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Notice Regarding the Adjustment of NFT Minting Rules and Removal of NFT Collections on Binance NFT Marketplace (2023-01-19)

Notice Regarding the Adjustment of NFT Minting Rules and Removal of NFT Collections on Binance NFT Marketplace (2023-01-19)

2023-01-19 09:00
Fellow Binancians,
To address feedback received about the NFT minting feature from our community, as well as to prevent the creation of low-quality NFTs and misuse of this feature, Binance NFT has reviewed and will be updating the NFT Minting Rules at 2023-01-20 23:59 (UTC). After the update, all verified users who have at least two followers on Binance NFT can mint up to five NFTs per day only.
In addition, Binance NFT periodically reviews listed NFT collections to ensure that it continues to meet the high level of standard we expect. If an NFT collection does not meet the standard we expect, Binance NFT may conduct a more in-depth review and potentially take the NFT collection down from Binance NFT Marketplace. We do this because we believe this helps to best protect users.
Removal of NFT Collections on Binance NFT Marketplace (2023-02-01)
Based on our most recent reviews, we have decided to take down and cease trading for NFT collections that meet both of the following criteria on Binance NFT Marketplace at 2023-02-01 23:59 (UTC):
  • NFT collections minted and listed on the Binance NFT Marketplace before 2022-10-01 23:59 (UTC).
  • NFT collections with an average monthly transaction volume of less than $1,000 equivalent from 2022-11-01 to 2023-01-31.
Please note:
  • From now until 2023-02-01 23:59 (UTC), users can still trade, deposit, withdraw and list NFTs from NFT collections that meet both of the aforementioned criteria for sale at the Binance NFT Marketplace.
  • NFTs that meet both of the criteria stipulated above and are listed for sale at the Binance NFT Marketplace, will be automatically taken down from the platform by 2023-02-01 23:59 (UTC). These NFTs will be returned to users’ accounts under Profile > Collected NFTs.
  • Deposits for NFTs from the NFT collections that meet both criteria above will no longer be available after 2023-02-01 23:59 (UTC), while withdrawals for these NFTs will remain open.
  • Users can report NFTs and NFT collections that potentially violate Binance NFT’s Minting Rules and Terms of Service to Binance NFT. The moderation team will actively investigate any user report of fraudulent or malicious content before taking the necessary action.
  • Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Risk Warning: The value of your NFT may go down or up. NFTs are subject to high market risk. Binance is not responsible for verifying the identity, legitimacy or authenticity of any NFT. NFTs are not regulated in most countries, however please ensure you are permitted to access our Binance NFT Marketplace based on your circumstances. For further details, see the Binance NFT Terms and Conditions, our Terms of Use and Risk Warning.