Binance NFT is a service of the cryptocurrency exchange of the same name, which allows users to trade non-fungible token (NFT). The platform quickly gained popularity among users, today it publishes collections of irreplaceable tokens of famous artists and musicians, and any user can create his/her own non-fungible token and put it up for sale.
Another solution of the exchange was the release of Mystery Boxes which can contain non-fungible tokens of varying rarity. The user can both recoup his/her investment or get a token that is worth considerably less than the box.
However, the most popular, given the high excitement around the topic of NFT, is the service for creating user’s own irreplaceable tokens, where the user can, using their own images or music, create tokens and put them up for sale, using one of the blockchain networks.
About the platform
The main functionality of the platform is a large marketplace that works in conjunction with Binance Smart Chain and the Ethereum blockchain, which allows it to interact with most digital assets.
Non-fungible tokens are created through minting – tokenization in the blockchain of a specific file that contains information. Because the file is put online forever, the blockchain records serve as reliable proof of ownership of a particular token, with a specific creator and current owner, which provides both a resale royalty for the author of the work and reliable ownership for NFT buyers.
The minting process isn’t free, the system charges a special commission – gas, using the exchange’s own token. BNB’s commission payment goes towards payments for the stakers, who are charged with keeping the network running.
The main areas of work for Binance NFT are:
- Marketplace for the creation and sale of non-fungible token.
- Conducting large-scale promotions with famous artists and musicians.
- Creation of Mystery Boxes containing various NFTs.
Binance is always striving to keep up with the development of the cryptocurrency market, the company couldn’t get past the hype around irreplaceable tokens, and the decision on the gas currency allowed it to find another way to use its own token.
How to create your own NFT in the marketplace
The main advantage of Binance NFT over many other marketplaces is the ability for the user to release their own non-fungible token. This requires full account verification .
If the procedure has already been passed, the course of action is as follows:
- Go to the Binance NFT section.
- In the upper right corner of the window, press the “Create” button, after which the file upload form will be unfolded.
- Select the file you want to turn into an irreplaceable token. Many popular formats are available – JPEG, GIF, AVI, MP3 and MP4, as well as a number of others, but with a volume limit of up to 50 MB.
- After uploading a file, a single token is created or several copies with unique identifiers each (the fee increases according to the number of tokens created).
- Specifie the description of your custom-made token.
- It remains to confirm the creation and then token minting begins – the transactions will reflect the token ID and the commission of 0.000001 BNB will be deducted from the account.
Once a token has been created, it cannot be removed from the blockchain or made any adjustments to it, the token remains online forever. However, it is possible to remove it from the platform and create a new non-fungible token using the same file.
The user can view previously created or purchased tokens in the “User Center” section, all files linked to specific NFTs are stored on the exchange servers.
Selling a self-created NFT
Selling self-created non-fungible tokens is similar to selling any other NFT, but will be considered a listing since the token will be sold for the first time.
For the sale you need:
- Select the appropriate action for the non-fungible token to choose how to sell it. In the marketplace it can be a fixed-price sale or an auction sale.
- When using an auction, the user specifies the initial price of the lot, the cryptocurrency of the bidding, and the lot step. To sell at a fixed price, it’s enough just to specify the price. The exchange charges 1% from each sale.
- For an auction, it is necessary to specify the bidding period (the maximum duration is a week). If the token is sold at a fixed price, it can be on sale at any time.
A profitable advantage of the marketplace is that the author receives a royalty of 1% of each resale of released non-fungible tokens.
Given the hype around the topic of NFT and the benefits of using the technology for authors of artistic works, the question of a convenient platform for creating irreplaceable tokens is becoming more and more relevant. Binance NFT is an easy and simple solution that allows you to create your own tokens as quickly as possible and sell them without withdrawing them to other wallets, with subsequent receipt of royalties from resales.
In addition to a simple creation interface and convenient payment currency “gas” Binance is an excellent advertising platform due to its popularity, and the use of the platform by famous artists attracts a large number of collectors interested in the new direction, which increases the chances of selling an artwork at a much higher price.