Binance is the largest crypto exchange in the world in terms of volume of asset traded and number of users. The Binance ecosystem includes Binance exchange for crypto trading, Binance blockchains (BEP2 Binance Beacon and BEP20 Binance Smart Chain), where developers can build dApps; Trust wallet, a self-custody wallet; research base, Launchpad, labs, charity and more.
Binance has always been at the forefront of many innovations in the industry and as NFTs became a thing, the company took position by launching its own NFT marketplace known as Binance NFT Marketplace where NFT projects are listed, bought, and sold amongst users.
The marketplace has Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside NFTs as the top three best selling NFTs with floor prices of 71.79 ETH, 14.68 ETH, and 1.40 ETH respectively.
According to Binance, there are new changes applied to the Binance NFT marketplace that all users need to be aware of, and they are:
Delisting of NFTs
According to the new rule, Binance stated that all NFT collections that were tradable on the Binance NFT marketplace before 2nd October 2022, with a daily trading volume below $1,000 from 1st November 2022 till 31st January 2023 will be delisted and removed completely from the platform.
Starting from 2nd February 2023, all NFTs that do not meet up with the described criteria above will be removed from the marketplace thus no one can buy them.
This means that collectors and creators of any NFT that meets these criteria have from now till 1st February 2023 to trade, deposit, withdraw and list the NFTs at the Binance NFT marketplace.
Binance noted that owners of delisted NFTs can still access them in their wallets as the NFTs that met the criteria listed above will be returned to users’ accounts while withdrawals for these NFTs will remain open.
Daily maximum mint of five NFTs
Another adjustment made by the firm is that from 22 January 2023, no NFT creator can mint more than five NFTs in a day. For users who want to buy more than five NFTs from creators, it’s important they take note of this and not fall victim to any fraudulent acts.
In February 2022, the rules were that Top Creators (Rank A) could list and mint an unlimited number of NFTs daily, Normal Creators (Rank B), could list and mint not more than 150 NFTs daily while New Creators (Rank C) could list and mint at most 50 NFTs daily.
Periodic reviews of the rules
One of the most important updates is that there will now be a periodic review of all rules related to the Binance marketplace. Creators as well as collectors need to be on alert to know when changes are initiated to prevent loss or mishap. Binance said it will updates members of the community via the Binance website except stated otherwise by the company.
All of the changes mentioned by Binance are applicable to the basic requirement for listing an NFT on the Binance NFT Marketplace which states that users must complete identity verification and have at least two followers before minting or listing NFTs on the Binance NFT Marketplace.