Launch Your Own NFT Marketplace
Introducing Non-fungible Tokens
Non-fungible tokens or NFTs, as they are commonly abbreviated, represent one of the finest confluences of a new technology like blockchain and a classic concept like collectibles. Non-fungible tokens, in simple terms, or collectible tokens that represent ownership of something unique that resides on the blockchain. The token can represent something completely digital or even real-world collectibles.
To understand NFTs, we need to understand the concept of fungibility.
What is Fungibility?
If an asset or a representation of an asset can easily be exchanged without any loss in value, that asset can be considered fungible. The best example is the dollar bill. If you have a $10 bill, you can easily exchange it for another $10 bill without any loss in value. Although there is something unique about the build that you had, it does not change in value. The bill can also be broken down into 10 one-dollar bills and that would still not alter its value either!
Non-fungibility, as you may have guessed, is the complete opposite of this! Non-Fungible tokens are unique and scarce. Considering the fact that blockchain technology is immutable and secure, NFTs present interesting use cases for the technology.
Although every blockchain possesses these attributes, there are some blockchains that are more qualified than others when it comes to handling NFTs.
The NFT Market
NFTs are selling like hotcakes, and it would have been difficult to miss news about NFTs selling video Memes, digital art, and songs. There have been instances where people have even sold NBA collectibles as NFTs.
Some blockchains even provide augmented reality and virtual reality facilities for people who purchase NFTs, so they can experience the art or the collectible before they commit to the purchase. Thanks to the introduction of NFTs, crypto art is growing at 466%, and the NFT market has seen an unprecedented growth of 37,000%.
What makes NFTs even more appealing is that it is not very complicated to procure one. There are NFT marketplace through which you can easily purchase Non-Fungible tokens for either crypto or fiat money. They also make amazing business prospects because of the profit you can make in every transaction!
Introducing Binance Smart Chain
Binance Smart Chain is a new-age blockchain created by Binance, one of the most renowned names when it comes to cryptocurrency exchanges. It has all the credentials to dethrone the first leader of NFTs, Ethereum when it comes to being the choicest blockchain for the NFT marketplace.
The Advantages of Binance Smart Chain
Binance Smart Chain, commonly abbreviated BSC, presents a lot of advantages.
- BSC is compliant with the Ethereum virtual machine, making it easy even for Ethereum developers to create apps on this new blockchain.
- BSC has far higher efficiency and speed when it comes to processing transactions. Three blocks can be added at a time and it also uses an easy consensus mechanism without compromising on integrity and security.
- BSC can seamlessly integrate with multiple cryptocurrency wallets, making it an ideal choice for decentralized finance.
- Just like Ethereum, even BSC has different token standards and there are specific token standards that are designed to work for NFTs. In fact, there is an NFT marketplace called BakerySwap that completely works on BSC.
To create your artwork token on a marketplace like BakerySwap it’s a simple and straightforward process. In fact, it is the simplicity of this process that makes the NFT marketplace a lucrative business idea.
Creating your NFT on a Marketplace
Before you embark on creating your NFT, you will need to know that you will have to choose a blockchain that will power your NFT and a wallet that will receive the money that you get for your NFT. For the sake of simplicity, let us take BakerySwap as an example which will also prove how simple it is to work with a blockchain like BSC.
- You will need to find your wallet with some crypto coins. In today’s conversion rates, you will need something as low as $11 to get started.
- You will find a section that explicitly mentions “Mint artwork.“
- You can upload your digital art or video or music by clicking on the +.
- Before you complete it, you will need to agree to the terms and conditions to approve the transaction.
- You can upload multiple pieces of art and creations, and you can view them all.
- You can set a price after your artwork is approved. If a collector finds your art appealing, they will purchase your art for the price that you have stated.
NFT Marketplace Development on BSC
If the process of minting the NFT is that simple, the process to create a marketplace has to be proportionally simple as well, and the BSC blockchain does not disappoint.
- The BSC blockchain has an architecture far less complex than its counterparts, making it one of the best choices for NFT marketplace development.
- You can selectively categorize The Non-Fungible tokens listed on the marketplace.
- The blockchain also supports non-commodity synthetics and also has a facility for DAO creation and operation.
- The blockchain can seamlessly integrate with other blockchains and wallets, making the scope of your marketplace more universal.
Conclusion
The fact that some big names belonging to different verticals like Jack Dorsey and Lindsay Lohan are associated with NFTs is big enough a testimonial for how promising NFTs are and how profitable any business involving NFTs will be. The BSC blockchain is a perfect example of how the right product at the right time can work out wonders. While people were stuck to the standards of Ethereum, BSC provided them with a perfect alternative that is better in ways that Ethereum was considered limited.
Considering how nascent the concept of NFTs are and how fresh the BSC blockchain is, it is now the ideal time for you as a crypto entrepreneur to build your NFT marketplace on Binance Smart Chain. Building your NFT marketplace on BSC would not be intimidating if you partner with the right blockchain development company.
