Binance Exchange Ends NFT Support, Migrates to Wallet

Binance cryptocurrency exchange announced it will discontinue non-fungible token (NFT) support on its platform and transfer NFT management to its proprietary wallet, Binance Wallet. According to the company's statement on Wednesday, this change will provide users with greater convenience in utilizing Web3 and decentralized features. Cointelegraph.com reports .

NFT holders must withdraw their transferable tokens from the platform by July 3, after which access will be suspended. For holders of non-transferable NFTs, Binance Academy will issue PDF certificates of course completion. This decision reflects a broader trend of exchanges moving away from the NFT sector to focus on other areas such as tokenized assets.

To support users during this process, Binance has launched two campaigns to cover NFT withdrawal fees. The first campaign applies to general NFTs, while the second covers tokens from the Cristiano Ronaldo (CR7) collection. The exchange will select up to 100,000 users and compensate each with 1 USDC.

The NFT market has experienced a significant downturn recently. Even leading collections like CryptoPunks have failed to recover their peak levels from summer 2022. Prior to Binance, both the Kraken exchange and the OpenSea marketplace had also ceased supporting NFTs on the BNB Smart Chain network.