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Binance NFT Marketplace Now Supports Binance Pay

The cryptocurrency exchange seeks to continue improving on its user experience, improving functionality for NFT purchases.

User-Friendly NFT Experience

Global cryptocurrency exchange Binance has announced that users of the Binance NFT marketplace can now purchase their next big NFT using Binance Pay. 

Announced via the Binance blog on May 19, users will be able to utilize this feature for fixed-price NFTs and Mystery Boxes on the Binance NFT secondary market. The feature will require users to enter their unique Pay PIN when the NFT or Mystery Box they want to purchase exceeds the Password-Free Purchase Limit (Per Transaction). If you are an existing Binance Pay user and you already have your Pay PIN set, you do not need to set it again. 

"With Binance Pay, Binance NFT hopes to lower the barriers for crypto users from the Binance ecosystem to enter the NFT space," Binance underlined in the blog.

So what are the perks of this new feature? Well firstly, the initial attempt to lower the barrier for crypto users mentioned is a very important one. This comes in the form of being able to now select the Funding Wallet as a payment method, in addition to the Spot Wallet. Users now have the option to convert their existing cryptocurrency holdings to the cryptocurrency required to fund the transaction and this can all take place directly on the payment page free of annoying little charges. A real-time cryptocurrency exchange rate will be used to support the conversion and the maximum allowable is $20,000 or equivalent. 

Source

The move will be welcomed with open arms by BNB Chain's already thriving NFT scene, as projects begin to sense an opportunity for further growth in volume. BSC News will be keeping tabs on the impact the move has on BNB Chain's NFT scene.

Binance has been busy improving user experience features in the recent days after also announcing the Venus Protocol Mini Program has been added to the Binance mobile platform. This marks the first time a decentralized borrowing and lending app is integrated into the Binance Application. The protocol will allow users to access decentralized borrowing and lending with direct access to Venus Protocol meaning there is no longer a need to switch between apps or platforms creating a seamless user experience.

Learn More About Binance NFT Marketplace:

What Is Binance

Binance positions itself as the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users. It features a large portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com

Where to Find Binance: 

Website | Telegram | Twitter | Instagram | Facebook

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