As one of the most active crypto exchanges worldwide, Binance has gained a reputation for being one of the premier names in the crypto scene. Now that they’re getting into the NFT game, people are understandably excited.
If you’re an NFT artist looking to get your name out there, Binance NFT is one of the best options to host your art. Learn the basics of creating and selling NFTs on Binance in this guide!
How To Create NFTs On Various Sites
Check out these articles to find out how to create and sell NFTs on the Internet’s major NFT marketplaces.
- How To Create And Sell An NFT In 2022
- How to Create and Sell an NFT on OpenSea
- How To Create An NFT On Solana
- How To Create Your First NFT On Rarible
- How To Make, Buy And Sell NFTs On Ethereum
- How To Create An NFT On Crypto.com
- How To Create An NFT On iPhone – Top 5 Apps
- The Ultimate Guide On How To Create An NFT On Sandbox
- How To Create A Dynamic NFT On Polygon
- How To Create NFTs In Photoshop – Step By Step Guide
What Is An NFT?
Before we go further, we’ll cover the basics of NFTs. Standing for Non-Fungible Tokens, NFTs are basically digital tokens attached to digital files like images, audio, and video that acts as its certificate of actual ownership. An NFT as well as its sales history is recorded on a digital ledger called the blockchain. Blockchain technology allows people to verify a token’s purchase history, past owners, and other historical data.
They’re called “non-fungible” because you can’t trade one NFT with another and expect it to hold the same value, in the same way that you can’t trade da Vinci’s Mona Lisa for Van Gogh’s Starry Night. They’re both legendary paintings, but they’re different items with different values.
These days, NFTs are largely used as proof of ownership for digital art. If you own an NFT attached to an image, you’re the rightful owner of that image.
How To Make Your Own NFTs
So how do you make your own NFTs as a digital artist? Summarized, here are the key steps to making an NFT that you can then sell on Binance:
- Look into your chosen demographic and take note of what kind of art they like
- Come up with a concept for your NFT collection
- Get through the creation process – draw, edit, and finish your art pieces
- Save your NFT asset, we’ll learn how to sell them later
If you’re looking for an easier way to mint and sell your NFTs, check out Tokenfy! Visit our website to learn how you can launch NFT collections without any technical know-how!
What Is The Binance NFT Marketplace?
Most of you may know Binance primarily as a cryptocurrency exchange. Its new Binance NFT Marketplace is a marketplace for digital artworks and collectibles, running on the Binance blockchain. Binance NFT Marketplace offers three main features:
- One of the largest marketplaces for NFTs where you can mint and trade digital assets from creators worldwide.
- Special events where you can buy exclusive NFTs from leading digital creators, musicians, brands, and celebrities.
- Mystery boxes containing one random NFT inside. You can get a normal, rare, super rare, or super super rare NFT with each box purchase.
There are many NFT marketplaces out there, each offering its own benefits and advantages. So why choose Binance NFT Marketplace? Here are several reasons why:
Best-In-Industry Liquidity & Volume
Trading volume and liquidity are important, because those two statistics measure how easy and fast it is to exchange digital assets on a trading platform. Binance NFT Marketplace has one of the highest trading volumes and liquidity in the industry, meaning you can expect faster transactions.
Other marketplaces collect up to 7.5% in trading fees. At Binance NFT Marketplace, everyone only needs to pay a flat 1% trading fee!
Quick Fiat Withdrawals
Once you’ve made the sale, you can quickly cash it out into fiat (physical currency) within seconds. All you need is to trade your BNB, BUSD, or ETH profits into your currency of choice.
How To Create NFTs And Deposit On Binance
Minting an NFT on Binance NFT Marketplace is a really straightforward process. However, you need to prepare three things first:
- The artwork you’re planning to make into an NFT
- Some cryptocurrency to pay for listing fees
- A digital wallet to store your currency
Once you have those three items, all you need to do is just follow these three steps:
Connecting Your Wallet
First things first, click the ‘Create’ button on the Binance NFT marketplace. From there, you can connect your crypto wallet to your account. Make sure that the crypto wallet you use is supported by Binance.
Creating The NFT
If you’ve been following our guide, you should already have the NFT files ready. Binance allows you to turn images, videos, and audio into NFTs. You can also choose to create an NFT as a single item (BEP-721 token) or as a series (BEP-1155 token). An NFT series lets you upload the same file but assigns a number on each item. So for instance, your first item in a collection of 50 NFTs will be marked 01/50, while the last one is 50/50.
After filling in key details like your NFT’s name and description, you can then pay your minting fee to have your NFT officially created. Once your NFT goes through the minting process, you can then check your collections page that lists all the non-fungible assets you bought and made.
Depositing NFT To Binance
Binance also supports depositing non-fungible assets from external sources. To do this, you need to first click the deposit menu on your account. Then, follow these steps to complete the deposit process:
- Connect your crypto wallet to Binance – make sure you choose a compatible network for your NFT.
- Paste your NFT’s contract address. Do not enter this address manually.
- Confirm your deposit and pay the gas fee.
- Your NFT is now officially transferred to Binance NFT!
Create NFTs with Tokenfy
No Coding Required.
What Are The NFT Transaction Fees On Binance
Fees charged on Binance NFT are as follows:
- A variable deposit fee made when importing NFTs into Binance
- A flat 1% trading fee for every NFT purchase or sales
- A dynamic withdrawal fee if you want to move your NFT out of Binance
- A 1% royalty fee paid to the NFT creator for all subsequent sales
- A 0.000001 BNB minting fee for NFTs on the Binance Smart Chain
How To Withdraw NFT From Binance
You can withdraw any NFT in your Binance collection into your wallet if you’re planning to move it to another exchange. Here’s how:
- Select the NFT you want to withdraw
- Confirm your withdrawal and prepare the coins to pay the gas fee
- Input your withdrawal wallet address – make sure you input a compatible wallet
- Confirm your withdrawal and pay the gas fee
Crypto Wallets Accepted On Binance
Binance accepts a wide range of cryptocurrency wallets, including:
- Binance Chain Wallet
- Trust Wallet
Creating An NFT On Binance FAQs
Still have some more questions about creating NFTs? Here are some of the most common questions, answered:
Do I need a specific wallet to use NFTs?
There are many crypto wallets you can use to trade NFTs. However, the most important thing to note is to check whether the wallet supports your exchange and blockchain of choice.
What platform can I use to create NFTs?
You can create NFTs on numerous crypto and NFT exchanges. Some popular names include OpenSea, Binance, and Rarible.
Binance NFT is a strong contender for one of the best digital marketplaces due to its low fees and a flexible way to move your NFTs between wallets and exchanges. Moreover, its high volume and liquidity means it’s easier to sell your NFTs!
If you’re looking to create a new NFT project from the ground up, Tokenfy is here for you. Visit our site and see how our expertise can help you kickstart your new NFT collection!