Non Fungible Tokens are digital assets whose ownership is recorded on a blockchain. NFTs are used to represent virtually any type of real or intangible item, e.g. artwork, virtual items, virtual currency, and avatars, music, collectibles, tokenized real-world assets, from real estate and cars to racehorses and designer sneakers, and video footage of iconic sporting moments.
In this article, we shall look at how to create your own NFT and sell it on the three largest marketplaces; Binance, Axie Infinity, and OpenSea.
What constitutes an NFT Artwork?
Creating your own NFT art, whether it is a GIF or an image, is a straightforward process that doesn’t require extensive knowledge of crypto. NFT art can also be used to create collectibles like sets of digital cards.
Let’s get into it;
How do you create NFT Art?
Before you start creating your artwork, you will need to decide on which blockchain you want to issue your NFT’s. Ethereum is currently the leading blockchain for NFTs. However, there are a number of other blockchains that are increasingly becoming popular, including Binance Smart Chain.
Each blockchain has its own separate NFT token standard, compatible wallet services, and marketplaces. For instance, if you create NFTs on top of the Binance Smart Chain, you will only be able to sell them on platforms that support Binance Smart Chain assets. This means you wouldn’t be able to sell them on OpenSea which is an Ethereum-based NFT marketplace.
Creating and selling NFT on Axie Infinity, and OpenSea
Axie Infinity and OpenSea are two of the main marketplaces that are Ethereum-based. Ethereum has the largest NFT ecosystem, here’s what you’ll need to mint your own NFT artwork, music, or video on the Ethereum blockchain.
Ethereum is the largest system for these digital assets, as Rohit explains in his project on Education Ecosystem. You will need to have an Ethereum wallet that supports ERC-721, which is Ethereum’s token standard for NFTs, such as MetaMask, and Trust Wallet.
You will have to top up your wallet with about $50-$100 worth of ether to cover transaction fees.
Once you have completed those steps, you will be able to access and use platforms such as OpenSea, Axie Infinity, and others that are Ethereum-based. Most platforms have a “Create” button in the top right corner that will take you to the page where you can begin minting your NFTs.
Selling an NFT Art
Selling an NFT can be a more technically complicated process than buying or minting, particularly if you want to sell something that you have minted yourself e.g. a piece of artwork. The process of selling your art is similar for Axie Infinity and OpenSea.
You will need to upload the chosen digital asset onto the marketplace and enter a fixed price or opt to sell the NFT via an auction.
Next, the platform will verify the asset. If approved, it will be listed for sale.
When the seller accepts a bid, the marketplace conducts the transfer from buyer to seller.
Creating and selling NFT on Binance Smart Chain
Minting and selling NFTs on Binance Smart Chain (BSC) can be very profitable. Numerous digital artists make enormous returns from their artworks.
While Ethereum-based NFT marketplaces have made waves over the years, BSC, with its insane transaction speed and ridiculously cheap gas fees, is poised to propel the NFT market even further.
Minting and Selling Your NFT artwork on Binance
What do you require?
The road to creating and listing your NFT on Binance Smart Chain is the smoothest and fastest one. The requirements for creating an NFT are just two — a blockchain and a BEP20-compatible wallet. Here, we shall use BakerySwap wallet, which is the foremost NFT marketplace on Binance Smart Chain.
1. Fund your wallet with BNB.
2. Go to “Mint Artwork” in the BSC Artist section. Fill in your artwork details.
3. Upload the artwork by clicking the + sign
4. Check the agreement box, mint, and approve the transaction.
5. 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.
6. Wait for your artwork to be approved, then click on ‘Review’ to set the price.
Done! You have successfully listed your own NFT artwork on Binance.
The value of NFTs is on a constant rise, and there is no telling how many digital creators can be enriched. More blockchains continue to compete to produce better NFT services, and a range of platforms to choose from growing now is a great time to take part in the space. This article demonstrates how you can easily tokenize your artworks to gain massive returns potentially.