TL;DR
Binance will shut down its centralized NFT marketplace on July 3 and migrate to Binance Wallet.
Coinbase and Kraken have also recently discontinued their NFT marketplace services.
NFT trading volume has crashed from $5 billion in 2022 to $550 million in 2025, effectively killing the CEX NFT marketplace model.
Binance Joins Coinbase and Kraken in Shutting Down NFT Marketplace
Binance is set to shut down its centralized NFT marketplace on July 3, integrating its services into the Binance Wallet. This move follows similar decisions by major exchanges including Coinbase and Kraken, who have also discontinued their NFT marketplace services in recent months.
CEX-Based NFT Marketplace Collapse: By the Numbers
The NFT market has experienced a dramatic decline, with trading volume plummeting from $5 billion in 2022 to just $550 million in 2025. This staggering drop signals the virtual collapse of the centralized exchange (CEX)-backed NFT marketplace category as a viable business model.
What This Means for the NFT Market
The wave of CEX NFT marketplace closures marks a significant shift in the industry landscape. As major centralized platforms exit the space, activity is likely to consolidate further around decentralized NFT platforms. Read the original article.
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