Binance NFT Marketplace Terms of Use
Last Updated: 7 June 2023
A. Binance NFT Marketplace
By participating in Binance NFT Marketplace and any of its associated services you acknowledge that you have read, understood and accepted all of the terms and conditions herein (the “NFT Marketplace Terms”), and you acknowledge and agree that you will be bound by and will comply with these NFT Marketplace Terms. If you do not understand and accept these NFT Marketplace Terms in their entirety, you should not participate.
B. Overview of Binance NFT Marketplace
1. The Binance NFT Marketplace provides you with the opportunity to create (mint), sell, purchase, bid on, collect, trade, showcase and otherwise transact digital blockchain collectibles, which may be represented as a non-fungible token (“NFT”) linked with certain digital media and art (“NFT Media"). We facilitate transactions between a buyer and seller of an NFT, but we are not a party to any agreement between buyer and seller of an NFT on the Binance NFT Marketplace. We collect revenue on the Binance NFT Marketplace via transaction fees and other applicable fees which we display when you interact with the Binance NFT Marketplace. For the avoidance of doubt, NFTs transacted on the Binance NFT Marketplace are considered “Digital Assets” as defined in the Terms. Binance reserves the right to (but is not required or obligated to be) take any action in relation to any disputes arising from purchases via the Binance NFT Marketplace, including in connection with any auctions or other purchase methods.
C. NFT Sellers
2. By minting, providing, or selling an NFT through the Binance NFT Marketplace, you hereby represent and warrant that you own all legal right, title, and interest in all Intellectual Property Rights to the NFT Media linked or associated with such NFT, or you are legally authorised by the Intellectual Property Right owner to mint, provide or sell the NFT on the Binance NFT Marketplace. Except for NFTs minted on the Binance NFT Marketplace, in order to list any NFT for sale on the Binance NFT Marketplace, you must first deposit the NFT for sale for custody with Binance until such time as the NFT is sold or you decide to remove the NFT from the Binance NFT Marketplace. For clarity, Binance (and any associated entity) has no obligation or liability to you for keeping, storing, or helping you recover any NFT Media associated with your NFTs.
D. NFT Buyers
3. When you purchase an NFT, you own the NFT that is associated with certain NFT Media, but you do not own any Intellectual Property Rights in such NFT Media except for the license grants expressly set forth herein. In certain cases, we may help to evaluate or provide you with information about a seller of an NFT. However, such information is provided for informational purposes only. You bear full responsibility for verifying the authenticity, legitimacy, and identity of any NFT you purchase on the Binance NFT Marketplace. We make no representations, guarantees, or promises about the identity, legitimacy, legality, decency, quality, or authenticity of any NFT on the Binance NFT Marketplace. Notwithstanding any sale clearing period that may be implemented for the sale of any NFTs, you acknowledge that Binance is not required or obligated to adjudicate or decide on any disputes in connection with any NFTs sold on the Binance NFT Marketplace.
E. Licence to your content
4. In connection with your use of the Binance NFT Marketplace, you may be able to post, upload, or submit content to be made available through the Binance NFT Marketplace, including NFT Media that is tied to NFTs you wish to sell on the Binance NFT Marketplace as a seller, and any other content associated with your NFTs (“Your Content'). You retain all rights to Your Content you post, upload, submit, or otherwise make available through the Binance NFT Marketplace, except for rights expressly granted herein. In order to operate the Binance NFT Marketplace, we must obtain from you certain license rights in Your Content so that actions we take in operating the Binance NFT Marketplace are not considered legal violations. Accordingly, by using the Binance NFT Marketplace and uploading Your Content or otherwise made Your Content available, you grant us a license to access, use, host, cache, store, copy, reproduce, transmit, display, publish, distribute, adapt, and modify (for technical purposes, e.g., making sure content is viewable on smartphones as well as computers and other devices) Your Content in any and all media or distribution methods (now know or later developed) but solely as required to be able to operate and provide services of the Binance NFT Marketplace. You agree that this license includes the right for us to provide, promote, and improve the Binance NFT Marketplace and to make Your Content available to other companies, organisations, or individuals for the distribution, promotion, or publication of Your Content on other media and services. You agree that these rights and licenses are royalty free, transferable, sub-licensable, worldwide, and irrevocable (for so long as Your Content is stored with us), and include a right for us to make Your Content available to, and pass these rights along to, others with whom we have contractual relationships related to the provision of the Binance NFT Marketplace, and solely for purpose of providing the Binance NFT Marketplace, and to otherwise permit access to disclose Your Content to third parties if we determine such access is necessary to comply with our legal obligations.
