Binance NFT limits the number of apes users can stake amid high demand

Binance NFT, a non-fungible token (NFT) marketplace created by exchange giant Binance, has limited the number of ape NFTs that users can stake. The NFT marketplace has limited staking amid high demand for these digital collectibles.

Binance NFT limits the number of Ape NFTs users can stake

With these new changes, users will now only stake a maximum of three Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs. The holders of these NFTs can stake their Apes through the Binance NFT marketplace, after which they can generate rewards in ApeCoin.

Binance launched the NFT staking program mid this month, allowing NFT holders to stake their Ape NFTs and earn rewards. The staking program has become increasingly popular, with the annual percentage returns on the NFT staking dropping from the initially advertised 199% to 35% for the BAYC and 42% for the MAYC.

When this NFT staking program was launched, the Ape Foundation, which is behind the ApeCoin tokens, said that the program would only be available for BAYC, MAYC, and the Bored Ape Kennel Club NFT holders.

In this staking program, users can also choose between staking their ape collections for a flexible time limit which can include one month, two months, and three months. Moreover, the daily rewards offered by APE will be subject to the APR displayed on the Ape NFT Staking Program platform.

When Binance launched this NFT staking program, it allocated 10,000 ApeCoin tokens to incentivize the customers to sell their Bored Ape NFT collection on the platform during the staking time limit. The users who qualify for these rewards have to list their Ape NFTs at a price that is less or equal to the floor price of the corresponding NFTs.

The daily snapshot of all the eligible NFT listings will be taken during the period the NFTs were staked. Each of the eligible NFT listings will allow the NFT holder to gain entry to the unlocked rewards pool.

However, the NFT staking program is not open to all users on Binance NFT, as it is limited to the countries supporting ApeCoin staking. Countries such as the United States do not support ApeCoin staking despite the country having a large number of BAYC and MAYC holders.

BAYC prices remain low

Despite the high demand for Ape staking on Binance NFT, the price of the Bored Ape NFTs continues to struggle. These NFTs have lost over 50% of their value since the summer amid a notable plunge in the price of Ether. The NFTs reached their peak earlier this year amid significant celebrity endorsements.

On the other hand, ApeCoin has been battered by the ongoing bearish pressure across the broader cryptocurrency market. The token has plunged by 12% over the past week. At the time of writing, APE was trading at $3.56, according to data from Coingecko.