New to NFTs
What are NFTs?
NFTs are Non-Fungible Tokens or something that cannot be changed or altered after it’s created. NFTs are created on the blockchain making them uniquely identifiable meaning NFTs can be used to certify possession and authenticity. Web3 users can create, buy, sell, or trade NFTs on the blockchain in a few simple steps. Let's Get Non-Fungible!
NFTs can be tokenized versions of real-world assets (such as a house and an NFT of that same house) or can be entirely digital only (such as Pancake Squad). Examples of NFTs include music, digital artwork, in-game items, tickets, sports highlights, character avatars, memes, and more.
Two of the most expensive art collections include ‘Merge’ by Pak and ‘Everydays: The First 5000 Days’ by Beeple. Traditional art galleries such as Christie’s and Sotheby’s also auction NFTs from leading artists such as Banksy apart from hosting physical works of art. Nike uses CryptoKicks, a patented system to identify ownership of sneakers using NFTs.
Quentin Tarantino released NFTs based on scenes from Pulp Fiction in 2021 while Deadpool 2 released limited edition NFT movie posters in 2018. Eminem and Snoop Dogg collaborated on ‘From the D 2 the LBC’, a music video featuring BAYC NFTs.
How Do NFTs Work?
NFTs are based on frameworks established by BEP-721 and BEP-1155 on the BNB Chain. Other chains such as Ethereum utilize ERC-721 and ERC-1155 for NFTs. These standards establish the properties of the NFTs.
Features/Benefits of NFTs
- Ownership is on the blockchain.
- Anyone can create, buy, or sell an NFT.
- The creator receives royalties each time the NFT asset is sold.
- Gain access to special events, tickets, and features.
- In-game items, characters, land, benefits and daily bonuses.
- Utility NFTs such as BAB work as proof of identity.
- Domain names for websites, projects and individuals.
- Trace and verify ownership of sports collectibles.
How to get NFTs?
A user needs a digital wallet to buy, use, or trade NFTs. Check out our guide on creating a wallet with MetaMask, Binance Wallet, Coinbase, and more and connecting your wallet to dApps. Users can get NFTs primarily in three ways through first-hand minting, in the secondary market, and by making an original NFT.
Users can mint NFTs for the first time by participating in airdrops, bidding in auctions, through mystery boxes, or minting by purchasing the NFT when it gets listed. In most cases, first-hand acquisition of NFTs makes the NFT buyer the first owner of the NFT.
Users can also get NFTs by buying or trading NFTs on the secondary market. The secondary market is marketplaces where users can list, re-list, buy, sell, or trade existing NFTs or collections. NFTs purchased in the secondary market means that NFT has a set of previous owners that held and sold the NFT at some point.
- Make an NFT
Users can also make NFTs by using dApps such as Melos Studio and GiroGiro.AI to create and upload music, digital artwork, videos, etc. on the blockchain.
How to store an NFT?
NFTs are stored and accessed on the blockchain. This means a user needs a digital wallet that holds the NFT. However, in most cases, a user cannot view their NFT in their wallets alone (such as MetaMask). A user can view their stored NFT on any top NFT marketplace on DappBay.
How to sell NFTs?
Users can sell NFTs using any major NFT marketplace depending on the chain the NFT is on. A user needs to connect their wallets to the marketplace and select ‘list my NFT’, along with the price of the NFT, the collection it belongs to, details of the NFT, and finally, accept bids to successfully sell the NFT. Buying, selling, and trading NFTs requires gas fees in most instances.
What are NFT marketplaces?
An NFT marketplace is an online market to store, buy, sell, and trade NFTs by connecting your wallet to that marketplace. NFT marketplaces play a significant role in enabling the trading of NFTs in the secondary market.
How to select NFT marketplaces?
DappBay covers an extensive list of NFT marketplaces. The leading BNB Chain marketplaces include Element Market, CryptoBlades Marketplace, Radio Caca Market, Liquidifty, tofuNFT, Melos Studio, BitKeep NFT Market, NFTb, Cube, Rareboard, NFTrade, OpenMeta, and more.
Using the ranking feature on DappBay, you can select a list of NFT marketplaces on BNB Chain according to the number of users, number of transactions, social signal, and other important metrics in the last 24 hours, 7 days, or 30 days.
What are collectibles?
Collectibles are NFT collections that have value to collectors because of the unique properties of the NFT collection. For example, the rarity of traits in NFT collections determines the price and demand for those traits.
Music NFTs that belong to featured artists also make up collectibles.
NFT dApps on BNB Chain
Depending on your need, purpose, and intent, you can use some of the NFT crypto dApps on BNB Chain. From making NFTs to buying and selling on marketplaces, DappBay features some of the most used NFT dApps. Select a dApp, read the description, reviews, and analytics before exploring the dApp.
Are NFTs A Scam?
In some cases, yes, some NFTs can be scams depending on the projects, use cases, and intent of the creators. Always check the legitimacy of the project, the track record of the creators, the number of NFTs minted on the smart contract, a project’s roadmap, and other key details of any NFT or project. Users can also use the Red Alarm and Risk Scanner to filter through harmful dApps and contracts on DappBay.
Looking for dApps with NFTs and rewards? Check out the BAB exclusive benefits and rewards and you might just get your first NFT. :)
Looking for something more current? See the list of Most Valuable Builder Season 6 dApps on BNB Chain
Follow us to stay updated on everything BNB Chain!
Disclaimer: DappBay is an open platform for all developers building on BNB Chain to display their projects. Description and information on Dapps listed on DappBay are directly provided by the developers of the respective project. Projects featured on DappBay are not recommended, vetted or endorsed by BNB Chain Labs, BNB Foundation or any other affiliated entity. Do your own research - you are solely responsible for your investment decisions and your use of any project featured on DappBay is at your own risk. The material available in DappBay should not be construed as financial advice.