Exploring Non-Fungible Tokens On Binance Smart Chain
The term cryptocurrency has changed the way how a digital market functions. Cryptocurrency has paved the way for many decentralized finance (DeFi) applications and development platforms. The non-fungible token is the latest inductee in the crypto world.
NFTs are the digital representation of assets and provide the certification of authenticity for the ownership of the digital asset. NFTs are unique tokens because the values for every token varies accordingly. Non-fungible tokens are built on blockchain technology, which allows the user / NFT collector to verify the ownership of the digital asset. NFTs are very flexible, they can be built on multiple blockchain platforms. Non-fungible tokens can be represented as any product that has the ability to be digitized, such as music files, audio files, video files, trading cards, artwork collectibles, etc. These NFTs require a decentralized exchange platform to trade on, these platforms are called NFT marketplaces, these marketplaces are built on blockchain networks, which secures the transaction data and prevents fraudulent behaviour in the platform. NFT marketplaces can be developed on different types of blockchain platforms, such as Ethereum, TRON, BSC, EOS, etc.
Non-fungible tokens have become the most interesting concept in the digital world where many major business entities have decided to invest in them. The massive popularity of the NFTs, have created the idea for business models to develop their own NFT marketplace. In order to develop an NFT marketplace, business models should hire a world-renowned NFT marketplace development company like The Blockchain App Factory. We help our customers to develop their own NFT marketplace on their desired blockchain platform. The development of the NFT marketplace on the Binance Smart Chain is preferred by the majority of the business models at the present time.
Workflow Of An NFT Marketplace Platform
The workflow of an NFT marketplace is a very simple process. The user has to sign up in an NFT marketplace platform and integrate the platform with a digital wallet to store cryptocurrencies. After the initial processes are completed, the user will drop the NFT into the marketplace for the minting process, and after the minting process is finished the user provides the description of the newly minted non-fungible token. After the intermediate processes are completed, the NFT is listed in a listing system, and it is initiated into an auction to increase the value of the digital asset and the final process would be purchasing the NFT, which is done by using cryptocurrencies.
Features of a BSC NFT Marketplace Development
Interoperability
NFT marketplaces are highly interoperable, they allow transaction of NFTs from one blockchain platform to another at ease.
Scarcity
When a digital asset is scarce, its value increases. The smart contract programmers restrict the production of NFTs to a certain limit, in order to raise the value.
Liquidity
The instant trading ability in the NFT marketplace increases liquidity. This feature provides more exposure to digital assets.
Standardization
Standardization features like common, reusable, and inheritable specifications allow the digital assets to be represented on a public blockchain.
Controllability
NFT marketplace is completely programmed and it provides full control to the users and the users can customize the marketplace based on their own specifications.
Secure Transactions
Since NFT marketplaces are built on blockchain technology, the transaction data is secured and it prevents theft of information and data.
Economical Gas Fee
NFT marketplace charges a very low gas fee when compared to others that trade NFTs.
What Is Binance Smart Chain?
Binance Smart Chain is a blockchain network that is constructed to initiate smart contracts for decentralized applications in the domain. This blockchain functions along with its native blockchain, Binance Chain.
The Binance Smart Chain is highly compatible, it allows users to experience the low transaction processing fee of the Binance Chain and the high smart contract functionality of the Binance Smart Chain. Due to its surplus features, many decentralized applications (DApps) are being built on it. Even NFT marketplaces are being built on Binance Smart Chain, in order to gain high-profit yields.
Why Build An NFT Marketplace On Binance Smart Chain Platform?
At the present time, the trading of non-fungible tokens is on a rise. Many distinct NFT marketplaces are developed to trade NFTs. But, all NFT marketplaces impose issues, in order to rectify those issues, blockchain experts have decided to build the marketplace on the Binance Smart Chain platform. The benefits of the BSC NFT platform that sets it apart from the other blockchain platforms are listed below.
- It is a growing blockchain platform that is being supported by Binance decentralized exchange, the premium DEX platform.
- It charges very low transaction fees.
- The processing speed of transactions in this blockchain platform is very high.
- High interoperability, due to its quality cross-chain compatibility feature.
Build Your NFT Marketplace On The Binance Smart Chain Platform
We at Blockchain App Factory have the required skills to develop a high quality NFT marketplace on the Binance Smart Chain platform. We primarily follow two methods, deploying a white-label NFT marketplace on the Binance Smart Chain platform and providing step-by-step marketplace creation.
White-label NFT marketplace on BSC
The White-label NFT marketplace is a platform where we develop the marketplace beforehand and keep it market-ready for deployment in the digital market world. White-label NFT marketplace can be customized from scratch according to the customer’s specifications. Our white-label NFT marketplace can also be developed on Binance Smart Chain. Availing of white-label NFT marketplace solutions reduce the deployment time. The marketplace can be launched into the digital market immediately.
Step-By-Step NFT Marketplace Creation
The step-by-step BSC NFT marketplace creation process is a complete customer-based marketplace. Every process regarding the creation of the NFT marketplace on the Binance Smart Chain is built according to the customer’s desire. This method is similar to the white-label NFT marketplace creation process, but with some exceptions, that it requires a lot of time and effort to be deployed into the crypto market.