5. As part of the foregoing license grant, you agree that the other users of the Binance NFT Marketplace shall have the right to comment on and/or tag Your Content and/or to use, publish, display, modify or include a copy of Your Content as part of their own use of the Binance NFT Marketplace; except that the foregoing shall not apply to any of Your Content that you post privately for non-public display on the Binance NFT Marketplace. By posting or submitting Your Content to the Binance NFT Marketplace, you represent and warrant that you have, or have obtained, all rights, licenses, consents, permissions, power and/or authority necessary to grant the rights granted herein for Your Content. You agree that Your Content will not contain material subject to copyright or other proprietary rights, unless you have the necessary permission or are otherwise legally entitled to post the material and grant us the license described above.
6. If you sell an NFT through the Binance NFT Marketplace, you grant to the buyer of the NFT a worldwide, non-exclusive, non-transferable, royalty-free license to use, copy, and display the NFT Media for such purchased NFT, solely for the following purposes: (a) for the buyer's own personal use; (b) as part of a marketplace that permits the purchase and sale of such NFTs, provided that the marketplace cryptographically verifies each NFT's owner's rights to display the NFT Media for their NFTs to ensure that only the actual owner can display the NFT Media; or (c) as part of a third-party website or application that permits the inclusion, involvement, or participation of your NFT, provided that the website/application cryptographically verifies each NFT's owner's rights to display the NFT Media for their NFTs to ensure that only the actual owner can display the NFT Media, and provided that the NFT Media is no longer visible once the owner of the NFTs leaves the website/application (the “NFT Purchase License”).
7. If you are a buyer of NFTs, then you acknowledge and agree that the NFT Purchase License set forth above only lasts as long as you are the valid owner and holder of the NFT associated with the licensed NFT Media. If you sell or transfer the NFT to another person, this NFT Purchase License will transfer to such other owner or holder of the NFT, and you will no longer have the benefits of such NFT Purchase License. Unless otherwise specified by the seller of an NFT in writing, your purchase of an NFT does not give you the right to publicly display, perform, distribute, sell or otherwise reproduce the NFT or its related NFT Media for any commercial purpose.
8. If you sell an NFT, you agree that you will not have any claims against Binance for any breach of these NFT Terms by a purchaser, including if they make commercial use of the related NFT Media in breach of these NFT Terms.
9. We have the right to remove or refuse to post any of Your Content, including NFTs, (a) for any or no reason in our sole discretion; and (b) take any action with respect to Your Content that we deem necessary or appropriate in our sole discretion, including if we believe that Your Content violates these NFT Terms or the Terms, infringes any Intellectual Property Right of any person or entity, threatens the personal safety of users of the Binance NFT Marketplace or the public, or could create liability for Binance or other users.
F. Specific Terms for the Premium Platform and Creators
10. As part of the Binance NFT Marketplace, Binance offers a premium platform (the “Premium Platform') which only allows creators that are invited or otherwise approved by Binance (“Invited Creators") to mint and sell NFTs (“Creator NFTs”). The Invited Creator's original NFT Media being the “Creator's NFT Media”. Binance may enter into an addendum with any Invited Creator (a “Creator Addendum”) setting forth terms for using the Premium Platform as an Invited Creator. If there is a conflict between a Creator Addendum and these NFT Terms, the provisions of the Creator Addendum shall take precedence for such Invited Creator.
