Cryptocurrency exchange Binance has introduced its functionality for NFT tokens

On its official website, Binance has announced the launch of the NFT minting function. Representatives of the exchange said that users will be able to create their own non-fungible tokens and NFT collections on the BNB Smart Chain blockchain network and the Ethereum network.

According to Binance, the NFT minting feature is already available to all verified users who have at least five followers on the Binance NFT platform. «This simple and convenient feature will allow both NFT enthusiasts and newcomers to NFT to create and monetize their works on the Binance NFT marketplace. The feature also removes barriers for users who want to enter the Web 3.0 space, especially for those who want to earn money or build a career with NFTs,» the exchange’s website emphasized.

Binance representatives highlighted the main features of the new functionality:

• thanks to the smart contract for original NFT collections, users will receive ownership of their works and will be able to distribute NFTs on various platforms;
• for the minting of NFTs, a commission is required (the cost of minting each NFT may vary);
• the funds received from the sale of NFTs can be withdrawn no earlier than 10 days after the client pays for the token.

Users are also interested in whether the terms of payment of minting fees for Ukrainians will be changed in the future, as Binance is known for its assistance and favorable attitude towards Ukraine. Thus, on June 29, Binance together with the Ministry of Digital Transformation of Ukraine announced the launch of a new project IT Generation. As part of the partnership, Binance Charity will allocate $ 1 million in BUSD to provide scholarships to 1000 Ukrainians. A few days earlier, the exchange launched a hryvnia gift card. With this card, users can transfer hryvnia to crypto exchanges without a commission.