Interest in creating NFTs has been growing more and more, in line with the increasing popularity of the technology. Non-fungible tokens are a kind of certificate of authenticity, established via blockchain, that certifies the uniqueness of a certain digital asset. They have been particularly successful in the field of digital art: pictures, videos, and music have been transformed into NFTs and offered for sale for large sums of money.
After seeing famous people disburse millions to buy NFTs, users have become even more curious about how the technology works and the process of creating tokens, also known as “minting”. This is because, just as it is possible to “mine” cryptocurrencies, there are also platforms and methods to issue NFTs, i.e. convert files into digital assets. Below, we list five platforms for developing tokens on the Internet.
1. Binance Smart Chain
Binance Smart Chain is renowned in the market for buying and selling cryptocurrencies, moving millions of dollars daily. Recently, the platform has expanded to provide users with the ability to create NFTs. In addition to Binance’s original blockchain, the company also has the Smart Chain, where users can create and trade their tokens.
It is worth noting, however, that the development of NFTs is not free. There is a fee of 0.005 Binance Coin (BNB), which is the platform’s cryptocurrency, for each “minted” NFT, the equivalent of approximately $1.39 at today’s exchange rate. In addition, if the token is sold, a 2.5% service fee will be charged on the traded value. To use the Binance Smart Chain, the user will need a crypto wallet such as Metamask or Trustwallet.
The OpenSea platform operates in several areas of the token market, including buying, selling, and creating its own NFTs. Thanks to the popularity it has developed in recent years, OpenSea constitutes an interesting option for “mining” and trading NFTs. However, it should be noted that this is not a completely free site either.
As much as it has no fees for creating NFTs, OpenSea charges 2.5% on the value of the token sale. In addition, the platform also charges a so-called “gas fee”, a kind of maintenance fee to keep the site online.
It is worth mentioning that OpenSea also provides the option of “lazy minting”. In this mode, the user only owns the token when someone else decides to buy it. Thus, it is possible to create NFTs for free, since the file will initially be outside the blockchain.
Rarible is a platform for creating free NFTs similar to OpenSea. As much as it does not have as large a market as its competitor, the site provides good connectivity between those interested in the technology to make their tokens. On Rarible, this process occurs via “lazy minting,” which allows you to mint NFTs at no cost.
Another advantage of lazy minting is that the user does not have to worry about the “bureaucratic” part of owning a token, such as a contract, and fees like the “gas fee”. These will only be deducted at the time of purchase when someone decides to acquire the NFT. The amount to be received tends to be smaller, but this way the creator will not have spent money on previous steps.
Enjin is a platform that uses the JumpNet blockchain, a kind of private version of Ethereum. In addition, the tool has its token, the ENJ. So users who want to create NFTs using Enjin may initially need a small supply of ENJ in a digital wallet. Each unit of the coin costs approximately $0.30 at the current exchange rate.
It is also possible to migrate the ENJ balance between JumpNet and Ethereum, if convenient when buying or selling NFTs. The platform is more focused on tokens involving games and distances itself from the digital art business. It is worth noting that Enjin does not charge a “gas fee”.
The Foundation platform works, essentially, with digital art. The site for creating NFTs uses Ethereum and has as a differential the possibility of creating virtual auctions instead of simply putting the tokens up for sale after a certain price. To buy an asset, the user must simply register on the site. Those interested in selling tokens, on the other hand, must first be accepted by the community.
To create one’s NFTs or acquire the right to a token from the Foundation, the user must have the Metamask wallet. In addition, a “gas fee” is charged. On the platform, it is possible to upload images, videos, and audio files. One of the downsides of the Foundation is that it requires a 15% fee, which is higher than the 2.5% charged by other platforms.