Binance NFT Marketplace introduced an NFT Minting feature on Thursday, which allows users to create their own NFT collections and mint NFTs on the BNB Smart Chain and Ethereum network. The NFT Minting feature is now open to all verified users who have at least five followers on Binance NFT.
Using this simple feature, both NFT enthusiasts and beginners alike can now mint and monetize their creations on Binance NFT Marketplace. This new feature helps lower the barrier of entry for those who are looking to enter the Web3 space, particularly for those who are looking to earn or build a career with NFTs.
By creating a smart contract for their original NFT collections, users can maintain ownership of their NFT collections and circulate their NFTs on different platforms to earn royalty fees. While growing their own community of followers on Binance NFT, users can also follow other users to keep track of their favorite NFT creators.
Users must create an NFT collection before they can start minting NFTs. Those who do not bind a wallet address to their NFT collections via a smart contract will not be able to claim ownership of the collection on DeFi marketplaces.
SEE ALSO: XCarnival Series: New Dark Forest Law
In addition, according to the Sales Settlement Postponement Policy, Binance NFT will restrict the withdrawal of proceeds from standard NFT collections for ten days. The restriction period is subject to adjustments in the future, and may be extended if the sold asset indicates a potential violation of Binance NFT’s Minting Rules and Terms of Service.