Anything that can be sold for massive amounts of money will grab people’s curiosity, particularly if it’s something digital that everyone can produce and own. For years, the same mechanism pushed the crypto-craze, and now it’s driving the NFT growth. If you’re a digital artist, art collector, or crypto aficionado, you’ve probably heard about the NFT hype that’s been making the rounds in the press, with stories like “digital art by the artist Beeple sold for $69 million.”
Not just worldwide musicians like Beeple, but also a slew of digital artists are profiting handsomely from their work thanks to NFT platforms. Jack Dorsey, the CEO of Twitter, auctioned his first tweet as an NFT for $2.9 million. The fact that NFTs may be anything digital, including drawings, music, video, and images, and that almost anybody can generate and exchange them has made the NFT industry incredibly profitable. If you create digital material, you can also mint and exchange NFTs for it.
To begin, build and offer your NFT on an NFT marketplace that allows you to sell and purchase NFTs. NFT markets based on Ethereum are well-known, but the Binance NFT marketplace has recently made headlines because of its lightning-fast transaction speeds and low gas prices.
There are several things to grasp about NFTs before knowing how to construct them in Binance:
An NFT is anything that can be translated into a digital format. Drawings, photographs, movies, GIFs, music, in-game objects, portraits, and even a tweet may all be transformed into NFTs, which can then be exchanged online using bitcoin. However, what distinguishes NFTs from other digital forms is that they are supported by Blockchain technology. For the inexperienced, Blockchain is a digital database that keeps track of all transactions. It’s similar to a bank passbook, except that all of your transactions are transparent and visible to anybody, and they can’t be edited or updated after they’ve been recorded.
NFTs are gaining a lot of traction these days since they’re a great method to show off and market your digital artwork. Hundreds of millions of dollars have been spent on NFTs since its introduction in 2015, and Terra Nulius was the first NFT on the Ethereum Blockchain, despite the fact that this project was just a concept that enabled users to customize a brief statement that was subsequently recorded on the blockchain. After that, in 2017, Curio Cards, CryptoPunks, and CryptoCats emerged, before NFTS gradually gained public exposure and eventually widespread use in early 2021.
To create NFT you have to first create your NFT wallet to pay the gas fee!
What exactly is an NFT Wallet?
To purchase NFTs, you will need a cryptocurrency wallet. Isn’t the name itself a touch scary? What is the definition of a cryptocurrency wallet? Oh, yes, Lord! But don’t worry; it will grow more common with time. We’d want to dispel a popular myth right away: your crypto wallet does not contain any cryptocurrency, coins, or tokens! No, it’s not a collection of lovely GIFs and PNGs like you’ve seen on Twitter. You might be forgiven for thinking they functioned like a typical wallet with cash and coins, but in theory, they’re more equivalent to a debit card or a bank.
A public and private key exists for each crypto address in your wallet. You can provide the public key to anyone, just like you may give someone your bank account number to make a payment or your email address to send you a message. The public key, on the other hand, will not grant you access to the funds. The private key works in a similar way to your debit card PIN in that it is required to make payments and authenticate address ownership.
Types of Wallet
Crypto wallets come in a variety of shapes and sizes, but they all serve the same goal, although with varying levels of simplicity and security.
Your private keys are stored on a physical device that resembles a USB drive in Trezor and Ledger hardware wallets. The USB device is only connected to the internet while it is being used for a transaction; otherwise, it is shut off.
Attackers will be unable to gain access to the private key as a result of this. This is the safest wallet, and it easily links to Metamask. It can be inconvenient, so have one on hand or put one away for lengthy periods of time. Then there are work area wallets such as Electrum and Mycelium, which keep your private keys on your computer. On the other hand, portable wallets like Argent and Rainbow keep your private keys on your iOS or Android device. In any event, you should double-check that your computer and mobile devices are secure.
Custodial online wallets, such as Coinbase, Binance, and BitMEX, are third-party organizations that retain your private keys and have complete control over your funds. Although this is advantageous and may result in lesser costs, you should be concerned about data breaches and the fact that the caretaker has the authority to freeze your funds at any time.
