Binance Brings New Rules to the NFT Market

Cryptocurrency exchange Binance has tightened its NFT listing rules, according to an announcement made on Jan. From February 2, 2023, Binance will delist all NFTs that were listed before October 2, 2022 and have an average daily trading volume of less than $1,000 between November 1, 2022 and January 31, 2023. In addition, NFT artists can print up to five digital collectibles per day after January 21, 2023.

In the statement made by Binance, the following statements were included:

“To address feedback from our community about the NFT minting feature, as well as to prevent the creation and abuse of low quality NFTs, Binance NFT has reviewed the NFT minting rules and will update these rules on 20/01/2023 23:59.

After the update, all verified users with at least two followers on Binance NFT will be able to print only five NFTs per day. In addition, Binance NFT will periodically review the listed NFT collections to ensure they continue to meet the high standard level we expect. If an NFT collection does not meet the standards we expect, Binance NFT may do a more in-depth review and potentially remove the NFT collection from the Binance NFT Marketplace. We do this because we believe it helps best protect users.

Based on our most recent reviews, we have decided to remove and cease trading NFT collections that meet both of the following criteria on the Binance NFT Marketplace as of 02/01/2023 23:59:

NFT collections printed before 01.10.2022 23:59 and listed on the Binance NFT Marketplace. NFT collections with an average monthly trading volume of less than $1,000 equivalent between 01.11.2022 and 31.01.2023.

From now until 01.02.2023 23:59, users can buy, sell, deposit, withdraw and list NFTs from NFT collections meeting both of the above criteria for sale on the Binance NFT Marketplace.”