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Binance Bored Ape staking has now been limited, due to high demand. Bored Ape Yacht Club (BAYC) NFTs lead the volume in bought, sold, and traded collections on the Binance NFT marketplace. The staking of BAYC NFTs allows users to earn rewards in the form of Ape Coin (APE) for holding and supporting the NFTs.
This limit on the Binance Bored Ape staking program affects three of Yuga Labs most famous collections: Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). Binance NFT limited the staking to a maximum of 3 NFTs per user, after experiencing high demand and surprising staking rewards. The high demand put a strain on the Binance NFT platform, causing delays and technical issues. Binance claims to focus on ensuring a smooth and stable experience for all users with this update.
To stake NFTs on Binance NFT, users must hold the corresponding NFT on their official account. They then choose to stake their NFTs in the “Staking” section of the Binance NFT platform. Consequently, these staked NFTs create rewards in Ape Coin.
An NFT marketplace that allows users to buy, sell, and trade NFTs. These unique digital assets and cannot be replicated or exchanged for other assets. They represent ownership of digital collectibles, such as art, music, and gaming items.
In addition to Bored Ape Yacht Club NFTs, Binance NFT also allows users to trade hundreds of NFT collections. These include NFTs from popular projects like Pudgy Penguins, Doodles, and Azuki.
In conclusion, Binance Bored Ape staking drove incredible demand to the platform. Binance NFT limiting the Bored Ape staking proves once again the importance of the Yuga Labs collection in the space. A surprising turn from the leading NFT marketplace makes some collectors reevaluate the decision of staking their BAYC NFTs from now on.
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