11. The Invited Creator hereby grants to Binance a perpetual, irrevocable, and exclusive right and license to use, reproduce, and display the Creator's NFT Media in connection with the promotion of the Creator's NFT Media, the Creator's NFTs and the Binance NFT Marketplace. For clarity, unless otherwise specified in a Creator Addendum, the exclusive license granted above means that Invited Creator cannot itself, or grant to any other party any right to, use, reproduce, display the Creator's NFT Media in connection with non-fungible tokens or any other collectibles, platforms or services.
12. In order for Binance to exercise its rights to the Creator's NFT Media, Invited Creator will provide Binance with high-resolution images and NFT Media as reasonably requested by Binance. Binance shall have the sole control over the promotion and marketing of the Creator's NFTs, including the sole discretion to select certain Creator's NFTs or Invited Creators to participate in events hosted by Binance. As reasonably requested by Binance, Invited Creator will support Binance in the promotion or marketing of the Creator's NFTs through participation in the marketing activities as agreed upon by the parties in a Creator Addendum. In connection with the promotion of the Creator's NFTs, the Invited Creator hereby grants Binance a right to use the name, image, photo, biography, signature, and likeness of the Invited Creator solely in connection with the marketing and promotion of the Creator's NFTs.
13. Invited Creator will not engage in any promotion or marketing of Binance, the Binance NFT Marketplace, or any Creator's NFTs in a manner that is misleading or deceptive or not in compliance with applicable law. Invited Creator must disclose any material connection between Invited Creator and Binance in any such promotion in a clear and conspicuous manner, including in close proximity to any such marketing statements. Invited Creator will not promote or market the Creator's NFTs in a manner intended to give buyers the impression that such NFTs are investment products or that they can expect capital appreciation or derive profits from the purchase of such NFTs, or indicate that such NFTs may be characterised as securities or any other form of regulated investment product in any applicable jurisdiction.
14. If requested by Binance, Invited Creator will reasonably cooperate with Binance to validate the authenticity of the Creator's NFTs and the Creator’s NFT Media.
15. Invited Creator acknowledges and agrees that Binance will charge a platform fee which is 10% (or other percentage as provided in a Creator Addendum) of the purchase price for any sale of the Creator's NFTs on the Premium Platform.
16. For the avoidance of doubt, any use of or interaction with the Premium Platform by any User (including an Invited Creator) is governed by terms in this Section E and the rest of these NFT Terms not in direct contradiction with the terms in this Section E.
G. Specific Terms for the Standard Platform and Initial Sale
17. As part of the NFT Marketplace, Binance offers a standard platform (the "Standard Platform”) which allows any registered users to create NFT collections (subject to paying an associated smart contract deployment fee) and mint and sell NFTs (the “Standard NFTs") associated with the user's NFT Media. Creators of Standard NFTs can also set their own royalty fee for their NFT collections.
18. For an initial sale of a Standard NFT (i.e., the first instance a newly minted Standard NFT is sold by the creator to a buyer), the transaction proceeds from the sale of the Standard NFT (the “Transaction Proceeds”) shall be frozen in the seller's account for a pre-specified period of time (the "Initial Sale Clearing Period'') after which the Transaction Proceeds will be released to the seller.
