The Binance NFT Marketplace is one of the fastest ways for creators and artists to mint and sells Non-fungible tokens (NFTs) in less than 5 minutes.
While other platforms also allow the creation of NFTs, Binance is the largest cryptocurrency exchange in the world which also supports NFT creation and selling.
NFTs are tokens representing digital content such as artwork, videos, collectible sports cards, virtual real estate, etc. This digital content itself is not hosted on the blockchain, which would require a lot of resources.
When anyone says that NFTs are hosted on the blockchain, they mean that the records or data identifying specific digital content reside on the blockchain. But the actual digital content represented by this NFT may reside elsewhere.
To get started, you need to create and list your NFTs on an NFT marketplace, which makes it easy to buy and sell NFTs.
Ethereum-based NFT markets are popular, but lately, the Binance NFT market is making waves for its unprecedented transaction speed and cheap gas fees.
How to create an NFT on Binance Marketplace
In five minutes you can have your NFT active and ready to trade on Binance by following the steps below:
- Create a Binance account
- Have some prior knowledge of using compatible cryptocurrency wallets
- Make sure you have enough cryptocurrency to cover the minting costs. (Binance’s NFT marketplace supports BNB, BUSD, and ETH)
- Go to the Binance NFT Market homepage
- Click the [Create] button in the top right corner of the page
- You will be redirected to the download page. You can upload audio, images, and videos. Choose your preferred file.
Next, you need to provide all the information needed to mint the NFT
- Choose whether you want to create a “single” or “multiple” (serial) NFT
- Give your NFT a name
- Write a description
Below you can see the minting costs.
- Then click the [Create] button.
And all of that! You will now see the message “Minting Completed” and your transaction ID for that particular mint.
- Just below the ID you will find the [List NFT] button. Click on it to access your collections.
- This will take you to the [Collections] page highlighted below the [NFT Asset] page. This page lists all the NFTs you currently own, it may be an NFT you have purchased or an NFT you have created. The same page also offers the possibility to import NFTs from another wallet or exchange.
- In the top right corner of the page is the [History] tab. Click on it to view your [Bid Orders], [Sales History], and [Buy History]. “Bid Orders” stores details of the auctions you are currently participating in. “Sales History” records your previous auction details as a seller. And “Purchase History” lists your successful purchases.
Some things to consider
- All your created NFTs will exist on the Binance Smart Chain
- On the Binance Smart Chain, the mint fee for each NFT is 0.005 BNB
- Binance Smart Channel NFT supports the following file formats below 50MB:
- Image: JPEG, PNG, and GIF.
- Video: MP4, MPEG and AVI.
- Audio: WAV and MP3
- The NFT embossing process is a chain action. So once you have paid the fee, you cannot stop the process. Additionally, information added to the Binance Smart Chain cannot be deleted, removed, or modified.
As mentioned above, NFT is a token that represents digital content. Only the records of the owner of the digital content are stored on the blockchain.
However, the associated digital content is stored in a central database.
NFTs are revolutionizing digital asset ownership. With the growing number of digital creatives around the world, the importance of NFTs as a rewarding and profitable platform for the art trade will also increase.
The Binance Smart Chain NFT Marketplace allows you to easily tokenize your artworks and have them online and ready for trading in just five minutes.