How TO Mint NFTs On Binance
By Damilola Olushola
What are NFTs?
Even if you have never heard of NFT, chances are that you have come across Ape art or some digital drawings while surfing the Internet. Those digital drawings are examples of NFTs, an abbreviation for “non-fungible tokens.”
Simply, NFT is a form of cryptographic token that represents a unique item. It allows people to buy and sell items with the trust that such item is unique and authentic. NFTs are valuable because they are unique and cannot be replicated.
NFTs, being digital assets, represent digital collectibles like art, music, videos, and in-game item with an authentic certificate created by blockchain technology. They are individual tokens with valuable information stored in them. They exist on a blockchain, which is a distributed public ledger that records transactions. It primarily operates on an exclusive ownership system that cannot be forged or manipulated. Nevertheless, they can be bought and sold just like any physical object.
How to get started with creating collections and minting NFTs on Binance
To get started with creating or minting your NFT, here are some of the important requirements to note:
- Only verified users can create NFT: Before you can proceed to create your NFT, it is expected that you complete your Identity Verification
- Have at least two followers: Another important requirement is that you must have at least two followers before you can proceed to create your NFT collection. To achieve this, you can share your Binance NFT user profile link to your various social media platforms. Binance currently supports Facebook, Twitter, and Telegram. You may also share via mail
- You have to create an NFT collection and get it approved before you can Mint
- You need sufficient BNB or ETH balance in your Spot Wallet to cover the fees
Once all of these points have been complied with, then you’re ready to proceed. But then, let’s take a look at the step-by-step process of creating your collection.
Create your own NFT collection and mint NFTs on Binance
How to create an NFT collection
Here is a step-by-step guide to creating an NFT collection on Binance:
Step 1
You’ll start by clicking [Create] on the Binance NFT Marketplace homepage. After this, you will be redirected to the minting page with the below pop-up. Click [+ Collection].
Step 2
After the process above, you will be redirected to the [Create a Collection] page. On that page, you will be required to enter the details for your collection, including:
- Name: The collection name you entered is what you will have as the name of the smart contract. The name entered will then be reviewed by Binance. Where, for instance, the name is inappropriate, you will be required to change it. Binance has an automatic verification system that makes such assessments.
- Description: Under this, you will give a short description of your collection. This description is also subject to assessment. If there is inappropriate content in the description, you will be required to change it.
- Category: To ensure that your NFT is captured under the right collection, you will be required to select a collection. It includes Entertaining, Art, Education, Sport, Gaming etc.;
- Logo: You will be required to upload a Logo for your collection.
- Banner Image: The banner image is the image that will appear on your collection homepage banner
- Network: You will be required to select either BNB chain or Ethereum chain for the collection.
- Symbol: The Token Tracker is used to create your smart contract and will be displayed across all on-chain messages. It cannot be changed after your collection has been created.
- Royalty Fee: Of course, as the owner of the collection, you will earn profits from each sale. So, you will be required to set the percentage of the profit. This, however, cannot be changed after the collection has been created.
- Social Media Links: You may add the social media platforms you wish to promote the NFT collection.
- Smart Contract Owners Address (optional): Although optional, if a wallet address is not provided, you won’t be able to claim ownership of your collection on the DeFi marketplaces.
Note: The smart contract owner can be subsequently changed after the creation of the collection. But an equivalent to the withdrawal fee will be charged.
To Add a wallet, you’ll have to paste the wallet address and click “add a wallet.” This will lead you to the add a wallet page. After this action, you will Choose the network of your wallet and click [Confirm].
If you are looking to store your unique digital possessions outside of Binance, we suggest you take a look at Enjin Walle or any other wallet listed on Binance curated list of top 10 NFT wallets.
Binance currently supports BNB Smart Chain (former Binance Smart Chain) and Ethereum (ETH).
After this, you may then Select the wallet you want to connect. You have two options to connect to either MetaMask or Wallet Connect.
After this entire process, you’ll be required to accept the Binance NFT Minting Rules and terms of service. Then, click [Create].
Step 3
After clicking [Create], what follows is a pop window stating the following: “The transaction proceeds from the initial sale of this item will be subject to a 10-day clearing period. See Sales Settlement Postponement Policy for more details.”
You will click continue and pay the smart contract deployment fee.
Although, it might take a while for the blockchain to execute. You will need a little patience. Once it is complete, you will receive an email notification. Upon the completion of this meticulous process, you’re ready to start minting NFT on Binance.
How to Mint an NFT on Binance
As you have seen above, the first process is to create your NFT collection. After doing this, you are ready to start creating your own NFT. Again, let’s take a look at the step-by-step guide on how to create your NFT.
Step 1
Go to the NFT marketplace homepage and click [Create].
Step 2
Read and accept the Binance NFT Marketplace Terms and Conditions.
After this, you will be redirected to the minting page. Then, you will be asked to enter the details of your NFT, including:
- Name: The name you wish to give your NFT;
- Description (Optional): A short explanation of your NFT;
- Network: Select the network of your NFT;
- Collection: Select which collection this NFT will be categorized under from the dropdown list. You will only see the collections on the network you just selected. For example, if you select BNB Chain, you will only see the NFT collections on BNB Chain.
One important point to note is that you may select the collection you just created or click [+ Add a new Collection] to create another one. Then, you will proceed to select the properties of your NFT.
Step 3
After all the required details are set, you’ll see an estimated minting fee. Read and agree to the Binance NFT Minting Rules and Terms of Service, and click [Create].
From here, your work will start to upload. You will need to wait patiently for Binance to review your NFT. It will be assessed via an automatic verification system. Once the entire minting process is complete, you will see a [Minting Completed] pop-up with the contract address and Token ID of your NFT. Alternatively, if the system requires more time to process your NFT, you will receive a [Successfully Requested] pop-up. You will then be notified via email when your NFT is minted.
Also, it may, sometimes, happen that the minting might fail. For instance, it may fail because the work contains inappropriate content. If this continues 5 times within 24hrs, you will be suspended from minting for 24hrs. However, once you follow the steps we have highlighted above, then you’re ready to Mint your own NFT.
CONCLUSION
The world around us keeps evolving, and with this comes new opportunities. NFTs are one of such opportunities, and the industry presents huge prospects ahead. You can also partake in it and reap your rewards by following the guide above. Get your NFT journey started today with Binance. Click on the link below to get started.
