Binance BNB (BNB) Amount: 2.5 BNB
The auction timer counts down to the end of the auction.
When the auction timer reaches 00:00:00, the auction ends and the winner is the user who placed the last bid.
1. Bidding is placing an offer.
2. Each bid on the previous offer extends the auction time by the time specified in the auction card. Depending on the auction, this can be from 5 to 60 seconds.
3. Each bid increases the item price by a few symbolic cents. Depending on the auction, this can be equivalent to 1 to 10 cents.
You need Bids to place a bid. BIDs are the currency of the service that allows you to participate in all auctions and buy items for pennies. To purchase BIDs, click here.
You can approach the auction yourself using the "Bid" button or use a special Auto-bidder that will help you participate in the auction when you are not at your computer. (read more).
Binance BNB (BNB) aka Binance Coin is a cryptocurrency created by Binance, one of the largest and most popular cryptocurrency exchanges in the world. Initially launched in 2017 as an ERC-20 token on the Ethereum blockchain, BNB has since migrated to its own native blockchain called Binance Chain and later expanded its utility with the introduction of Binance Smart Chain.
BNB was initially designed to offer discounts on trading fees for users of the Binance exchange. By holding BNB in their accounts, users can benefit from reduced fees on transactions, withdrawals, and listings. However, BNB has evolved to serve a variety of purposes beyond the Binance platform.
With the launch of Binance Smart Chain, BNB has gained additional utility as the native token for this parallel blockchain that is compatible with Ethereum's tools and DApps. BNB is used for gas fees on the Binance Smart Chain, enabling transactions and the execution of smart contracts. The Binance Smart Chain has become particularly popular for decentralized finance (DeFi) applications and non-fungible tokens (NFTs) due to its lower fees and faster transaction times compared to Ethereum.
BNB also functions as a utility token for various services within the Binance ecosystem, such as participating in token sales on the Binance Launchpad and voting on community decisions.
As Binance has grown in popularity and the use cases for BNB have expanded, the value of BNB has increased, making it one of the top cryptocurrencies by market capitalization.