and proceed by clicking on the “Make Offer” button.
Step 3 – Enter your offer amount and the date it expires on. Click “Confirm” when done. Do note that the funds you have used for the offer will be frozen until the offer expires or is canceled.
Step 4 – After confirming the order, you will be greeted by a popup notifying you that the offer has been submitted.
How to manage open orders?
Open offers can be easily managed through the dedicated dashboard by going to the “Profile” section and clicking on the “Offers” tab. From here you can see the details pertaining to open orders, such as price, item name, NFT owner, etc., and cancel them before the expiration date.
In addition, from the same menu, you can see offers received for NFTs you have listed and approve or decline them.
Find good deals with improved filters on Binance NFT
Sorting through thousands of digital collectibles listed on Binance NFT is effortless and swift thanks to advanced sorting filters that allow users to apply various criteria to quickly find exactly what they are searching for.
This brings a variety of benefits, including quick comparisons between NFTs from the same collection and filtering NFTs by certain rarity levels, price ranges, categories, and payment options. Moreover, the filters make it possible to search for fixed price and auction items and see digital collectibles that are about to drop on Binance NFT in the future.
Here’s a quick breakdown of filters users can utilize on Binance NFT:
- Collections (quickly navigate among NFT collections listed on Binance)
- Status (For Sale, Coming Soon)
- Network (BNB Smart Chain, Ethereum)
- Sale Types (Fixed Price, Live Auction)
- Currencies (BNB, BUSD, ETH)
- Price range (search for NFTs within a user-specified price bracket)
- Categories (Art, Sports, Gaming, etc.)
- File Types (Image, Video, Audio)
- Common filters (Recently listed, Ending soon, Price low to high, Price high to low, Most favorited)
How to use advanced filters?
The filters are prominently displayed on the left side of the marketplace page. A number of common filters, including recently listed, and price sorting options, are available in the top right corner of the website.
In addition to marketplace-wide filters, users can make use of collection-specific filters as well, which let them sort NFTs by their market status (first edition, resale), and by various rarities (Super Super Rare – SSR, Super Rare – SR, Rare – R, Normal – N, depending on each collection’s characteristics.
Collection-specific filters can be accessed by clicking on the “Filters” button on a collection’s homepage and feature several options that are not available when applying filters to the whole marketplace.
For example, using the “Coming Soon” filter (see image above) allows investors to search for NFTs that are about to drop, which can help investors acquire items at a better price. Similarly, other filters can also be used to make NFT trading and collecting more efficient and accessible.
Additional Binance NFT improvements
In addition to the Make Offer and improved filters, Binance has introduced several extra features aimed at making NFT trading and collecting a more profitable and enjoyable experience.
Stay on top of Mistery Box launches and new NFT releases with reminders
Binance lets users take advantage of the recently unveiled reminder functionality to never miss a new Mistery Box launch or an NFT release. The reminder feature notifies users 20 minutes ahead of the sale, which can be the difference maker, especially when purchasing scarce digital collectibles or participating in Binance’s Initial Game Offerings (IGOs).
Buy NFTs with Binance Pay
While currently only available to fixed-price NFTs, Binance Pay support allows traders and collectors to convert cryptocurrencies in their exchange account to the cryptocurrencies required to buy the NFT they want. In addition to the user-friendly aspect, the company charges no fees for the feature.
Password-free NFT trading
With the Pay PIN function, traders execute NFT buys that exceed the password-free limit by using a PIN number. This introduces another layer of security to NFT trading and makes it possible for users to approve their costlier purchases with a six-digit number. To learn more about the feature and the setup procedure, click here.
The Binance NFT platform has received several upgrades in 2022 so far that have elevated the platform’s functionality to new heights. Advanced filters allow investors to find the best NFT deals around. Meanwhile, Binance has also introduced improvements to NFT trading with the make an offer functionality and new NFT payment features. Moreover, the recently unveiled reminder feature allows collectors to stay on top of new Mistery Box launches and NFT drops. If you are interested in trading or collecting NFTs, Binance’s digital collectibles marketplace might be the right option for you.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.