How To Create Non-fungible Tokens (NFTs) on Binance Smart Chain?
Anything that can be traded for astonishing amounts in dollars is sure to lure public interest, especially if it is something digital that can be created and owned by anyone. The same phenomenon powered the crypto-craze for years, and now it is fueling the boom of NFTs. If you are a digital artist, art collector, or crypto enthusiast, then you must have heard the NFT buzz that is making around news with headlines like “digital art by the artist Beeple sold for $69 million.”
Not just global artists like Beeple, but numerous digital artists are leveraging NFT marketplaces to make enormous returns from their artworks. Tweeter CEO Jack Dorsey sold his first tweet as an NFT for over $2.9 million. The flexibility that NFTs can be anything digital, be it drawings, music, video, image, and the fact that virtually anyone can create and trade them has made the NFT business a very lucrative one. So, if you too are a creator of digital content, then you can also mint an NFT for it, and trade it.
To get started, you need to create and list your NFT on an NFT marketplace that facilitates the selling and buying of NFTs. Etherum-based NFT marketplaces are popular, but off late Binance NFT marketplace is making waves for its unprecedented transaction speed and cheap gas fees.
Before learning how to create NFTs in Binance, there are a few points to understand about NFT:
NFTs are the tokens that represent digital content like artworks, videos, collectible sports cards, virtual real estate, etc. That digital content itself doesn’t get hosted in the blockchain, that would be too resource-intensive.
When it is said that NFTs are hosted in blockchain, it means the records or data that identify a particular digital content are residing in the blockchain. But the actual digital content represented by that NFT can reside elsewhere.
How to Create NFTs on Binance Smart Chain?
Binance NFT marketplace is powered by Binance Smart Chain infrastructure and community. It is one the highest liquidity platform that allows creators around the world to mint, sell, bid, and purchase NFTs.
The prerequisites to create Binance Smart Chains NFTs:
- Create a Binance account
- Be handy with a compatible crypto wallet
- Ensure you have enough cryptocurrency to cover the minting fee. ( The Binance NFT Marketplace supports BNB, BUSD, and ETH)
Create Your Own NFT on Binance Smart Chain
- Go to the Binance NFT marketplace homepage
- Click on the [Create] button at the top right of the page
- It will direct you to the upload page. You can upload audio, image, and videos. Select the file of your choice.
Next, you need to feed all the information necessary for minting the NFT, such as
- Select whether you want to create a ‘Single’ or ‘Multiple’ (series) NFTs
- Give your NFT a name
- Write a description for it
At the bottom, you will see the fee for minting
- Next, click the [Create] button
That’s all! Now, you will see the ‘Minting Completed ‘ message and your transaction ID for that particular minting.
- Just below the ID, you will the [List NFT] button. Click it to go to your collections
- This will take you to the [Collections] page tagged under the [NFT Asset] page. This page lists all the NFTs you currently own, it can be an NFT bought by you or one created by you. The same page also gives you the option to import NFTs from another wallet or exchange.
- On the top right of the page, there is the [History] tab. Click it to view your [Bidding Orders], [Sales History], and [Purchase History]. ‘Bidding Orders’ records the detail of the auctions that you are currently engaged with. ‘Sales History’ is the record of the details of your previous auctions as a seller. And ‘Purchase History’ lists down your successful purchases.
A Few More Points You Need to Know
- All your minted NFTs will exist on the Binance Smart Chain
- On the Binance Smart Chain, the minting fee of each NFT is 0.005 BNB
- Binance smart chain NFTs supports the following file formats in size less than 50MB:
Image: JPEG, PNG, and GIF
Video: MP4, MPEG, and AVI
Audio: WAV and MP3 - The process of NFT minting is an on-chain action. Thus, once you paid the fees, you can’t stop the process. Also, once information gets added to the Binance Smart Chain, it can’t be deleted, removed, or changed.
As mentioned above, NFT is a token that represents digital content. Only the NFT, i.e records like who owns the digital content will be stored on the blockchain, however, the associated digital content will get stored in a centralized database.
A Lucrative Platform for Art Trading
NFTs are revolutionizing digital asset ownership. With the growing numbers of digital creators across the world, the importance of NFTs is also set to rise, as an enriching and lucrative platform for art trading. Binance smart chain NFT marketplace lets you easily tokenize your artworks and have them live and ready to trade in just five minutes.
