What are the NFT Transaction Fees on Binance
Binance NFT may charge transaction fees when you trade, deposit, withdraw, create, and burn NFTs on the platform. Transaction fees are calculated based on various factors, including market conditions and network status.
1. Minting Fee
On BNB Smart Chain (BSC), each NFT needs to pay a minting fee of 0.005 BNB. On Ethereum, the NFT Minting fee is 0.001 ETH.
Please note that minting fees can be charged in BNB or ETH. You can check the latest BSC gas prices here and Ethereum gas prices here.
2. Smart Contract Deployment Fee
When you create a new NFT collection, Binance will automatically deploy a smart contract to ETH/BSC for you. You need to provide a wallet address for the smart contract. The person that owns this address can claim ownership and collect royalty fees for the NFT collection on Binance and all NFT marketplaces. Please note that if you do not provide a wallet address, you won’t be able to claim ownership of your collection or collect royalty fees on the DeFi marketplaces.
Deploying smart contracts requires gas fees for the blockchain to execute. Currently, the smart contract deployment fee is charged as below and subject to change:
- ETH = ~0.10 ETH
- BSC = ~0.03 BNB
Note that the smart contract owner can be changed after the collection is created and after the smart contract has been deployed, but you will be charged a small fee, as this is an on-chain operation and requires a gas fee.
3. Royalty Fee
NFT royalty fees are payments to compensate the original NFT creator with a percentage of the sale price each time after the NFT is sold. Sellers need to pay a 1 - 10% royalty fee to the creator.
For NFTs minted by project partners, sellers will need to pay a 10% royalty fee.
For NFTs minted on Binance, the same royalty fee will apply to all NFTs in the collection. The royalty fee is fixed and can only be decided during creation.
4. Deposit Fee
You can set the desired gas fee when depositing NFTs to Binance. However, please note that gas prices would fluctuate depending on several factors. For more details on how gas fees work, check out this Academy article.
5. Platform Fee
When you sell an NFT, a platform service fee will incur. Binance NFT charges a flat 1% platform fee.
6. Withdrawal Fee
To transfer an NFT to other marketplaces, you’ll need to withdraw your NFT assets from the Binance NFT Marketplace to your wallet. Please note that you need to connect your wallet to Binance first.
Withdrawals to crypto addresses outside Binance NFT typically incur a “transaction fee” or “network fee”. This fee is not paid to Binance but to miners or validators responsible for processing the transactions and securing the respective blockchain network.
Withdrawal fees on Binance are dynamic and automatically adjusted according to the network status of the corresponding network (BSC or ETH) in which the NFT asset is kept.
7. Listing Fee
There are no fees for listing NFTs on Binance NFT.
8. Burning Fee
Burning an NFT to delete it permanently will typically incur a “transaction fee” or “network fee”. This fee is not paid to Binance but to miners or validators responsible for processing the transactions and securing the respective blockchain network.
Burning fees on Binance are dynamic and automatically adjusted according to the network status of the corresponding network (BSC or ETH) in which the NFT asset is kept.