Binance Currently restricted Bored Ape staking due to high demand. Bored Ape Yacht Club (BAYC) NFTs are the most purchased, sold, and exchanged collections on the Binance NFT market. In exchange for owning and supporting BAYC NFTs, users who stake BAYC NFTs can earn Ape Coin (APE) as payment.
Which NFTs are included in the Binance Bored Ape staking program?
This ban on the Binance Bored Ape staking program affects three of Yuga Labs’ most renowned collections: Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) (BAKC). Binance NFT restricted staking to a maximum of 3 NFTs per user after encountering overwhelming demand and unexpected stake rewards. The Binance NFT platform saw delays and technical problems as a result of high demand. With this update, Binance focuses on offering all users with a streamlined and stable experience, according to the company.
To stake NFTs on Binance NFT, users must have the related NFT on their official account. Then, they stake their NFTs in the “Staking” section of the Binance NFT platform. These staked NFTs subsequently create Ape Coin payments.
What is Binance NFT?
A platform for buying, selling, and exchanging NFTs These unique digital items cannot be duplicated or exchanged for others. They show possession of digital treasures such as music, video games, and artwork.
In addition to Bored Ape Yacht Club NFTs, users can trade tens of thousands of NFT collections via Binance NFT. Among them are NFTs from popular works such as Pudgy Penguins, Doodles, and Azuki.
In conclusion, Binance Bored Ape staking resulted in a very strong demand for the platform. The Bored Ape staking restriction imposed by Binance NFT is another evidence of the market importance of the Yuga Labs collection. After learning of a shocking event in the leading NFT market, a number of collectors are questioning their decision to continue investing on BAYC NFTs.
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