NFTs can be bought and sold online through an auction or a fixed price method using different cryptocurrencies.
Anyone can create work, turn it into a Non-Fungible token on a Blockchain (the process is called minting) and sell it on a marketplace of choice. Binance Smart Chain is one example of the marketplaces available.
Selling NFT on Binance Smart Chain NFT Marketplace
Start by creating your file. The NFT project you create can come from a variety of things including, a gif, a picture, an audio file video, or even a 3D printing model.
To have a successful project, try to make your NFT as unique as possible when creating. Take, for instance, Kevin Abosch’s (an Irish conceptual artist) Rose and potato. The images looked quite simple but very unique and sold for a million Euros each.
Once you have selected Binance as your marketplace and your digital wallet is set up, use these step-by-step guidelines to help you Mint your NFT. You can also choose a form of blockchain you like, then use the marketplace that goes with it.
- Click on the Binance NFT marketplace homepage
- Tap on the “create” button found at the top right corner of the page
- Upload your Image audio or video of choice
- Choose whether you want to create a “single” or “multiple” series and give your non-fungible token and name and description
- After paying the minting fee, you can click on the “create” button
- You will receive a “minting completed” message, and the transaction ID for your minting will follow
- After minting, click on the “list NFT” button to open your collections. The page contains a list of NFTs your own, including the ones you previously bought
- You can also exchange or import NFTs from other wallets
- After that, you can view your bidding orders (auctions that you are currently engaging with), sales history (your selling details), and your purchase history (your successfully bought NFT projects) in the history tab
Additional Information
Binance offers a wide range of NFT categories with 1% charged as a transaction fee. The gas fee on Binance is also low.
The most important thing to note before you mint on Binance is that once you’ve paid the fee, you can’t go back and the information added on the Binance Smart chain can not be deleted or changed.
Binance Smart chain platform is advantageous because your work gets easily tokenized, and you’re ready to trade live in less than 5 minutes.
Conclusion
In general, there are some things you need to put into consideration before you transact on any NFT Marketplace.
Some of these factors include;
- Your interests and their influence on where you buy NFTs
- Liquidity and market volume
- The general experience
- Transaction fees
NFTs are exploding in the digital market, and it is an exciting time to start your journey into the digital space. The future looks bright for the Crypto market, hence now is the perfect time to start familiarizing yourself with the digital market.