How we can earn from NFTs (Non-fungible Tokens) by using Binance Smart Chain

What is Binance ?

Binance is a crypto currency exchange which is currently the largest exchange in the world in terms of daily trading volume of crypto currencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, but later moved its headquarters out of China following the Chinese government's increasing regulation of crypto currency.

Binance NFTs 

When Binance Lunaches it Binance NFTs:

Binance launches it Binance NFTs on June 24, 2021 and now binance become the world’s largest and fastest-growing centralized NFT marketplace, selling more than 1 million NFTs and collaborating with over 800 creators worldwide Because of there Industry-leading Liquidity and Volume, Lowest Fees, Easy Deposits from ETH and BSC Networks, Quick Fiat Cash Out, Access NFTs on the go with Binance Mobile App, Ranking feature, Simple Token Conversions.

Binance NFT Marketplace brings together artists, creators, and crypto enthusiasts on a single platform to create and trade top NFTs. The platform features 3 product lines:

• Events: Buy premium and exclusive NFTs created by global leading artists

• Marketplace: Mint, purchase, and bid on NFTs from creators around the world

• Mystery Box: Stand a chance to win rare NFTs in a box full of surprises

How to Create NFTs on Binance Smart Chain?

Binance NFT Non-fungible tokens marketplace is launched by Binance Smart Chain (BSC) network and community. It is one the highest liquidity network that permit creators around the world to trade, sell, bid, and purchase Non-fungible Tokens (NFTs).

The preconditions to create Binance Smart Chains NFTs:

• Create a Binance account

• Be handy with a compatible crypto wallet

• Ensure you have enough cryptocurrency to cover the minting fee. ( The Binance NFT Marketplace supports BNB, BUSD, and ETH)

Create Your Own NFT on Binance Smart Chain:

• Go to the Binance NFT marketplace homepage

  

  Binance NFT Homepage Screenshot

  
  

• Click on the [Create] button at the top right of the page

  

  Binance Smart Chain Homepage Screenshot

  
  

• It will direct you to the upload page. You can upload audio, image, and videos. Select the file of your choice.

• Select whether you want to create a ‘Single’ or ‘Multiple’ (series) NFTs

• Give your NFT a name

• Write a description for it

• Next, click the [Create] button

• Just below the ID, you will the [List NFT] button. Click it to go to your collections

• This will take you to the [Collections] page tagged under the [NFT Asset] page. This page lists all the NFTs you currently own, it can be an NFT bought by you or one created by you. The same page also gives you the option to import NFTs from another wallet or exchange.

• On the top right of the page, there is the [History] tab. Click it to view your [Bidding Orders], [Sales History], and [Purchase History]. ‘Bidding Orders’ records the detail of the auctions that you are currently engaged with. ‘Sales History’ is the record of the details of your previous auctions as a seller. And ‘Purchase History’ lists down your successful purchases.

Next, you need to feed all the information necessary for minting the NFT, such as

At the bottom, you will see the fee for minting

That’s all! Now, you will see the ‘Minting Completed ‘ message and your transaction ID for that particular minting.

A Few More Points You Need to Know:

• All your minted NFTs will exist on the Binance Smart Chain

• On the Binance Smart Chain, the minting fee of each NFT is 0.005 BNB

• Binance smart chain NFTs supports the following file formats in size less than 50MB:

• Image: JPEG, PNG, and GIF

• Video: MP4, MPEG, and AVI

• Audio: WAV and MP3

• The process of NFT minting is an on-chain action. Thus, once you paid the fees, you can’t stop the process. Also, once information gets added to the Binance Smart Chain, it can’t be deleted, removed, or changed.

As mentioned above, NFT is a token that represents digital content. Only the NFT, i.e. records like who owns the digital content will be stored on the block chain, however, the associated digital content will get stored in a centralized database.

Want to know about What is NFT? Is Non- Fungible (NFT) and Fungible Token (FT) being Same?

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