19. Binance may extend the Initial Sale Clearing Period for a further period of time (the “Extended Clearing Period”) provided that:
a. within the Initial Sale Clearing Period, a bona fide complaint is raised by the buyer or a third party for claims that relate to intellectual property infringement, the identity, legitimacy, authenticity, and/or validity of legal title of the Standard NFT, violation of the Binance Terms, these NFT Terms and/or violation of the terms of the NFT sale as agreed between the seller and the buyer. For any claim raised by the buyer, the buyer shall furnish proof that the Standard NFT at issue remains in their account and agrees to have the NFT frozen pending resolution of the dispute. The buyer or the third party submitting a complaint shall agree that Binance may supply a copy of this complaint to the seller, including the buyer/third party's identity and contact details.
b. Binance suspects the Standard NFT, the Standard NFT transaction, the seller's activity in relation to the Standard NFT and/or the Transaction Proceeds to be in violation of the applicable terms of sale (including the Binance Terms and these NFT Terms) or any applicable laws and regulations.
20. After the Extended Clearing Period, Binance may only continue to freeze the Transaction Proceeds if legal proceedings or investigations by the authorities have been commenced against the seller (and where such legal proceedings or investigations require the Transaction Proceeds to be frozen), or in such other circumstances that Binance deems appropriate in its sole discretion. For the avoidance of doubt, Binance reserves the right to freeze and take such other action in respect of the Transaction Proceeds (being Digital Assets or funds in a Binance User's Account) in accordance with the Binance Terms, regardless of whether the situation is expressly provided for under this Section F. In such circumstances, Binance has the discretion to extend the freeze for any further duration pending the resolution of the dispute. If receive proof that such a formal legal action or complaint has been filed within the Extend Clearing Period, Binance may be entitled to release the Transaction Proceeds to the seller.
21. If the complainant and the seller are able to resolve the dispute at any stage, Binance will require written confirmation of the resolution of the dispute from all parties before it may proceed to release the Transaction Proceeds to the seller.
22. In no circumstances shall Binance bear any liability or responsibility for any act or omission done in relation to the freezing (or omission to freeze) of the Transaction Proceeds, and there shall be no freezing as part of any secondary sale of Standard NFTs.
23. In addition, by minting a Standard NFT, you acknowledge and agree that you have read and accept the “NFT Minting Rules”, which includes examples of inappropriate content and our right at our sole discretion to, among other things, delist or otherwise remove your NFT collection(s) or Standard NFTs from the Binance NFT Marketplace.
24. For the avoidance of doubt, any use of or interaction with the Standard Platform by any user is governed by terms in this Section F and the rest of these NFT Terms not in direct contradiction with the terms in this Section G.
H. Intellectual Property Policy
25. You can only upload/generate content to Binance NFT Marketplace, via Bixel or otherwise that does not violate someone else’s intellectual property rights.
Binance takes intellectual property seriously and does not condone the use of intellectual property in any manner that is in violation of applicable laws. Binance may, but is not obligated to, monitor the NFTs, NFT Media, content generated by your use of Bixel, and Your Content uploaded to the Binance NFT Marketplace for any infringement of a third party's Intellectual Property Rights. However, Binance cannot undertake to review all such content before it is posted on the Service, and cannot ensure prompt removal of objectionable content after it has been posted. Accordingly, Binance assumes no liability for any action regarding transmissions, communications, or content provided by any user or third party. Binance will take down content/NFTs in response to applicable legal takedown notices and/or other intellectual property infringement claims and will terminate a seller's access if the seller is deemed to be a repeat infringer. Binance does not make determinations as to the legal merit of intellectual property claims. If you are an intellectual property rights owner or the authorised representative of an intellectual property owner, and believe that any content appearing on the services have been copied in a way that constitutes intellectual property infringement, you may report and submit an intellectual property take-down request (“Intellectual Property Take-Down Request”) to us, by providing the following information in writing:
a. the basis of your Intellectual Property Take-Down Request, identification and evidence of the intellectual property (e.g. your copyrighted work, trademark registration certificate/details) that is claimed to be infringed;
b. identification of the allegedly infringing material that is requested to be removed, including a description of where it is located on the Binance NFT Marketplace;
c. an authorisation letter (if you are not the intellectual property owner but authorised to act on behalf of the same) and/or your complete contact information for us to contact you (full name, address, telephone number, and e-mail address). Only the intellectual property rights owner or their authorised representative may submit an Intellectual Property Take-Down Request. By submitting Intellectual Property Take-Down Request, you agree that we may provide the rights owner’s/authorised representative’s contact information to the party whose content you are reporting;
d. a statement that you have a good faith belief that the identified, allegedly infringing use is not authorised by the intellectual property rights owner(s), its agent, or the law;
e. a statement that the information above is accurate, and under penalty of perjury, that you are the intellectual property right owner or the authorised person to act on behalf of the intellectual property rights owner; and
f. the physical or electronic signature of a person authorised to act on behalf of the owner of the intellectual property right that is allegedly infringed.
