To avoid any possible scams or intellectual property infringements of NFT creations on the NFT Marketplace, Binance NFT has put withdrawal restrictions on transaction proceeds from Unverified NFT collections.
There are two types of NFT collections on Binance NFT - the Verified and Unverified collections. This policy only applies to Unverified collections.
NFT collections may be eligible to be listed under the Verified collection depending on various factors. These can include sales volume, trading volume, and the number of followers on Binance NFT and other social media platforms. All other NFTs that are not eligible are listed under the Unverified collection.
For the initial sale of an Unverified NFT (i.e., the first time a newly minted Unverified NFT is sold by the creator to a buyer), creators are restricted from withdrawing the transaction proceeds from the sale for ten days.
After the Unverified NFT has been subject to a 10-day clearing period, the creator will be able to use or withdraw the proceeds. This duration might be adjusted in the future.
Binance may extend the restriction period beyond ten days if any violation has been detected. To restrict the withdrawal of transaction proceeds from Binance for a specific asset, collection, or creator, the following is a list of potential actions Binance NFT will take.
You can check the status of the transaction proceeds from [Profile] - [Transaction]. Select [Sale] from the [Type] filter to view all transaction history.
