How to Mint and Sell Your Own NFT on Binance Smart Chain
Creating and selling your own NFT is incredibly simple and affordable on Binance Smart Chain.
The non-fungible token (NFT) market is pretty wild now. More and more artists, celebrities, influencers, and brands are cashing in on the new digital collectibles craze. The good news is: you can do the same!
Read on to learn how to mint and sell NFTs on Binance Smart Chain.
Why Are NFTs So Valuable?
NFTs are digital assets that represent a virtual or physical asset in the form of a unique token with verifiable proof of ownership.
Value is often perceived. Different factors come together to add to the perception of value. For NFTs, three things contribute to their perceived value.
Ownership: The ability of NFTs to assign publicly verifiable ownership to digital assets is a game-changer in the collectibles market. With blockchain technology, the authenticity of artworks and collectibles is guaranted.
Scarcity: NFTs establish digital provenance, which is a way to create scarcity, consequently adding to the perceived value of these one-of-a-kind digital assets.
Potential Profitability: NFTs have real potential to enrich issuers and collectors. As they operate on smart contracts they can reward creators with a cut on all subsequent sales. Conversely, collectors could potentially earn substantial returns as the popularity of their NFT collection increases.
What is Minting?
Minting is a fancy term for creating. Creating an NFT is actually a surprisingly simple process.
As a beginner, you do not need a deep understanding of how blockchain works to create one.
What Do You Need to Mint Your NFT?
1. A Blockchain
There are two prominent blockchain networks for NFTs: Ethereum and Binance Smart Chain (BSC). BSC, the smart parallel blockchain to Binance chain, has overtaken Ethereum in speed and ease of use; drawing in more users by the day.
Binance Smart Chain is also home to numerous NFT marketplaces, with more projects on the way.
2. A Wallet
Trust Wallet is one of the world’s leading crypto wallets that enables anyone with an Internet connection to access the world of NFTs on a range of blockchains.
To access an NFT marketplace on Binance Smart Chain, you can use the in-app DApp browser to seamlessly connect your wallet to the marketplace.
Minting an Artwork on Bakeryswap
This is Pawn Mate, an artwork we just minted on Bakeryswap. Discover how you can create your own NFT using the steps below.
BakerySwap is the foremost NFT marketplace on Binance Smart Chain. Transactions on the platform are incredibly fast. You can get things done within seconds. And it is much cheaper; it costs about 0.03BNB (Binance Coin) to create an NFT.
What Can You Mint on Bakeryswap?
The ‘BSC Artist’ and ‘Musk and Doge’ sections allow digital creators to upload and list digital artworks in the marketplace.
These artworks can be anything — screenshots of tweets, paintings, game positions, or even memes. The files are uploadable in png, jpg, or GIF formats and must be below 10MB. Obviusly, all uploaded content has to be original work.
Fund your wallet with BNB. You will need at least 0.03BNB (about $8 at the time of writing) to mint your artwork in the BSC and Musk and Doge sections. Minting in the 1inch&BAKE section costs 0.01BNB.
Go to “Mint Artwork” in the BSC Artist section. Fill in your artwork details.
Upload the artwork by clicking the + sign.
Check the agreement box, mint, and approve the transaction.
- Once your transaction goes through, you may check your artwork in the Pending section under ‘My Artworks’ or on your ‘Collectibles’ dashboard in Trust Wallet.
- Wait for your artwork to be approved, then click on ‘Review’ to set the price.
There you go. **Now you have created your first NFT! **
NFTs on Binance Smart Chain are getting increasingly popular owing to the chain’s low gas fees and faster transactions. If you are thinking of breaking into the world of crypto art and digital collectibles, BSC might be a good place to start.