26. Intellectual Property Take-Down Requests should be sent by e-mail to legal@binance.com. It is our policy, in appropriate circumstances and at our discretion, to ask for more information, remove the reported content, disable or terminate the accounts of users who repeatedly infringe the intellectual property rights of others.
27. Any affected user of an Intellectual Property Takedown Request described above may supply a counter-notification if the content was removed because of a mistake or misidentification. When we receive a counter notification, we may at our discretion, forward a copy to the party that reported and submitted the Intellectual Property Takedown Request; forward the affected user with details for the Intellectual Property Takedown Request and contact information of the party that submitted the report; encourage parties to resolve the dispute directly; reinstate the content in question . To file a counter-notification with us, you must provide a written communication ( by email) that sets forth:
a. your contact information (full name, address, telephone number, e-mail address, and physical or electronic signature). By submitting a counter-notification, you agree that we may provide your contact information to the party that submitted the Intellectual Property Takedown Request;
b. identification of the content that has been removed or to which access has been disabled and the location at which the content appeared before it was removed or access to it was disabled; and
c. a statement under penalty of perjury that you have a good faith belief that the content was removed or disabled as a result of mistake or misidentification of the material to be removed or disabled.
I. Restrictions on Marketing and Promotional Activities and Logo Use
28. Any marketing and promotional activities, whether in digital, print, or any other form, that you may conduct in connection with your use of the Binance NFT Marketplace are subject to our review and prior written approval. We will only allow marketing and promotional activities to be referred to strictly as collaboration with Binance NFT (but not with Binance). You should submit any such plan relating to marketing and promotional activities and materials for our review and provide any information that we reasonably request. The plan should contain all key information, including but not limited to details of the relevant NFT projects, all planned media channels or distributions, relationships between different counterparties, etc.
29. No mention of token-related topics or any implication relating to token issue or listing, or collaboration with Binance may be included. You must not create and/or publish any marketing or promotional materials that may: (a) be deemed false and misleading; (b) breach or infringes the rights of any third parties, including intellectual property rights; (c) breach any Applicable Laws and regulations; (d) breach any of our guidelines or instructions that may be made available to you; and (e) bring into disrepute or damage the goodwill of Binance and/or Binance NFT Marketplace. We reserve the right to request changes or suspension to such plan and activity as we deem necessary and reject any plan and activity in its entirety at our absolute discretion.
30. You must not use Binance's name, logo, trade names, and any other marks (“Binance Marks”) without our prior written approval. Subject to further guidelines that may be made available to you, we may permit you to use the Binance Marks, at our sole discretion, for the sole purposes of marketing or promoting your NFTs on the Binance NFT Marketplace. Terms of such guidelines made available to you shall be incorporated into these terms by express reference herein.
31. You agree to indemnify us against all liabilities, costs, expenses, damages and losses (including but not limited to any direct, indirect or consequential losses, loss of profit, loss of reputation, loss of goodwill and all interest, penalties and legal costs (calculated on a full indemnity basis), and all other professional costs and expenses) suffered or incurred by us arising out of or in connection with any such marketing and promotional activities that you conduct in connection with your use of the Binance NFT Marketplace.
