Written by Shivashish Yadav on   -  5 min read

How To Create Non-fungible Tokens (NFTs) on Binance Smart Chain?

blockchainnftcryptotechnologybinance

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

Anything that can be traded for a surprising amount of 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 as an NFT for over $2.9 million. The flexibility that NFTs can be anything digital, be it images, music, videos, images, and 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.

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. That digital content is not hosted in the blockchain itself, which would be too resource-intensive.
  • When it is said that NFTs are hosted on a blockchain, it means that the records or data that identify a particular digital content to live in the blockchain. But the actual digital content presented by that NFT may live 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:

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

Create Your Own NFT on Binance Smart Chain

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

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

  1. Choose whether you want to create a 'single' or 'multiple' (series)
  2. NFT
  3. Give your NFT a name
  4. write a description for
  5. At the bottom you'll see the casting fee
  6. That's all! Now, you will see the message 'Minting Complete' and your transaction ID for that mint.
  7. Just below the ID, you will see the [List NFT] button. Click it to go to your collection.
  8. 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.
  9. At the top right of the page is the [History] tab. Click it 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

  1. 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
  2. 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

  1. 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.
  2. 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 will 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.