How to Create a Non-Fungible Token on Binance Smart Chain?

The non-fungible tokens have reached a prominent place in the marketplace and it is a recent crypto trend in the blockchain industry. In recent times, the market capitalization of non-fungible tokens is becoming high. So many crypto startups and speculators are showing interest in starting an NFT business. The NFT is a unique token that can not be interchanged with the other token of the same type. The non-fungible token is a kind of collectible or a rare item that can be created by only using the NFT standard.

In non-fungible tokens, the collectible can be either a digital property or a physical property. Such as pictures, digital painting, artwork, GIFs, tweets, oil paintings, gaming profiles, etc. Currently, NFT artwork and NFT gaming is trendy one so most traders are preferring these NFTs. For creating non-fungible tokens, binance introduced new NFT standards in their native binance smart chain platform.

If you are a person looking to create an Non Fungible Token by using a binance smart chain, then this article will guide you to create a non-fungible token for kickstarting your own NFT business.

Let us first swim into basics…

What is Binance Smart Chain?

Before knowing about the binance smart chain, you need to know about the binance chain platform. Binance Chain is a kind of public blockchain network for secure & fast crypto transactions based on matching engines. This network is developed on the distributed consensus algorithms. This network has a popular token standard named BEP2.

Now, let us come to the Binance Smart Chain concept. This blockchain network is shortly termed BSC. it is a new open-source blockchain platform that runs parallel with the Binance Chain. This BSC network is enabled by smart contracts which are built to be Ethereum Virtual Machine (EVM). The binance smart chain was introduced for providing the ability to develop and deploy crypto tokens, smart contracts, and DApps.

This blockchain platform can easily boost the functionality and compatibility with Ethereum Virtual Machine (EVM). This blockchain platform was launched with the aim to provide support to the Ethereum tools and DApps. The binance smart chain network supports cross-chain transfers and the creation of pegged coins.

Highlights of Binance Smart Chain

1.Block Time - 5 Seconds
2.Cross Chain Transfer
3.EVM Compatible
4.Cross Chain Contract Events
5.Proof of Staked Authority

Now, let us see…

Binance Smart Chain Non-fungible Token Standards

There are two different types of BSC non-fungible token standards such as BEP721 and BEP1155.

BEP721

BEP721 is a newly launched non-fungible token standard of the Binance Smart Chain (BSC) network. This NFT standard is an extension of the popular ERC721 token standard. The non-fungible tokens which are developed by using the BEP721 standard are called BEP721 tokens. When a digital or physical item is tokenized, the data to identify is tokenized. Also, the smart contract attaches a different and unique identifier to it. Thus, each BEP721 standard token contains a different token ID. The unique token ID determines the scarcity and uniqueness of the BEP721 token.

Like other non-fungible tokens, BEP721 tokens can be also used to represent any kind of items or collectibles. Such as art, in-game items, videos, audio, GIFs, tickets, and more. There are some important functions that need to be defined for a BEP721 token. Such as a name to identify the token, a symbol, balanceOf, and total supply that defines the total number of non-fungible tokens created. As of now, many startups are creating BEP721 tokens for starting their own NFT business. So there is a huge demand for the best BEP721 token development service in the crypto marketplace.

BEP1155

Another best BSC non-fungible token standard is BEP1155 and it is more similar to BEP721 standard tokens. If you create a single non-fungible token by using the BEP721 standard, then the BEP1155 standard enables the creation of a series of non-fungible tokens which will be beneficial for your NFT business.

How to Create an NFT on Binance Smart chain Network?

If you want to start an NFT business, then you need to create a trendy non-fungible token under a powerful blockchain platform like the BSC network. In recent times, many people raised this query - How to create an NFT on binance smart chain network? Can I create binance NFT? And so on. The answer is simple, you can develop an NFT by using the BSC network in two ways. Firstly, if you are a well-skilled developer, then you can create an NFT by yourself. But you must have strong knowledge of the BEP721 token standard and BSC network. Else, it will negatively impact the BEP721 token development process.

Secondly, you can hire a pool of well-experienced and skilled blockchain developers from the renowned BEP721 token development service provider in the industry. They will help you to create an NFT on the binance smart chain platform at an affordable cost. Because they have great experience in creating BEP721 tokens with ideal features and launching them in the binance NFT marketplace.

Final Words

NFT is gonna be the future of the crypto industry. The NFT market is all set and ready for the arrival of new NFTs. So this is the right time for you to create an NFT on binance smartchain by hiring the developers from the leading NFT token development service provider in the marketplace. By doing this, you can reap a lucrative amount of profits in your NFT business.