J. Verification and Payment
32. When you make purchases through the Binance NFT Marketplace, including, without limitation, any purchase for NFTs, you must provide and maintain valid payment information in connection with your Binance Account (as defined in the Terms) with us. You represent and warrant that you are authorised to use the payment method you use via the Binance NFT Marketplace to make any purchase. You authorise us to charge your payment method for the total amount of your purchase price. Your order may be suspended or cancelled for any reason, including if the payment method cannot be verified, is invalid, or is otherwise not acceptable. Other payment terms for purchases are set forth in the relevant sections of the Terms.
33. We have no liability to you or any third party for any claims or damages that may arise as a result of any payments or transactions that you engage in via the Binance NFT Marketplace, or any other payment or transactions that you conduct via the Binance NFT Marketplace. We do not provide refunds for any purchases that you might make on or through the Binance NFT Marketplace – whether for NFTs or anything else.
34. You will be solely responsible to pay any and all sales, use, value-added and other taxes, duties, and assessments (except taxes on our net income) now or hereafter claimed or imposed by any governmental authority associated with your use of the Binance NFT Marketplace or NFTs, except for income taxes levied on us as a result of such purchases of NFTs.
K. Other risks
35. Any purchase or sale you make, accept or facilitate outside of the Binance NFT Marketplace of an NFT will be entirely at your risk. You acknowledge that you have obtained sufficient information to make an informed decision to purchase an NFT, including carefully reviewing the code of the smart contract and the NFT and fully understand and accept the functions of the same. Notwithstanding any access provided on the Binance NFT Marketplace, we do not control or endorse purchases or sales of NFTs outside of the Binance NFT Marketplace. We expressly deny and disclaim any liability to you and deny any obligation to indemnify you or hold you harmless for any losses you may incur by transacting, or facilitating transactions, in NFTs outside of the Binance NFT Marketplace.
36. Certain parts of the Binance NFT Marketplace may display, include or make available content, data, information, applications, or materials from third parties (“Third Party Materials”). By using the Binance NFT Marketplace, you acknowledge and agree that Binance is not responsible for examining or evaluating the content, accuracy, completeness, availability, timeliness, validity, copyright compliance, legality, decency, quality, or any other aspect of such Third Party Materials. We do not warrant or endorse and do not assume and will not have any liability or responsibility to you or any other person for any third-party services, Third Party Materials, or any other materials, products, or services of third parties.
37. If you have a dispute with one or more users, YOU RELEASE US FROM CLAIMS, DEMANDS, AND DAMAGES OF EVERY KIND AND NATURE, KNOWN AND UNKNOWN, ARISING OUT OF OR IN ANY WAY CONNECTED WITH SUCH DISPUTES. IN ENTERING INTO THIS RELEASE YOU EXPRESSLY WAIVE ANY PROTECTIONS (WHETHER STATUTORY OR OTHERWISE) THAT WOULD OTHERWISE LIMIT THE COVERAGE OF THIS RELEASE TO INCLUDE THOSE CLAIMS WHICH YOU MAY KNOW OR SUSPECT TO EXIST IN YOUR FAVOUR AT THE TIME OF AGREEING TO THIS RELEASE.
L. NFT Aggregation Service
38. We provide an aggregation service which helps you explore and purchase NFTs created by third-parties and interact with third party exchanges’ and external parties’ listings of NFTs (“Third Party Listings” on “Third Party Platforms”). The NFT Terms set out herein shall apply to any purchases you make of any such Third Party Listings, and, as set out in Section J, you are solely responsible, at your own risk, for your purchases in respect of Third Party Listings. We do not make any representations or warranties about any Third Party Listings available via the NFT Marketplace, including any third party content associated with NFTs displayed on the NFT Marketplace and you bear responsibility for verifying the legitimacy, authenticity, and legality of NFTs that you purchase from all third party vendors. Third Party Listings are being provided as a convenience and for user benefit only; they do not constitute an endorsement or an approval by Binance of any of the Third Party Listings, the third party exchanges or their broader products, the services or opinions of the third party exchanges, or the quality or reputability of the third party organisation or individuals involved in their operation. Binance bears no responsibility for the accuracy, legality or content of the third party exchange or for that of subsequent links on that third party exchange. Contact the external party for answers to questions regarding its content. For the avoidance of doubt, Binance cannot guarantee that any NFTs visible on the NFT Marketplace will always remain visible and/or available to be bought, sold, or transferred.
