Binance to change NFT collection minting fees
Binance NFT Marketplace has announced a change in NFT collection minting fees. In order to create a new collection of non-fungible tokens, the user must pass the verification procedure and have at least 10 subscribers on his NFT marketplace’s account.
A fixed fee will also be introduced for the minting of each new collection. This amount includes the service fee and a smart contract deployment fee. For collections on the Ethereum blockchain, the commission will be 0.50 ETH, and for collections on the Binance Smart Chain it will be 1.00 BNB.
The updated fees and requirements for the number of subscribers for minting an NFT collection will take effect from February 15. The representatives of the company said that the changes were introduced at the request of users in order to protect the rights and interests of Binance NFT users, as well as to increase the quality of NFTs.
In case of discrepancy to the minimum requirements, Binance NFT marketplace may conduct an additional review of the collection or remove it from the marketplace.
Earlier, Binance also increased withdrawal fees on the TRON network. This decision comes in response to a proposal from the Tron community to increase the cost of cheap and fraudulent transactions in order to ensure the stability of the network and the development of the ecosystem. However, after receiving feedback from the crypto community, Binance has reverted the fees to their previous values.