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Jul 01, 2022

Binance opens NFT minting for verified creators with five followers

News, NFT News
Binance opens NFT minting

SNEAK PEEK

  • Standard NFT collections from Binance will be restricted for withdrawal for ten days.
  • Users can report NFTs and NFT collections that violate Binance NFT’s Minting Rules and Terms of Service.
  • NFT creators will lose access to the NFT Minting feature if they receive a third penalty.

Binance is excited to introduce the NFT minting feature. Now users can create their personal NFT collections as well as mint NFTs on the BNB Smart Chain and Ethereum network. Verified users with a minimum of five followers on the Binance NFT marketplace can access the minting feature.

Whether one is a newcomer in the NFT space or an expert, the user-friendly feature will allow them to mint as well as monetize their creations on Binance. Users, especially those who intend to earn or build a career with NFTs, can enter the Web 3.0 space without facing any hurdles.

Also Read: Real Value of NFTs not Reached Yet, Says Binance NFT Head

Users can maintain the ownership of their NFT collections upon creating a smart contract for their original NFT collections. Moreover, they can circulate their NFTs on various platforms and earn royalty fees. While growing their own community of followers on Binance, users can follow other users simultaneously in order to keep track of their favorite NFT creators.

Before minting NFTs, creating an NFT collection is a must. Also, to cover the minting fees, enough BNB or ETH in Spot Wallet is necessary.

Not binding a wallet address to NFT collections through a smart contract leads to an inability to claim ownership on DeFi marketplaces.

The minting fees for each NFT and smart contract deployment fees on the BNB Smart Chain and Ethereum network are subject to change.

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About The Author

Manjul Mishra

Manjul is fond of writing news, blogs & articles based on NFT, crypto and metaverse. With years of experience in writing, she knows how to entice the audience and keep their interest in place. Chasing the most recent moves happening in the technological world, she conveys them through her writing. Apart from writing, she is inclined towards music in her free time.