Binance is the world’s biggest cryptocurrency exchange, and it offers a simple interface, high security, and a wide range of features. Founded in 2017, the exchange is the largest in the world in terms of both trading volume and user base.
Suitable for everyone from beginners to professionals, Binance’s offering spans spot trading, highly leveraged futures, staking opportunities, an NFT marketplace, and an Academy and blog where you can learn about what’s going on in the market. Binance operates in accordance with different regulations in more than 180 countries it serves.
To use Binance, you must complete a KYC verification and then turn on security measures such as two-way verification. You keep your funds safe when trading, transferring crypto, withdrawing funds, and in many cases, with two-factor authentication. You can use Binance with a browser, a Windows and Mac compatible desktop app, and an Android and iOS compatible mobile app.
In this article, we’ll be focusing on the Binance NFT platform, which allows users to buy, trade and mint NFTs (non-fungible tokens).
What are NFTs?
Non-fungible tokens, better known as NFTs, are digital assets that can be proven as unique through cryptographic means. Used to represent tangible and intangible items on the blockchain, NFTs provide individuals with proof of ownership. With many use cases including music, artwork, digital collectibles, in-game items, and official documents, this technology is the fastest growing sector of the crypto industry.
NFTs are cryptographic assets that contain identifying information created by smart contracts. Each NFT has metadata that distinguishes it from other NFTs. CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, Clone X, and many more NFTs, which are frequently seen on social media, are part of NFT collections that contain thousands of different NFTs. NFT collections often consist of algorithmically-generated images that have many different properties and rarities, and are priced according to how they contain these rare properties. Collections usually have a limited number of NFTs, such as 5,000, 10,000, or 20,000.
In NFT games or metaverses, in-game items are limited in number and their ownership belongs entirely to the NFT owner. Players can use whatever NFTs they have, trade them on NFT marketplaces, or even stake or lease NFTs. The highest volume NFT marketplace on the BNB Chain blockchain is Binance NFT.
Mint Your Own NFTs on Binance NFT
If you are interested in the NFT world and the Binance NFT marketplace, you can take the first step to minting an NFT. To mint NFT in this marketplace, you just need to have completed your identity verification and gained at least 5 followers.
Binance strives to ensure that anyone who is enthusiastic can join the world of NFT, regardless of their level of knowledge or experience. When creators meet this world, they can see that their creations reach their maximum value.
Binance allows NFTs of all sizes and shapes to be issued on its platform. Check out the step-by-step guide below to create an NFT collection and mint NFTs on Binance.
Creating an NFT Collection
You can go to the user center to create an NFT collection. When creating a collection, you will be asked for information such as your preferred blockchain network and royalties. You must upload a logo and banner images for your collection.
After reading and accepting the Binance NFT Minting Rules and Terms of Service, you should click the “Create” button. After creating the NFT collection, the information is committed to the blockchain and then cannot be changed, so you must ensure that the information is correct.
Select the wallet address
The wallet address you specify when creating the collection will be the owner of the smart contract on the blockchain. You use this wallet to collect royalties and claim ownership of NFTs in the collection.
Your wallet should have enough ETH if you selected the Ethereum network when creating the collection, and enough BNB if you selected the BNB Chain network. Once you have enough coins to cover the NFT minting fees, you are ready to mint the NFT. You can view the collection options or create a new one while minting the NFT.
You can add up to 100 properties to NFTs. These attributes can determine the rarity of NFTs in your collection. An NFT, which has a rare property, is more valuable than others. Once you accept the Binance NFT Minting rules and click the Create button, the transaction will be completed. The automated verification system will review and confirm your NFT. To get timely updates about your collection and NFTs, you can enable notifications by going to User Center, Settings, Notifications.
After you create a collection and mint an NFT, you can choose whether to list the entire collection or just a few NFTs from it. If you decide to list, NFT will be available for sale on the Binance NFT Marketplace at a price you set, or will be auctioned at the terms you set.
Binance NFT Content Verification System
Binance has clearly stated cases of content violations in its rules. The verification system does not endorse NFTs that contain violence, spam, objectionable content, abuse, or fraudulent use. Each user can report NFTs on the platform that violate the terms of service. If the NFT actually violates the terms of service or rules, the content will be restricted or removed altogether.
You can visit the official Binance website to learn everything you need to know when it comes to the rules and guidelines for minting NFTs.
Collection Creation Fee
Two networks that can be used to create collections on Binance NFT are BNB Chain and Ethereum. When creating a collection on one of the two networks, it is necessary to pay a gas fee. The smart contract deployment fee for Ethereum is about 0.75 ETH, while for BNB Smart Chain it is 0.04 BNB. Minting an NFT on BNB will only cost a few cents. To access the collections you have created, enter your user profile and click the Created button.
Want to sell an NFT you’ve created or purchased on the marketplace? You can select the NFT you want to sell by clicking the NFT Asset tab in your profile. You can decide on all the specific parameters for the NFT you will list on the market. You can choose to sell the NFT for a fixed price or set up a timed auction. You can choose the crypto currency you want as the payment option.
You will be asked to choose a category to list NFTs in and write a description to inform potential buyers. The NFT listing will go through the verification phase by the Binance team. Within 8 hours, the listing request will be approved and your NFT will be available for sale on the terms you specify.
Why Should I Create an NFT Collection on Binance?
Binance NFT is a relatively new platform. In the past, only approved NFT creators could mint NFT collections on the platform, but Binance has now enabled this function for all its users. If you are looking to showcase your NFTs to millions of users and visitors by joining the vast Web3 ecosystem, this platform is one of the best in the ecosystem.
Users who want to step into the NFT world often have to have coding knowledge and face high costs. In terms of transaction volume, TVL, dApp hosting, NFT trading, and other metrics, BNB Chain ranks among the top three blockchains. BNB, which ranks second after Ethereum among the smart contract platforms with the highest market value, has many advantages over its rival Ethereum. Creating NFT collections, minting NFTs, and trading on the Ethereum network is both a slow and costly process compared to BNB.
Binance charges a 1% fee on NFT trading. This is a very low rate compared to the other most well-known NFT marketplace OpenSea, because OpenSea charges 2.5% for transactions.
In addition to offering low gas fees to its users, Binance has high liquidity both as a cryptocurrency exchange and NFT marketplace. The high liquidity of a platform means that you will have an easier time selling or trading your cryptocurrency or NFT.
Many NFT collections and DeFi applications, including Mobox and Pancake Squad, choose BNB Chain as their blockchain platform. Binance NFT Market offers digital content creators great opportunities to monetize their content on a widely adopted blockchain while keeping minting costs low.
Adnan is a crypto enthusiast who is always keeping an eye on the latest developments in the crypto ecosystem. He is an environmental engineer working on his MBA and has been following innovations in FinTech for several years. Adnan produces written content to review crypto projects and support the crypto community.