39. Upon initiating a transaction for a Third Party Listing you authorize us to initiate the payment to the third party and transfer the NFT to your account. We cannot guarantee that the transaction will settle and in the event of the transaction not completing you agree that you will bear the costs of the transaction and any resulting loss incurred by failure to complete the transaction. You agree that all rewards, tokens, points, gifts, or other user prizes usually associated with your purchase of any Third Party Listing on the originating third party exchange (“Third Party Rewards”), shall not be made available or otherwise transferred to you in the event of you purchasing a Third Party Listing on the Binance NFT Market. You are purchasing the Third Party Listing from Binance as is, with no Third Party Rewards (even if these are advertised on the third party exchange or anywhere else). We will let you know when you are purchasing a Third Party Listing.
M. Open Listings
40. The Binance NFT Marketplace has a feature that allows you to easily list your NFT and its NFT Media on Third Party Platforms (an “Open List”). By using Open List you consent to your NFT being posted to Third Party Platforms and being made available for purchase on such Third Party Platforms, and further to this you acknowledge that all transactions through Open List, once initiated by smart contract (as the case may be), on the Third Party Platform are final. We do not make any representations or warranties about the performance or suitability of any Third Party Platforms made available via the NFT Marketplace through Open List, including any applicable third party terms and conditions associated with your use of the Third Party Platform (which shall apply to your use of such Third Party Platform as contemplated in these terms) and you bear responsibility for reviewing, understanding and assessing the relationship with any Third Party Platforms that you use to sell any NFTs. Access to Third Party Platforms and Open List is provided as a convenience and for your user benefit only; it do not constitute an endorsement or an approval by Binance of any of the Third Party Platform, the third party exchanges or their broader products, the services or opinions of the third party exchanges, or the quality or reputability of the third party organization or individuals involved in their operation. Binance bears no responsibility for the accuracy, legality or content of Third Party Platform or for that of subsequent links or transactions on that Third Party Platform.
41. You agree that you are responsible for understanding and accepting any fees charged by the Third Party Platform in respect of any transaction initiated through Open List. Binance may, at its discretion, also charge a fee for the Open List feature, and any such fee shall be indicated to you prior to initiating an Open List transaction.
N. Clarification
42. The Binance NFT Marketplace does not deal in NFTs which are "crypto-assets" as defined by the Japanese Payment Services Act, Japanese Financial Services Agency (JFSA) and/or any related regulatory rules or frameworks (the “Japanese Regulations”). Further to, and in addition to the foregoing, the use of an NFT as a means of payment is prohibited by these NFT Marketplace Terms to the extent such prohibition is consistent with ensuring that the NFT does not fall within the definition of a “crypto asset” as defined by applicable Japanese Regulations.
O. Bixel
43. The Binance NFT Marketplace has made available a feature that allows you to upload a picture and/or input a sentence, in order to generate a computer generated image using a randomised AI image generator algorithm provided by a third-party open software (https://stability.ai/) (“Bixel”). You understand that Binance does not control review, approve, monitor, endorse, warrant, or make any representations with respect to this third-party AI image generator open software or any of its outputs, and that this feature is provided for convenience and for your use at your own risk ; it does not constitute an endorsement or an approval by Binance of any third party or their broader products, services or opinions.
