The ETH 721 token standard prides itself on being the first token used to represent NFT’s in the Ethererum blockchain. But the gas fees for NFT transfers became too expensive, and the transaction time was too long in Ethereum. Like a savior, the Binance Smart Chain blockchain platform came in with quick transfers and low gas fees. Now they’ve introduced their latest development, the BEP 721 tokens.
Being an extension of the ETH 721 tokens, it’s proving to be a strong competitor for Ethereum. Why?
Because this Binance Smart Chain (BSC) token standard can help you create NFTs and marketplaces much easier.
In this article we’ll see:
The BEP 721 tokens are a standard for NFT creation. Since it can create unique IDs for each token, it is the best option for a representative token on collectibles. With this token ownership of data can be tokenized and attached to a unique identifier. This sets it apart from the BEP 20 tokens. With BEP 20 tokens, multiple identical copies of a token can be created with one smart contract. Whereas BEP 721 adds a unique identifier to each making it the perfect option for NFT standards. The tokens can represent collectibles like digital or physical art, in-game purchases, real estate assets, and lottery tickets.
Related article on BEP 20 tokens
With the new BSC-based NFT, BEP 721, the innovative features that set BSC apart like speed, low fees, and reliability can be leveraged for NFT swaps. This makes the token neck to neck with Ethereum’s ETH 721. What’s more, BEP 721 is supported throughout various platforms making it the ideal token for a beginner. With cheaper gas fees and faster transactions on BSC, it is a more attractive choice compared to Ethereum. Furthermore, the BEP 721 is compatible with Ethereum Virtual Machine. EVM is a standard interface that sets rules for NFT trade, making it an easier process.
BEP 721 has a few functions that need to be defined. Most are quite standard and similar to BEP 20.
And some ownership functions that can be added based on preference. A unique function for NFT is to add metadata into the token connected to the collectible which is fulfilled using the tokenMetadata function.
Innovations like BEP 721 and BEP 1155 present an interesting future ahead in the crypto-collectibles community. It’ll be beneficial to gloss over some of the platforms within BSC that facilitate mining and swapping and acquiring NFTs. Some popular NFT Marketplaces based on BSC blockchain include Binance MarketPlace, Juggernaut, BakerySwap, and TreasureLand.
Juggernaut describes itself as the first to offer an exclusive BSC-based NFT marketplace to sell, buy and create NFT’s. It allows you to set royalties whenever an NFT sale is made, and what’s more, it allows creators to make their own marketplace to sell their NFT converted art pieces.
BakerySwap has the largest NFT marketplace making it quite accessible to create, mint, and sell the NFT at the same place. It is also a decentralized exchange (DEX) that uses an automated market maker (AMM). This means that there are no order books to connect the available buyers and sellers. But rather uses the liquidity pool to trade. An NFT combo within the platform allows the trade. Higher tier NFT combos are offered to those with more BAKE tokens(native tokens) staked in the pool.
TreasureLand is an open NFT ecosystem meaning that anyone can initiate mining, auditioning, and trading. It is part of the Dego Finance, a BSC project. It allows free minting of NFTs since the buyer pays the fee. And the process is simple to follow through.
To mint NFT in these platforms, it’s important to make sure that your crypto wallet supports the BEP 721 tokens. Trust Wallet and Metamask Wallet can be used to link BSC-based coins. Now you’ve got your wallet set up, connect it to the platform of your choice. The fees for minting the tokens vary based on the pricing of the BNB at the time of minting.
Related article: Guide to adding BSC to MetaMask Wallet
Before minting NFT you’ll have to get a platform of your choice. Juggernaut, Bakeryswap, and Tresureland all present a user-friendly interface and cheap fees for minting the NFTs. According to the need of the seller and buyer, each platform presents a different opportunity.
In Juggernaut’s NFT platform, JuggerWORLD, along with the choice of picture, gif, videos, or audio they allow to set the royalty for the creator when the owner sells the NFT. To start minting after connecting the wallet click create. Now chose between the option of a single unique token, BEP 721, or a series of tokens, BEP1155. In the event that the collectible should be sold multiple times, choose BEP 1155. Fill in the details and click “Create now”. Confirm the gas fees and proceed to payment.
If you choose BakerySwap you can mint pictures, gifs, videos, or audio. Once the wallet is connected to the platform, click mint artworks and then fill out all the information about the artwork and upload the file. Don’t forget to check out the anti-plagiarism declaration. If you’re using MetaMask a pop-up will open up asking for confirmation for minting fees. After payment, your NFT will be available for trade.
Treasure Land currently only offers the choice between pictures and gifs but on the other hand, it opens up the choice for single or series NFT and set creator royalties. At the Treasureland Create page, connect your wallet and then fill in the details along with the attachment of the image or the gif. The royalties with be locked in at 10% before creation. The NFT will be visible and ready for sale, but in the event of a transfer, you will be required to pay a minting fee.
The world of NFT is evolving with new blockchains, Dapps, and platforms exploring their possibilities in the NFT space. The BEP 721 token is a good opportunity brought out by the Binance blockchain that combines the speed of transactions and cheaper gas fees of trades with the easy availability of NFT.
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