Binance Shuts Down NFT Support, Moves to Self-Custodial Wallet
- Binance will stop supporting non-fungible tokens (NFTs) on its exchange, shifting management to Binance Wallet.
- NFT holders have until July 3 to withdraw transferable NFTs before they become inaccessible.
- Up to 100,000 users will receive a reimbursement of up to $1 in USDC for eligible NFT withdrawals.
- The move reflects a broader trend as exchanges like Kraken and OpenSea also reduce NFT support.
- Leading NFT collections like CryptoPunks and Bored Ape Yacht Club have seen significant declines in floor prices, down over 60% from their all-time highs.
The decision by Binance highlights the ongoing decline in the NFT sector, with many exchanges pivoting away from NFTs towards other asset classes. This shift is part of a larger trend in the cryptocurrency market as platforms adapt to changing user interests and market conditions.
With CryptoPunks trading at approximately 30.9 ETH, down 61% from its peak, the NFT market continues to face challenges as major players reassess their strategies.(Source)
