Please accompany Unilaunch to learn “What can be an NFT? Do I need a specific wallet to use NFTs? How to mint an NFT on Binance NFT Marketplace” through the article below. If you want to create your own NFTs, the Binance NFT Marketplace is a great place to start. You can quickly mint NFTs and create your own collections directly on BNB Chain (former BSC) and Ethereum (ETH). BNB Chain offers low fees, quick transaction times, and has a growing NFT community.
There are many platforms to choose from, but usually, you just need to fill in your NFT details, upload your digital art or file, and pay the minting fee. If you feel like selling your NFT, you can quickly put it on a number of NFT marketplaces too.
Related: What is a non-fungible token (NFT)?
You’d have to have been living under a rock not to have heard about the recent NFT (non-fungible token) hype. Celebrities, digital artists, and creatives are all gearing up to put their artwork on the blockchain.
From paintings to songs and even collectible NBA trading cards, the possibilities are enormous when minting NFTs. It’s a great way of proving authenticity and ownership of creative works.
If you’re really talented (or lucky), you can also make some decent money. Think of it as a digital collectible record or one-off painting. If there’s a significant demand for your NFT, prices can be sky-high. You might have heard of visual artist Beeple, who sold an NFT called “Everydays: the First 5000 Days” for more than $69 million.
Apart from Beeple, other artists are selling their NFTs on blockchain-based marketplaces. The top sales speak for themselves. Check out some of the most expensive NFTs from The 10 Most Expensive NFTs Ever Sold.
Before minting NFTs
Before you can start minting your own NFTs, you’re going to need three things:
- Your song, artwork, or collectible
- Some crypto to pay the minting fee
- A cryptocurrency wallet to store your crypto
You’ll also need to pick the blockchain where you will create your non-fungible token. We’ll get into this in more detail later.
What is an NFT?
So you might be sure you want to mint an NFT, but do you know exactly what one is? At its most basic, it’s a type of cryptocurrency that represents something unique, collectible, and that cannot be replicated.
A simple analogy of an NFT is a shiny Pokémon card. Anyone can print one off and perhaps even make it look almost identical to a real one. But it’s just not the same in the mind of a collector.
We value the shiny Pokémon card for its uniqueness and authenticity. This is the same with an NFT. Of course, you can download the NFT’s associated image or collectible, but that doesn’t represent actual ownership or authenticity.
Even NFTs in a limited run aren’t all the same. You may have the 01/100 in the series, which can make it more valuable than the other units.
To learn more about the NFT craze’s origins, you can’t go wrong by reading up on CryptoKitties and CryptoPunks. These were some of the first hugely popular digital collectible projects on the Ethereum network.
What can be an NFT?
A big question to answer is what precisely an NFT can represent. Can it only be digital items or real-world artworks too? While it’s not as common, physical collectibles can be represented by NFTs. In these cases, the private key to a wallet containing the NFT is usually inbuilt or provided with the piece.
Christie’s even auctioned off the physical blockchain-inspired NFT art Block 21 (42.36433° N, -71.26189° E) (from Portraits of a Mind), with an associated NFT on an OpenDime hardware wallet.
Still, it’s much more common for digital artworks, songs, gifs, and videos to have their own NFT. Even video game collectibles can be represented with NFTs and financial staking products. Crypto art and NFTs aren’t just limited to one format, so the sky’s the limit when it comes to creativity for your new NFT.
Do I need a specific wallet to use NFTs?
This all comes down to the network you choose to create your token on. Fortunately, nowadays, most wallets support Ethereum and BNB Chain, so it shouldn’t make too much difference. These blockchains are the two most commonly used for NFTs.
What’s most important here is to check the blockchain network your token is built on. If it’s an Ethereum token, you will need an Ethereum supporting wallet. If it’s on Tezos, you’ll need a wallet that supports Tezos.
To make it simple, we recommend using MetaMask or Trust Wallet. These two crypto wallets support a wide variety of blockchains. You should always double-check, however, that your wallet supports the blockchain your token is on.
What blockchain should I use?
There are quite a few blockchains to choose from when minting an NFT. The Ethereum network was the first major blockchain to offer non-fungible tokens as we know them today. The list of NFT-compatible blockchains now includes BNB Chain, Polkadot, Tron, Tezos, and many more.
Most NFTs nowadays exist on either Ethereum or BNB Chain. However, gas fees on Ethereum have made minting and handling NFTs quite expensive. BNB Chain is a much cheaper alternative and also benefits from its faster transaction speed. There are plenty of NFT marketplaces and projects, giving you a big audience for possible buyers.
