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Binance NFT adjust minting and removal rules on its network


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Binance NFT marketplace has adjusted minting and removal rules of NFT collections on its network. The marketplace announced the development in its latest Twitter post. According to the announcement, the decision was taken owing to the feedback received about the NFT minting feature from its community.

Notably, Binance NFT marketplace believes the adjustment is going to help prevent the creation of low-quality NFTs and misuse of this feature. According to the announcement, the adjustment of the rules would occur at 2023-01-20 23:59 (UTC). Upon the completion of the adjustment, verified users with at least two followers on Binance NFT would now be able to mint up to five NFTs per day only.

Meanwhile, Binance NFT says it usually review listed NFT collections periodically. This, as reported, is done to ensure that it continues to meet the high level of expected standard. According to the marketplace, it plans to conduct an in-depth review of all substandard NFTs. After this review, it will take the NFT down to protect its users.

Now, occasioned by the latest adjustment, Binance has decided to take down NFT collections minted and listed before October 1st, 2022. Also, it plans to delist any NFT collections with an average monthly transaction volume of less than $1,000 from November 1, 2022 to January 31, 2023. With this, the marketplace announced February 1, 2023 for taking down all the NFT collections that fall into the category. This thus means all deposits for those NFTs ends at the said date. However, the marketplace still wants to open withdrawals for the NFTs for a while.

Binance NFT marketplace expanding its base with integrations and launch of NFTs

Over time, the Binance NFT marketplace has been launching and integrating scores of NFT collections on its network. However, it insisted that those collections align with its rules and regulations. Recall that in early January, it launched a “Fusionist – Bi·Mech” NFT Collection. It carried out the minting of the NFT using the subscription mechanism in line with the existing NFT or BNB standards.

Additionally, it launched Cristiano Ronaldo NFT collection last November. The launching of the NFT collection manifested after its parental exchange, Binance signed a spectacular deal with the football star. The NFT collections capture designs developed in conjunction with Cristiano Ronaldo. As of press time, the collection is now available on the marketplace. Earlier, it integrated Opensea NFTs. Notably, it initiated the integration to enable users explore non-fungible tokens from multiple blockchains and marketplace. Also, the integrated NFTs entails majority of Opensea top 200 NFT collection running on the ERC-721 standard.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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