Today’s creators face the same challenge as the first artists who painted in caves and carved from bone 45,000 years ago. Namely, how to get their work noticed.
Artists who paint, carve and compose electronically create vibrant and inspiring digital art. To get their work noticed, artists are turning to blockchain technology, making unique and exclusive NFTs that collectors crave.
NFTs, or non-fungible tokens, represent ownership of digital assets, art being among the most popular. Creators are taking a wild ride through the digital art space, creating 3D animations, vector art, game characters, and even songs. They’re even connecting NFTs to physical works.
Though NFT sales have reset in 2022, the market’s long-term outlook remains promising. One report projects that the NFT market could reach $231 billion by 2030 as it grows in sectors such as sports, film, and music.
NFT artists need spaces to market and sell their work. One of the most popular is the Binance NFT Marketplace, which conducts more than $40 million in daily sales. Consider the Binance NFT Marketplace as a digital art gallery for creators and collectors to mingle.
Why should artists embrace platforms such as the Binance NFT Marketplace? Getting noticed is difficult, and turning attention into sales is even more demanding without management or representation.
On the Binance NFT Marketplace, creators can upload and display their work without third parties. They earn more income and even royalties if their work resells on secondary markets. And their work can find a global audience.
So let’s explore the steps of becoming an NFT artist on the Binance Marketplace.
What Is the Binance NFT Marketplace?
First, some background. The Binance NFT Marketplace hosts thousands of pieces of digital art, collections, game-play assets, and much more. They cover categories such as art, sports, entertainment, gaming, collectibles, and NFT for Good, whose proceeds benefit children in need.
Gaming has become a huge NFT market, with the Binance Gaming NFT platform trading more than $1 billion in volume. The marketplace also includes Mystery Boxes, which contain one or more unknown pieces of digital art for purchase. It’s like opening a pack of baseball cards online.
The Binance NFT Marketplace supports two networks (BNB Chain and Ethereum) and three digital currencies (BNB, Ethereum, and Binance USD). Creators need to know them to get paid. Creators and collectors also have three ways to buy and sell: fixed prices, direct offers, or live auctions.
One important note: To create a collection and mint NFTs, creators must have a verified Binance account with at least two followers. Currently, U.S. customers cannot open accounts on the primary Binance platform. They must use the U.S.-based Binance platform, which does not yet have an NFT marketplace.
Joining the Binance NFT Marketplace
Creators and collectors need a platform to meet. That used to be the art gallery or auction house. Now it’s the NFT marketplace.
One important benefit of NFTs to both creators and collectors is the foundation. Once in the blockchain, the tokens live there permanently and can’t be altered. That provides both parties with proof of ownership and authenticity. Anyone who has seen a copy of The Starry Night in a hotel room knows it’s not the original. The token provides proof that your piece of digital art is exclusive.
For verified creators on the Binance NFT Marketplace, creating and selling digital art is easy. They can upload a single piece of digital art, known as minting NFTs or create a collection. In addition to having a verified account, users must open a wallet and deposit enough cryptocurrency to cover transaction fees.
The platform walks creators through a series of menus (including collection name, description, category, and logo image) to complete. It also asks creators to establish a symbol, or token tracker, which Binance uses to create a smart contract.
Users must provide a wallet address that will act as the smart contract owner on the blockchain. The wallet address also is necessary to collect royalties when NFTs are resold. Creators can set that royalty fee from 1-10%.
Binance charges several fees throughout the process. Among them: a minting fee to create an NFT, a smart contract fee to create a collection, a 1-percent platform per sale, and withdrawal fees to leave the platform.
Digital artists and their pixelated canvases have no boundaries. Neither do NFTs. Like all investment opportunities, art value fluctuates, and digital art is no exception.
With NFTs, however, creators can assure ownership and authenticity, delivering more potential long-term value for collectors and more peace of mind for themselves. One platform where both can come together is the Binance NFT Marketplace.