Unless you have been living under a rock, you already know what is a Non Fungible Token (NFT) and its 2021 glory. While a fungible token like bitcoin can be divided and exchanged for another, a non-fungible token like Crypto Kitties does not work like that. It is the non-fungibility that makes an NFT unique and that is what determines its price. If you wish to create NFT token, you can just go to any NFT minting platform and create one quickly. But before that, you need to understand the factors that could make or mar the price of that NFT.
Before we go to that, let us understand the two types of Binance NFTs that can be created:
BEP-721 is a Binance Smart Chain (BSC) token standard which is an extension of the very popular ERC-721 token standard. Interestingly, BEP-721 tokens are Ethereum Virtual Machine (EVM) compatible. When an item is tokenized, the data to identify is tokenized and then the smart contract attaches a unique identifier to it. Thus, unlike the BEP-20 token, each BEP-721 token is assigned a different token ID. It is this unique ID that determines the scarcity and uniqueness of the token.
The BEP-721 token can be used to represent any kind of art, collectibles, in-game items, physical property, tickets, and more. The list of functions that need to be defined for a BEP-721 token includes a name to identify the token, a symbol which is basically a short name for the token, balanceOf gives the token balance of a specific address, totalSupply defines the total number of tokens created. In addition to this, there exists a metadata function that is defined using the tokenMetadata function.
Another Binance Smart Chain token standard is BEP-1155, which is very similar to BEP-721. While you can just create a single token with BEP-721, BEP-1155 enables the creation of a series of NFTs.
Bitcoin is a fungible token and can be divided up to 8 decimal places. When you think of how to create a non fungible token, you first need to understand that NFTs are indivisible. Just like Ethereum or DAI, NFTs are built on smart contracts and each NFT contract holds some kind of information that makes it different and indivisible. Thus, you cannot divide and use a part of an NFT.
NFTs are provable scarce tokens and that is what drives their value. The number of instances an NFT can have is always pre-programmed in the smart contract. The specific digital identity of a particular NFT is stored in the smart contract and that helps in the creation of unique digital goods represented by NFTs. Additionally, all the provenance data gets automatically recorded on the blockchain on which the NFT was built.
Two NFTs are never the same, thus they cannot be interchanged. When you ask how to make an NFT unique, the answer is simple, it’s the metadata of each NFT that makes it unique and this data can never be altered.
When we talk about how to make NFT, it is important to understand that the token will have an address associated with it that will be present somewhere on a blockchain. As a creator of the NFT, you will hold the private keys to this address and then you can transfer the ownership of the particular NFT to anyone.
If you know how to make NFT token and are unsure how this NFT can be made valuable, we at Antier Solutions can help with the creation of the non-fungible token end to end. Right from development to placing it in the marketplace in an optimized way, we offer complete solutions to help you disrupt the market with your NFT.
Connect with our subject matter experts to share your business needs.