What platform can I use to create NFTs?
Picking a platform to mint your NFT comes down to personal choice and the blockchain you want to use. Most BNB Chain protocols will create your NFT as a BEP-721 token, so they will end up technically the same wherever you pick.
If you want to trade your token easily afterward, it’s probably best to choose a platform that has a marketplace you are familiar with. This way, you won’t need to transfer your NFT to a different place after minting it. For example, Binance NFT Marketplace now supports minting NFTs and creating NFT collections on the BNB Chain and Ethereum. You will be able to list your newly minted NFTs for sale directly on the Binance NFT Marketplace as well.
Can I transfer an NFT from a BNB Chain marketplace to another?
You can easily transfer your NFTs between marketplaces, so long as the new platform supports your token type. For BNB Chain marketplaces and exchanges, the vast majority will support both BEP-721 and BEP-1155 tokens. These are the most common types of NFTs you will find on BNB Chain.
What you cannot do is transfer your NFTs directly to a marketplace on another blockchain. For example, OpenSea does not natively support BNB Chain NFTs. While it may be possible to wrap your tokens, we recommend keeping your NFTs safely on their original blockchain.
To transfer your NFT to another exchange, send the collectible to your wallet. Once you have it safely stored, simply send it to the correct deposit address of the new platform. Always make sure to double-check that your NFT token standard is supported by your wallet and any platform you transfer it to.
How to mint an NFT on Binance NFT Marketplace
Before you can start minting NFTs on Binance, you need to complete identity verification. In addition, you’ll need to have at least 2 followers on your Binance NFT user profile. The easiest way to invite followers is by sharing your profile link on your social media accounts. Don’t forget to keep a sufficient BNB or ETH balance in your Spot Wallet to cover the minting fees.
1. Go to the Binance NFT Marketplace homepage and click [Create]. You will be redirected to the minting page.
2. You need to create an NFT collection and get it approved first. Click [+Collection].
3. Enter the details for your NFT collection, including:
- Collection name;
- Logo image;
- Banner image;
- Smart contract owner address (optional);
- Royalty fee;
- Social media links (optional).
For more details on requirements for each item, check out this NFT minting FAQ article.
You won’t be able to change the name, symbol, category, network, and royalty fee after the collection is created, so make sure the details are correct. You also need to read and agree to the Binance NFT Minting Rules and Terms of Service before clicking [Create].
4. Click [Continue] to submit your collection for review. As creating a collection will also deploy an independent smart contract, you’ll need to pay a Smart Contract Deployment Fee. Once the collection is ready, you can start minting your NFTs.
5. Go back to the Binance NFT Marketplace homepage and click [Create].
6. Read and accept the Binance NFT Marketplace Terms and Conditions and you will be redirected to the minting page.
7. Enter the details of your NFT, including:
- Description (optional);
After setting the details, you’ll see an estimated minting fee for the NFT. Read and agree to the Binance NFT Minting Rules and Terms of Service and click [Create].
8. Your file will start to upload and the Binance NFT automatic verification system will review your NFT.
9. Once the minting process is complete, you will see the NFT contract address and Token ID. You can click [List NFT] to list it for sale on the Binance NFT Marketplace.
How do I send my NFT to someone else?
Once you’ve bought or created your own NFT, you can send it to someone else directly from your wallet. If your wallet has an NFT section, you can simply select any of your NFTs and click the option to send it (Trust Wallet and MetaMask offer this feature).
Note that the recipient of your NFT will have to provide the correct deposit address for the type of token you have. If you have an ERC-721 NFT on the Ethereum network, the recipient should send you their Ethereum ERC-721 deposit address from their wallet.
When it comes to collaboration, NFTs can currently be a bit tricky. For the most common types of NFT (ERC-721, ERC-1155, BEP-721, BEP-1155), it’s only possible to have one owner.
However, some projects have plans to allow for the proceeds of a first sale to be split among multiple wallets. This feature is not built into the token’s code but relies on the exchange or marketplace you are using. We recommend you check for the possibility of splitting the NFT’s sale amount on the exchange you use.
If you want to have complete control over your NFTs and want to store them in a non-custodial wallet, you can use a decentralized platform.
The non-fungible token ecosystem is growing fast and becoming easier to use. For anyone interested in minting their own NFTs, the process is quite simple. Whether you want to create, buy, or sell NFTs, there’s a project out there for you to use. Happy minting!