Binance NFT has reviewed and will update the NFT Chain Mining fee and adjust the minimum follower requirements required for the platform to obtain NFT minting functionality.
The announcement states that Binance NFT regularly reviews the listed NFT collections to ensure they meet standards.
If the NFT chains do not meet the standards expected by Binance, the platform may conduct stricter checks and remove these NFT chains from the Binance NFT marketplace.
Binance NFT has introduced changes to NFT minting fees that help ensure that users can purchase quality NFT at a high standard in the market.
Binance stated in the announcement that in order to promptly follow up on suggestions from the community about the NFT minting function and prevent the minting of low-quality NFTs and abuse of this function, Binance NFT has reviewed and will update the NFT series Minting fees and adjustments to the minimum follower requirements required for the platform to gain NFT minting functionality.
Binance said in the announcement that this update is aimed at the rights and interests of users.
“We do this because we believe this helps to ensure that users can buy quality NFTs of a high level of standard we expect on Binance NFT Marketplace, and to protect the rights and interests of Binance NFT users.”
This update will take effect at 23:59 (UTC) on February 15, 2023.
The announcement states that Binance NFT regularly reviews listed NFT collections to ensure they meet standards. If the NFT series do not meet the standards expected by Binance, the platform may conduct stricter scrutiny and delist these NFT series from the marketplace.
After the update, all users who have at least 10 followers on Binance NFT and complete the standard identity verification can mint NFT. Each NFT series requires a fixed series minting fee, which includes smart contract deployment fees and service fees. The collective minting fee is charged as follows: Ethereum (ETH): 0.50 ETH; BNB Smart Chain (BSC): 1.00 BNB.
Additionally, the exchange said from now until 2023-02-15 23:59 (UTC), users who have completed identity verification and have at least 2 followers on their Binance NFT user profile can still mint NFTs on the platform.
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