What is an NFT? All you Need to Know on NFT
What is an NFT?
Before you start to mint NFT, you will need to know exactly what it means. At its most basic, it’s a type of cryptocurrency that represent a unique something 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.
Before minting NFTs
Before you can start minting your own NFTs, you’re going to need three things:
1. Your song, artwork, or collectible
2. Some crypto to pay the minting fee
3. 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 platform can I use to create NFTs?
You can pick any platform of your choice you want to use because moste of them are technically the same. 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.
Can I transfer an NFT from a BNB Chain marketplace to another?
Yes you can easily transfer your NFTs between marketplaces, so long as the new platform supports your token type..
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.
How to transfer NFT to another exchange
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).
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.
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. And be careful while investing to avoid being scammed.
Read about SOCIALDM MONEY MAKING PLATFORM
GET NEW JOB HERELIKE OUR FACEBOOK PAGE TO GET MORE UPDATES ON JOB AND BUSINESS HAWKIT.NG PLATFORM