Binance has announced that it will end support for non-fungible tokens on the Binance exchange and migrate them. $NFT Management is placed in Binance Wallet, a self-custodial cryptocurrency wallet.
The exchange said this would provide $NFT According to Wednesday’s announcement, holders will have “easier access to Web3 and decentralized features.”
$NFT Holders must withdraw their transferable NFTs from the platform by July 3rd before they are no longer accessible. For non-transferable NFTs that cannot be withdrawn by design, Binance Academy provides a PDF course completion certificate.
This decision signals that more exchanges are ending support for NFTs and refocusing on other areas such as tokenized assets. Binance is the latest exchange to end support for NFTs, following similar moves by other platforms such as cryptocurrency exchange Kraken. $NFT It will be launched on the market in February 2025.
$NFT Marketplace OpenSea also announced that it will stop supporting BNB Smart Chain native NFTs in August 2023.
Binance announces suspension of activities $NFT Support on Binance Exchange. Source: Binance
Binance offers fee refund $NFT emigration
Binance announced that it will offer the following two promotions: $NFT Withdrawal fees will be refunded for one month.
The first plan includes general fee rebates. $NFT Withdrawal fees for non-CR7 NFTs. The second one concerns withdrawal refunds for CR7 NFTs.
The exchange said it will select up to 100,000 users for redemption, with each user receiving one. $USDC ($USDC) For target audience $NFT Withdrawals will be deposited into eligible users’ Binance Spot accounts by July 3rd.
broader $NFT The sector has been in decline for some time. major $NFT Collection numbers have yet to recover to the all-time high levels recorded in summer 2022.
CryptoPunk, lowest price, all-time chart. Source: NFTPriceFloor.com
CryptoPunks, the largest $NFT Collection by market cap, currently trading at 30.9 $ETHdown 61% from the all-time high of 80.9. $ETH Recorded in July 2022.
The Bored Ape Yacht Club’s lowest price was trading at $7.9 $ETHdown 93% from its all-time high of 128. $ETH According to NFTPriceFloor data, it was seen in May 2022.
