Creators and artists can create NFTs on Binance in less than 5 minutes, list them, and sell them for huge profits. Make sure you read to the end to learn how to use the Binance Marketplace.
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 NFTs on the Binance 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.
That’s it! 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” is the record of 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.
More Important Links:
- Animoca Brands CEO says NFTs are a ‘store of culture’
- How NFTs Are Made And How They Create Value
- How to start NFT trading for free without gas fees
- NFT Mint That Broke Ethereum, Worst Gas War That Wasted $180
- Minting NFT Meaning And How To Mint NFT For Beginners
Final verdict
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 NFT Marketplace allows you to easily tokenize your artworks and have them online and ready for trading in just five minutes.
You can easily earn a lot of proceeds from your artworks when you create NFTs on Binance.
Non-fungible Tokens FAQs
Who is eligible to mint NFTs on the Binance NFT Marketplace?
First of all, only pre-approved creators can mint NFTs through the platform. In the near future, this feature will be open to all registered users.
On which blockchain will Binance mint the NFT?
Minted NFTs will exist on Binance Smart Chain, but we will support multiple blockchains in the future.
What is the coin fee and how much is it?
Each NFT will have a coin fee of 0.000001 BNB for creations on the Binance Smart Chain.
What file formats do you accept and what is the maximum upload size?
- Image: JPEG, PNG and GIF
- Video: MP4, MPEG and AVI
- Audio: WAV and MP3
- All files must be less than 50MB.
Can I cancel the creation process while embossing?
Once you’ve paid your fee and Binance starts minting your NFT, we can’t stop the process. Because creating an NFT is an on-chain action, we cannot delete, remove, or modify information added to the blockchain.
Where is the content of an NFT stored?
Binance stores the content you upload in a central database. We don’t store its content on the blockchain, but the associated NFT is still on-chain.
Can I make changes to my minted NFT?
No, once NFT is minted, it exists on the blockchain forever. But you can delete your NFT and create a new one for the same file.
