The term NFT is still mostly unknown to the public. NFT stands for “Non-Fungible Token”. “Fungible” means an item or object can be traded for another equal value. You are working with non-fungible items in this situation. Therefore, they can’t be exchanged for another item of the same kind. The NTF steps in at this point. Purchasing or creating an NFT is like signing something without gaining possession. It resembles online game buying. You buy the right to install and play an online game, but you don’t really own it.
What is Binance NFT?
If you’re interested in crypto, you probably heard about Binance. It is one of the largest cryptocurrency exchange platforms. It has its blockchain called Binance Smart Chain and cryptocurrency BNB. A year ago, the company introduced Binance NFT, which is actually an NFT marketplace. The area on Binance designated for non-fungible tokens has a different interface from the crypto trading market. The Binance NFT Marketplace brings together digital artists, creators, and consumers. The platform rounds up three categories:
- Exclusive events where you can come upon NFTs from the most recognizable artists
- The Marketplace where you can create, buy and sell NFTs.
- The “mystery boxes” are available for purchase and contain valuable NFTs.
Registration and Accepted Wallets
To use Binance NFT services, you must create a Binance account. Creating an account is simple and not much different from opening any other account. The only difference is that after entering your personal information (email address, telephone, etc.), you will have to verify your identity (KYC) with an official document; identity card, passport, or something else. Once your Binance account has been verified, you can buy crypto, or in this case, mint or trade NFTs. You can first buy any cryptocurrency and then trade or mint or pay fees straight with your preferred payment method (bank transfer or payment cards). To mint, buy, or sell NFTs on the Binance NFT marketplace, you don’t need a cryptocurrency account since Binance has its own Binance Smart Wallet. Of course, you can have one if you want, but everything you might need is on your Binance profile.
Prices, Payment Options, and Fees for Binance NFT
You must pay fees whenever you deposit, withdraw, or exchange NFTs on Binance. The fee depends on the network’s busyness and the congestion level at the transaction time. To mint an NFT on Binance Smart Chain, you must pay a fee of 0.000001 BNB. This amount is paid in dollars, which might vary depending on the BNB’s price. If you decide to buy an NFT, Binance will take a 1% commission which will be forwarded to the original NFT creator.
Why Create an NFT, and What Is Its Purpose?
This new idea has been driving the development of the digital world since 2014. As with anything else, the point of NFTs is to make money. In this particular case, creators of this digital art make money with their talent. Protecting copyright is the purest form of NFT. In the beginning, NFT was just an art form and nothing else. But today, it spreads to any digital asset. It can be a gaming feature, profile picture, mp3 file, twit, Facebook post, digital land, and literally any digital file. However, everyone knows that the whole point of NFT today is obtaining an item and then reselling it for a profit. And this is going very well for some people. We can’t mention the most expensive NFT, The First 5000 Days, which was sold for $69.3 million. There are two aspects of NFTs that makes them so desirable: Rarity: The fact that it is a unique piece of digital art makes it interesting. There can be only one owner. And owning a rare NFT is a matter of status and prestige. It is a similar feeling to owning a Mona Lisa or some other rare piece of physical art. Collection: If something is rare, it may be valuable. Some people believe that a collection of works of art is an excellent way to control culture. This false emotion raises the price of digital art to unbelievable heights.
How to Create an NFT on Binance NFT?
To be able even to begin the minting process, you will need to complete Identity Verification. One of the challenging steps is obtaining two followers on your Binance NFT profile. The best way to get two followers is to share your account on social media. There are a few supported social media for automatic sharing (Facebook, Telegram, and Twitter), but you can also copy the link and share it anywhere. There is also an email option, but you’ll agree that this method is outdated. Now, let’s go through a detailed step-by-step guide on creating an NFT on Binance NFT. Before you begin the process, ensure you have enough BNB or ETH in your wallet. Step 1 To mint an NFT, you first need to create an NFT collection. There are two ways to begin the process. First, click on the button “Create” in the top right corner on the Binance NFT homepage with a pop-up message saying that you’ll have to create a new collection before minting. Just click on “+Collection”. The other way is to go to the “User Center” and click on “+ Create New Collection”. Step 2 Whatever way you use, the end result will be the same; you’ll be redirected to the page where you need to enter information about your collection.
- Upload digital content you want to make an NFT out of.
- Name: Here, you’ll enter the collection name. This name will be used as the name for the smart contract. The name will be automatically checked through the verification system for inappropriate information.
- Write a short description of your collection. This text will be checked through the verification system as well.
- Category: You can choose from various categories, including art, sports, e-sports, entertainment, gaming, and many others.
- Upload a logo image that will represent your collection.
- Upload an image that will be a banner for your collection homepage.
- Select a network of your collection. At the moment, only BNB Chain and Ethereum are available.
- Enter Symbol or Token Tracker, which will be used to create a smart contract. This symbol can have a maximum of 10 characters, and we recommend using the name of your collection. It is essential to know that this information can’t be changed once created.
- Enter Smart Contract Owner Address. This is the part when you connect a wallet to the collection. This field is optional, but we recommend to enter wallet address because if you don’t, there will be ownership issues on DeFi marketplaces.
Step 3 (Optional Step) When connecting a crypto wallet, the first thing is to choose the network. You can choose between BNB Smart Chain and Ethereum. After choosing the network, select the wallet, and you’re all set. Step 4 Now you can set a royalty fee. That is a fee that the collection creator will charge at 1 – 10%. A buyer will pay a royalty fee to the creator in every future trade. Step 5 Enter your social media accounts where you want to promote your social media accounts. Binance NFT supports only Twitter, Discord, Instagram, Telegram, and Facebook. Step 6 Read Binance NFT Minting Rules and Terms of Service and click “Create”. This is it; you have created an NFT collection. But this is not the end; you haven’t created or minted an NFT yet. Step 7 Now go to the Binance NFT marketplace homepage and click “Create” again. Read and accept the Terms and Conditions. Step 8 You will be sent directly to the minting page, where you’ll be required to enter information about your NFT.
- Name of your NFT.
- A short description of your NFT.
- The network you want to create NFT on.
- The Collection, your NFT, will be categorized under.
- Properties of your NFT include mostly the type and name of the colors, shapes, etc.
Step 9 Click “Create”, wait a bit for the NFT to upload, and in a few seconds, minting will complete. Note: Once you set the name, symbol, category, network, and royalty fee, you can’t change it anymore.
Even though Binance NFT seems complicated to use, it really isn’t. Yes, Binance is a comprehensive platform, but once you segment it, it is relatively simple. Just make sure to have enough crypto in your spot wallet and carefully follow all the steps, and you won’t have any problems creating a collection and then an actual NFT. Binance is a strong and stable crypto and NFT minting and trading platform. You don’t need to worry about the safety or security of your personal information. It would be best if you considered that the crypto and NFT market is highly volatile and that you should invest just what you are ready to lose.