How to use Binance Fan Tokens on Binance NFT Marketplace？
Binance Fan Tokens provide fans with more meaningful ways to engage with their favorite sports teams and brands. Fans can support teams by purchasing and holding team tokens and they can exchange these tokens to buy and sell special and limited edition NFT collectibles on the secondary marketplace.
Binance NFT Marketplace is a community marketplace, built on the Binance blockchain infrastructure, featuring a variety of digital collectibles from artists, creators, and celebrities. Users can launch, exchange, and bid for NFTs and Mystery Boxes.
How to buy a Mystery Box with Binance Fan Token？
A Mystery Box contains one special NFT that is only revealed when a user opens the box. Compared to expensive artworks and NFTs, every user can buy a Mystery Box at a relatively low price and take part in a raffle, where they have the chance to get limited edition NFTs. Depending on their rarity, Mystery Boxes can be categorized into four types: ranging from normal (N), rare (R), super rare (SR) to super, super rare (SSR).
Here’s how you can get started:
1. Visit the Binance Fan Token Platform and log into your Binance account. Complete Identity Verification if you haven’t already.
2. Choose your favorite team from the ‘Featured Teams’ section. On the team page, scroll down and you will find the ‘NFT Mystery Box’ section below the voting polls. Alternatively, visit the Mystery Box Market in the Binance NFT Marketplace.
3. Under the NFT Mystery Box section, you’ll find information about the name and description, the remaining amount, price (expressed in Binance Fan Tokens), and expiration date of each Mystery Box.
4. Click on the [Go to Marketplace] button and select the number of Mystery Boxes you wish to purchase, then click on [Buy Now].
5. Confirm your order in the pop-up window and purchase additional Binance Fan Tokens if you need more to finalize your purchase.
6. After buying a Mystery Box, you can choose to open it or add it to your collection. Note that Mystery Boxes are non-refundable. However, you can sell the Mystery Box on the Marketplace or open it and sell the NFT that it contains.
How to buy an NFT with Binance Fan Tokens?
1. Purchasing NFTs can be done in different ways on the Binance NFT Marketplace, depending on the listing. You can either buy an item in an instant sale or bid for it in an auction.
2. For fixed-price or instant sale NFTs, you can simply click the [Buy Now] button to pay the full price and acquire your collectibles.
3. For the auction sale method, you will have to place bids within the auction timeframe to increase your chance of winning: the higher the bid, the bigger the chance you will secure an item. For auction-type NFTs, you will have to enter the bid amount in the pop-up window. The “minimum markup” refers to the amount you need to add to the previous bid to place your new bid. Click [Place a Bid] and make sure that you have enough Binance Fan Token in your account to confirm your bid.
4. Note that once a bid is placed, it cannot be canceled and your funds will be locked until another user places a higher bid, or until the auction closes.
Remember, you can always sell NFTs on the secondary marketplace. For your sale, you can choose between the Fixed Price and Auction methods and take payment in multiple crypto assets.
Note that users will not be able to purchase NFTs on the secondary market using Binance Fan Token at the time of launch of the Binance Fan Token Platform. However, when placing a bid or trying to buy an NFT at a fixed price on the marketplace, users will have the chance to use certain stablecoins and crypto assets for their purchases.
Binance Fan Token NFT Glossary
- NFT Mystery Box: A Mystery Box contains one special NFT that is only revealed when a user opens the box.
- Edition: Describes the smallest unit of a Mystery Box, meaning one individual NFT. From one Edition of NFT, you can have multiple issues.
- Item: Describing one kind of NFT for a season or specific category.
- Rarity: Describes the occurrence of an NFT. In order of scarcity, NFTs can be normal, rare, super rare, and super super rare. The rarer the NFT, the fewer the issue number.
- Set Collection: Consists of 4 different items representing 4 different seasons or categories of an NFT.