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What Are the NFT Transaction Fees on Binance

What Are the NFT Transaction Fees on Binance

2022-02-10 10:44
Transaction fees may apply when you trade, deposit, withdraw, create, and burn NFTs on Binance NFT. These transaction fees are calculated based on various factors, which include market conditions and network status.

Third-Party Platform Fees

You can now buy NFTs from third-party platforms on Binance NFT. Please note that the fees for buying and selling third-party platform NFTs differ from that for NFTs directly listed on the Binance NFT Marketplace.

1. Gas Fee (Buyers)

As NFTs from other platforms are on-chain, a gas fee will incur. This means that buyers of third-party-platform NFTs will have to pay the gas fee in addition to the listed price of the NFT asset.
Please note that gas prices fluctuate depending on the network traffic. The gas fee you are required to pay will be indicated on the payment confirmation page.

2. Platform Fee (Sellers)

When you sell a third-party-platform NFT on Binance NFT, a flat 1% platform service fee will incur.
Note: The NFTs you buy from another marketplace can only be listed on Binance NFT. You cannot list them on other marketplaces for sale unless you withdraw it to your wallet first.

3. Royalty Fees (Sellers)

Sellers on Binance NFT are required to pay a 1% royalty fee for each secondary market sale. Please note that the royalty fees collected will be stored in Binance NFT’s system account until the original NFT creator submits a claim.
If you are the original NFT creator, please contact Binance NFT via customer support. Binance will verify your identity when you submit a claim. We may need your assistance in providing the relevant authorization documents to prove and confirm that you are the original NFT creator. Binance will be implementing an auto-claim feature to facilitate this process soon.

Binance NFT Fees

1. Minting Fee

Each NFT is required to pay a minting fee:
  • BNB Smart Chain (BSC): 0.005 BNB
  • Ethereum: 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 creating 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.
Gas fees are required for deploying smart contracts on the blockchain. Currently, the smart contract deployment fee is charged as shown below and is subject to change:
  • ETH = ~0.10 ETH
  • BSC = ~0.03 BNB
Once the collection is created and the smart contract has been deployed, you can change the smart contract owner. However, you will be charged a gas fee as this is an on-chain operation.

3. Royalty Fee

Every time an NFT is sold, a percentage of the sale price (royalty fees) will be paid to compensate the original NFT creator. Sellers need to pay a 1 - 10% royalty fee to the creator. You can view the royalty fee on each NFT detail page.
  • 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. Please note that you can only set the royalty fee amount during the NFT creation process.
For the initial sale of an Unverified NFT (i.e., the first time a newly minted Unverified NFT is sold by the creator to a buyer), creators are restricted from withdrawing the transaction proceeds from the sale for ten days.
After the Unverified NFT (minted on the Binance NFT Marketplace) has been subject to a 10-day clearing period, and the sold asset does not indicate a potential violation of the Binance NFT Minting Rules and the Terms of Service, the creator will be able to use or withdraw the proceeds. This duration might be adjusted in the future.

4. Deposit Fee

Depositing an NFT to Binance NFT Marketplace will incur a gas fee. This fee is not paid to Binance - it goes to the miners or validators responsible for processing the transactions and securing the respective blockchain network. Please note that gas prices fluctuate according to the network traffic. For more details on how gas fees work, check out this Academy article.

5. Platform Fee

When you sell an NFT on Binance NFT, a flat 1% platform service fee will incur.

6. Withdrawal Fee

To transfer an NFT to other marketplaces, you must first withdraw it from the Binance NFT Marketplace to your wallet. Please make sure you have connected your wallet to Binance.
Withdrawals to crypto addresses outside of Binance NFT typically incur a transaction fee or network fee. This fee is paid to miners or validators responsible for processing the transactions and securing the respective blockchain network and not to Binance.
Withdrawal fees on Binance are dynamic and automatically adjusted depending on the network status of the corresponding network (BSC or ETH) in which the NFT asset is kept.
Note: Withdrawal fees are determined by the blockchain network traffic and can fluctuate without notice due to factors such as network congestion. Please check the actual withdrawal fee you are required to pay on the withdrawal confirmation page.

7. Listing Fee

There are no fees for listing NFTs on Binance NFT.

8. Burning Fee

Burning an NFT (to permanently delete it) typically incurs a transaction fee or network fee. This fee is paid to miners or validators responsible for processing the transactions and securing the respective blockchain network and not to Binance.
Burning fees on Binance are dynamic and automatically adjusted depending on the network status of the corresponding network (BSC or ETH) in which the NFT asset is kept.