Binance NFT Stops Staking for BAYC and MAYC in 2025
In a significant move, Binance NFT has announced plans to stop staking for Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) Non-Fungible Tokens (NFTs). This decision comes in response to changes in the APE NFT mechanism, and all affected NFTs will be unstaked and returned to users' Binance accounts by August 3, 2025.
The announcement has led to a 34.57% drop in the value of ApeCoin (APE), which currently trades at $0.64 with a market cap of $0.48 billion and 24-hour trading volume at $42.94 million, according to CoinMarketCap. The drop in APE's value follows the trend observed in the NFT market, where the volume has dropped by 22.65% this week.
However, the drop in NFT market volume comes amid an increase in NFT activity, suggesting a shift in market dynamics. Historical trends indicate potential increased self-custody practices if centralized exchange staking decreases, which could be a possible explanation for the observed market shifts.
Coincu research suggests that this change could potentially lead to market shifts, affecting APE token demand. The research highlights that such changes could have a ripple effect on the broader NFT market, particularly for projects closely tied to ApeCoin.
Meanwhile, Binance did not mention any specific changes to funding or institutional support related to this action. Elsewhere, Grayscale's CoinDesk Crypto 5 ETF has debuted post-SEC approval, marking a significant development in the cryptocurrency sector.
Mayowa Adebajo, a seasoned freelance writer specializing in creating compelling content across diverse industries, reports on these developments from the cryptocurrency and NFT landscape. Stay tuned for more updates as the story unfolds.
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