Convert your Assets to Ethereum (ETH):
Purchasing bitcoins using traditional currencies through a cryptocurrency exchange like Coinbase is a simple process. Coinbase is straightforward to set up, although the approval process may take a few days.
To join up with Binance, you’ll need the following items:
1. Photo identification, such as a passport or a driver’s license.
2. A pre-approved payment mechanism, such as a bank account.
You may use the site to buy Ethereum after you’ve been accepted, which you’ll then send to your MetaMask wallet.
Get your hands on a MetaMask Wallet
We’ll put our ETH in a non-custodial wallet using MetaMask. MetaMask is a Chrome plugin as well as an iOS and Android app. We’ll be using the Browser extension in this situation.
To get your MetaMask Chrome extension from the Chrome web store, go to Add to Chrome and then Add Extension. After installing MetaMask, click the fox head in the web page bar to begin the installation process.
You’ll be asked to create a passcode and a hidden backup phrase, which you should end up saving anywhere safe and secure offline. You may use this passcode to backup and restore your account, but much like your private key, you shouldn’t ever share it with anybody.
Connect your MetaMask Wallet to Binance
Binance is a huge internet marketplace for NFTs. Now that you’ve configured MetaMask, all you need to do is login into Binance and choose MetaMask from the wallets list. You will be prompted to validate your account information.
Now learn how to create your own NFTs on Binance
How to Make NFTs on the Binance Smart Chain
Binance Smart Chain technology and community power the Binance NFT marketplace. It is one of the most liquid platforms, allowing producers all over the globe to mint, sell, bid, and buy NFTs.
The following conditions must be met in order to establish Binance Smart Chains NFTs:
- Make a Binance account.
- Keep a suitable crypto wallet on hand.
- Make certain that you have enough bitcoin to cover the minting charge. (BNB, BUSD, and ETH are all supported in the Binance NFT Marketplace.)
On Binance Smart Chain, you may create your own NFT.
- To get started, go to the Binance NFT marketplace’s main page.
- At the top right of the page, click the [Create] button.
- You’ll be sent to the upload page. You may add audio, images, and videos to your account. Choose the file you want to use.
Following that, you must supply all of the information required for minting the NFT, such as
- Choose whether to make a ‘Single’ or a ‘Multiple’ (series) NFT.
- Make a name for your NFT.
- Give it a name and a description.
The minting charge is listed at the bottom.
Then press the [Create] button.
That concludes our discussion. The ‘Minting Completed’ notice will now appear, along with your transaction ID for that specific minting.
The [List NFT] button is located just below the ID. To access your collections, click it.
This will lead you to the [Collections] page, which is part of the [NFT Asset] section. This page includes all of the NFTs you presently own, whether they were purchased or developed by you. You may also import NFTs from another wallet or exchange them on the same page.
There is a [History] tab in the top right of the website. You may examine your [Bidding Orders], [Sales History], and [Purchase History] by clicking on them. ‘Bidding Orders’ keeps track of the details of the auctions you’re presently participating in. ‘Sales History’ is a record of the information of past auctions you have held as a vendor. In addition, ‘Purchase History’ displays a record of your successful purchases.
A Few More Things You Should Know:
- All of your newly issued NFTs will be listed on the Binance Smart Chain.
- The minting charge for each NFT on the Binance Smart Chain is 0.005 BNB.
- Binance smart chain NFTs support the following file types in sizes smaller than 50MB:
- Image formats include JPEG, PNG, and GIF.
- MP4, MPEG, and AVI are the video formats.
- WAV and MP3 audio formats are available.
- NFT minting is an on-chain action. As a result, after you’ve paid the fees, you can’t halt the procedure. Furthermore, once information is put to the Binance Smart Chain, it cannot be erased, altered, or amended.
NFT, as previously said, is a token that represents digital material. The NFT, or records such as who possesses the digital assets, will be recorded on the blockchain, but the related digital asset will be housed in a centralized database.