In-Depth Guide About How To Create NFT on Binance

Anything that can be traded for a surprising amount in dollars certainly attracts public interest, especially if it is something digital that can be created and owned by anyone. The same event powered the crypto-craze for years and is now fueling the NFT boom. If you are a digital artist, art collector, or crypto enthusiast, you may have heard the NFT buzz that is making news with headlines like “Digital art sold by artist Beeple for $69 million”.

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 in the form of an NFT for over $2.9 million. The flexibility that NFTs can be anything digital, be it images, music, videos, images, and the fact that virtually anyone can create and trade them, has made the NFT business very lucrative. So, if you are also a creator of digital content, you can also create an NFT for it, and trade it.

How To Create NFT on Binance

To get started, you need to create and list your NFTs on the NFT market which facilitates the sale and purchase of NFTs. Ethereum-based NFT marketplaces are popular, but of late the Binance NFT marketplace has been making waves for its phenomenal transaction speeds and cheap gas fees.

Before learning how to make NFTs on Binance, there are a few points to understand about NFTs:

  • NFTs are tokens that represent digital content such as artworks, videos, collectible sports cards, virtual real estate, etc. That digital content is not hosted in the blockchain itself, which would be too resource-intensive.
  • When it is said that NFTs are hosted in a blockchain, it means that the records or data that identify a particular digital content reside in the blockchain. But the actual digital content presented by that NFT may reside elsewhere.

How to Create NFTs on Binance Smart Chain?

The Binance NFT Marketplace is powered by the Binance Smart Chain Infrastructure and Community. It is a high-liquidity platform that allows creators from all over the world to create, sell, bid, and buy NFTs.

Prerequisites for creating Binance Smart Chain NFTs:

Create Your Own NFT on Binance Smart Chain

  • Visit Binance NFT Marketplace Homepage
  • Click the [Create] button at the top right of the page
  • This will take you to the upload page. You can upload audio, image and video. Select the file of your choice.

Next, you need to feed in all the information required for casting the NFT, such as

  • Choose whether you want to create a ‘single’ or ‘multiple’ (series) NFT
  • Give your NFT a name
  • write description
  • At the bottom you’ll see the casting fee
  • That is all! Now, you will see the ‘Minting Complete’ message and your Transaction ID for that particular mint.
  • Just below the ID, you will see the [List NFT] button. Click it to go to your collection
  • This will take you to the [collections] page tagged under [NFT assets] page. This page lists all the NFTs you currently own, be it an NFT you bought or an NFT created by you. The same page also gives you the option to import NFTs from other wallets or exchanges.
  • At the top right of the page is the [History] tab. Click this to view your [Bid Order], [Sell History] and [Purchase History]. The Bidding Order records the details of the auctions in which you are currently engaged. The ‘Sales History’ is a record of the details of your past auctions as a seller. And ‘Purchase History’ lists your successful purchases.

Some more points you need to know About Creating NFT on Binance

  • All your mined NFTs will be present on Binance Smart Chain
  • On Binance Smart Chain, the mining fee for each NFT is 0.005 BNB
  • Binance Smart Chain NFT supports the following file formats less than 50 MB in size:
  • Image: JPEG, PNG, and GIF
  • Video: MP4, MPEG, and AVI
  • Audio: WAV and MP3
  • The process of NFT minting is an on-chain operation. Thus, once you have paid the fee, you cannot stop the process. Also, once information is added to the Binance Smart Chain, it cannot be deleted, removed or changed.
  • As mentioned above, NFT is a token that represents digital content. Only NFTs, i.e. records such as who owns digital content, will be stored on the blockchain, however, the associated digital content will be stored in a centralized database.

An attractive platform for art trading

NFTs are revolutionizing the ownership of digital assets. With the growing number of digital creators around the world, the importance of NFTs as a rich and lucrative platform for art trading is set to grow as well. The Binance Smart Chain NFT Marketplace lets you easily tokenize your artifacts and have them live and ready to trade in just five minutes.