How to Create NFTs (Non-Fungible Token) on Binance Smart Chain

Whatever can be traded for the surprising amount in dollars certainly attracts public interest, especially if it is something digital that can be created and owned by anyone. The same phenomenon drove the crypto-craze for years, and now it’s fuelling the boom of NFTs. If you’re a digital artist, art collector, or crypto enthusiast, you might have heard the NFT buzz making news with headlines like “Digital Art Sold for $69 Million by Artist Beeple.”

Not only global artists like Beeple, but many digital artists are taking advantage of the NFT marketplace to make huge profits from their artworks. Twitter CEO Jack Dorsey sold his first tweet as an NFT for more than $2.9 million. The flexibility that NFTs can be anything digital, be it pictures, music, videos, images, and the fact that virtually anyone can make and trade them has made the NFT business very attractive. So, if you are also a manufacturer of digital content, you can also create an NFT for it, and trade it.

To get started, you need to create and list your NFT on the NFT market that facilitates the sale and purchase of NFTs. Ethereum-based NFT marketplaces are popular, but of late binance NFT Marketplace has been making waves for its unprecedented transaction speed and cheap gas charges.

Before learning how to create NFT in Binance, there are few points to understand about NFT:

NFTs are tokens that represent digital content such as artwork, video, collectible sports cards, virtual real estate, etc. That digital content itself is not hosted in the blockchain, which will be much more resource-intensive.
When it is said that NFT is hosted in the blockchain, it means that records or data identifying a particular digital content reside in the blockchain. But the actual digital content presented by that NFT could remain elsewhere.

How to create an NFT on Binance Smart Chain?

Binance NFT marketplace Binance is powered by smart chain infrastructure and community. It is one of the highest liquidity platforms that allow creators around the world to create, sell, bid and buy NFTs.

Prerequisites for Creating Binance Smart Chain NFTs:

• Create a Binance Account
• Work with compatible crypto wallets
• Make sure you have enough cryptocurrency to cover mining charges. (Binance supports NFT Marketplace BNB, BUSD and ETH)

Create your own NFT on binance smart chains

• Go to binance NFT Marketplace homepage
• Click the [Create] button on the top right of the page
• This will take you to the upload page. You can upload audio, images and videos. Select the file of your choice.

Next, you have to feed all the information required for the casting of the NFT, such as:

• Choose whether you want to create a ‘single’ or ‘multiple’ (series)
• NFT
• Give your NFT a name
• Write a description for it
• At the bottom you will see the casting fee
• That’s all! Now, you will see the ‘Minting Complete’ message and your transaction ID for that particular mint.
• Just below the ID, you’ll see the [List NFT] button. Click it to go to your collection
• This will take you to the tagged [archive] page under the [NFT Asset] page. This page lists all the NFTs that you currently own, it could be the NFT you purchased or an NFT you created. The same page also gives you the option to import NFT from another wallet or exchange.
• At the top right of the page is the [History] tab. Click it to view your [bid order], [sales history] and [purchase history]. The ‘Bidding Order’ records the details of the auctions in which you are currently engaged. ‘Sales History’ is a record of details of your previous auctions as a seller. And ‘Purchase History’ lists your successful purchases.

A few more points you need to know

• All your mined NFT binance will be present on the smart chain
• On binance smart chain, the mining fee of each NFT is 0.005 BNB
• Binance Smart Chain NFT supports the following file formats in sizes less than 50 MB:
• 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 have paid the fee, you cannot stop the process. Additionally, once information has been added to the Binance smart chain, it cannot be deleted, deleted, or changed.
• As mentioned above, NFT is a token that represents digital content. Only NFTs, i.e. records such as who owns the digital content, will be stored on the blockchain, however, the corresponding digital content will be stored in a centralized database.

An Attractive Platform for the Art Business

NFTs are revolutionizing digital property ownership. With the growing number of digital creators around the world, the importance of NFT as a rich and attractive platform for the art business is also set to grow. Binance smart chain NFT Marketplace lets you easily tokenize your artworks and prepares them to go live and trade in just five minutes.