BNB Chain (formerly known as Binance Smart Chain) has emerged as a popular Layer 1 blockchain for NFTs. That’s due to its low fees, fast transactions, and a growing ecosystem around it.
This step-by-step guide will help you learn how to buy BSC NFTs, including setting up your wallet, funding it with BNB, connecting to a marketplace, and making your first purchase.
What Are BSC NFTs?
BSC NFTs are non-fungible tokens created and minted on Binance’s BNB Chain. Like NFTs on other chains, the BSC NFTs are a tokenized representation of ownership of such things as art objects, collectibles, in-game assets, and access tokens.
The appeal of NFTs on BSC is in the speed and cost-effectiveness of the network. Transactions are fast and inexpensive, especially compared to those processed on the Ethereum base chain.
NFTs on the BNB Chain are created based on BEP-721 and BEP-1155 token standards, which allows many wallets and marketplaces to support them. BSC is also home to an ever-expanding community of creators, collectors, and traders.
How to Buy BSC NFTs, Step-by-Step
To show you how to buy BSC NFTs, we are using Magic Eden, a leading cross-chain NFT marketplace. The following are the steps you need to follow:
Set Up a Compatible Wallet
To interact with the BNB Chain, you’ll need a crypto wallet that supports BSC Chain. Popular choices include MetaMask, Trust Wallet, and Binance Wallet.
To set up the wallet:
- Download and install the wallet application.
- Follow the setup instructions to create a new wallet.
- Securely store your recovery phrase.
- Once the wallet is set up, switch the network from Ethereum Mainnet to BNB Smart Chain.
Fund Your Wallet
To buy NFTs, you’ll need BNB tokens in your wallet.
You can buy BNB from a crypto exchange like Binance and KuCoin. If you already have some in another wallet, you can send them to your wallet address.
However, make sure you’re sending the tokens on the BNB Chain (BEP20) network. Also, always double-check your wallet address before sending.
Connect Your Wallet to an NFT Marketplace
Of course, you have to buy the BNB NFTs on a marketplace that has them listed. Magic Eden supports multiple chains, including BNB Chain. The marketplace is designed with an intuitive interface and has a growing list of BSC NFTs.
To connect your wallet:
- Visit Magic Eden.
- Click “Log In” in the top right corner.
- Choose your wallet (MetaMask, ME Wallet, Trust Wallet, etc).
- Authorize the connection of the wallet to the marketplace.
Browse the BSC NFT Collections
Once connected, select the BNB Chain, which will show only BSC NFTs on offer. You can do that on the homepage or under the “Collections” tab.
Browse featured projects, trending drops, or use the search function to find specific collections you are interested in.
Click on the collection or NFT that interests you to see the details, such as price, daily trading volume, the number of owners, total and listed supply
Make a Purchase
Once you decide upon a particular asset and you want to purchase it, click on the item to look into its listing. Review its price and details.
If it’s a fixed-price listing, click “Buy Now”.
If it’s an auction item, you can place a bid and wait for the creator to confirm or reject your price.
Confirm Your Transaction
Once you initiate a purchase, the wallet will prompt you to approve the transaction. Before doing that, review the gas fees (usually low on BNB Chain).
You’ll see a confirmation once the transaction is complete.
You can also verify and track the NFT transfer on the BscScan blockchain explorer using your wallet address.
The Takeaway
BNB Chain offers a fast, affordable way to participate in the NFT market. Because of these qualities, it is becoming home to collections ranging from crypto art, digital collectibles, avatars, and more.
If you are looking to explore what BNB Chain has to offer, especially in terms of NFTs, a marketplace like Magic Eden has the tools you need to do that.
[Featured Image Credit: Unsplash]
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[*Techeconomy is not a trading platform]