44. Bixel can be used within the Binance NFT Marketplace in accordance with the Terms herein and in order to mint a computer generated NFT (“Bixel NFT”). By minting a Bixel NFT, you acknowledge and agree that you have read and accept the NFT Minting Rules. The NFT Minting Rules include examples of inappropriate content and our right at our sole discretion to, among other things, delist or otherwise remove your NFT collection(s) or Bixel NFTs from the Binance NFT Marketplace.
45. We may restrict the number of times you can generate an image with Bixel, or otherwise charge you a minting or generation fee, which is payable from and will be charged to your Binance Account at the point at which you generate the image.
46. We provide Bixel in accordance with these terms and specifically with reference to Section K, for the purposes of which Bixel shall be deemed Third Party Materials.
P. Bitcoin NFTs
47. The Binance NFT Marketplace may make available to you NFTs and NFT Media based on the Bitcoin Ordinals Protocol as applicable to the Bitcoin network (“BTC NFTs”). We reserve the right to provide BTC NFTs to you in accordance with our own specific internal processes and procedures, including (without limitation), the assignment of a unique Bitcoin Wallet to each Binance user account. You acknowledge and agree that due to the immutable and irreversible nature of the Bitcoin network, any such transactions that you enter into in respect of BTC NFTs on the Bitcoin network shall be final, without any right given to you to reverse the transaction. You acknowledge that in the event that you deposit any BTC NFT into the wrong address or deposit them into a BTC spot address, the BTC NFT and associated assets will be irretrievable. You agree that you will take all necessary precautions and steps to ensure that any transactions you enter into with respect to BTC NFTs are entered into with full understanding of the aforementioned transaction finality. Should you determine that you have entered into an erroneous or otherwise incorrect transaction with respect to BTC NFTs you agree that Binance shall be absolved from any and all liability resulting.
Q. Contact
General questions or comments about the Binance NFT Marketplace or these NFT Terms should be sent to the customer support team at https://www.binance.com/en/support/requests/new.
R. General Terms
All terms and references used in these NFT Marketplace Terms and which are defined and construed in the Binance Terms of Use (the “Terms”), but are not defined or construed in these NFT Marketplace Terms, shall have the same meaning and construction in these NFT Marketplace Terms.
The NFT Marketplace Terms are to be read together with the Terms. In the event of any conflict or inconsistency between the NFT Marketplace Terms or Terms, the order of precedence in which the documents are to be read is first the NFT Marketplace Terms and then the Terms.
S. Definitions
Bixel has the meaning given to it in clause 43.
Bixel NFT has the meaning given to it in clause 44.
Binance Marks has the meaning given to it in clause 30.
Binance NFT Marketplace refers to the digital marketplace in which Binance users can trade, purchase and sell NFTs.
BTC NFTs has the meaning given to it in clause 47.
Creator Addendum has the meaning given to it in clause 10.
Creator NFTs has the meaning given to it in clause 10.
Creator's NFT Media has the meaning given to it in clause 10.
Extended Clearing Period has the meaning given to it in clause 19.
Initial Sale Clearing Period has the meaning given to it in clause 18.
Invited Creators has the meaning given to it in clause 10.
NFT has the meaning given to it in clause 1.
NFT Marketplace Terms has the meaning given to it in section A.
NFT Media has the meaning given to it in clause 1.
NFT Minting Rules has the meaning given to it in clause 23 and can be found at the following link or readily available on the Binance platform: Binance NFT Minting Rules
NFT Purchase License has the meaning given to it in clause 6.
Open List has the meaning given to it in clause 40.
Premium Platform has the meaning given to it in clause 10.
Standard NFT has the meaning given to it in clause 17 and includes Bicasso NFTs.
Standard Platform has the meaning given to it in clause 17.
Third Party Listings has the meaning given to it in clause 38.
Third Party Materials has the meaning given to it in clause 36.
Third Party Rewards has the meaning given to it in clause 39.
Third Party Platforms has the meaning given to it in clause 38.
Transaction Proceeds has the meaning given to it in clause 18.
Your Content has the meaning given to it in clause 4.
