Binance is set to discontinue support for Bitcoin-based NFTs on its marketplace starting April 18. This decision comes amid declining trends in the NFT market, with the platform citing a need to streamline its offerings.
Starting mid-April, Binance NFT will no longer accept trades or deposits for Bitcoin NFT collections. The exchange has urged its users to transfer their Bitcoin NFTs out of the marketplace using the Bitcoin network by May 18, as it will automatically cancel all affected listings on that date.
Additionally, Binance has announced that it will halt support for any additional airdrops, perks, or features linked to Bitcoin NFTs after April 10. Regarding the Runestone NFT airdrop, the platform has stated that eligible users have already received their NFTs in their Binance accounts, but they must withdraw these NFTs by next Wednesday to access any related tokens, utilities, or advantages.
Binance’s decision to discontinue support for Bitcoin NFTs is largely driven by the recent downturn in the NFT market. Data shows that the number of unique buyers and overall trading volume has significantly dropped, despite a brief recovery in the fourth quarter of 2023. The declining market activity and recent criticism of Bitcoin NFTs causing network congestion have likely contributed to Binance’s decision to streamline its NFT offerings.
As the NFT market continues to evolve, Binance’s move to focus on its core business offerings may be seen as a pragmatic decision to adapt to the changing landscape. However, it remains to be seen how this decision will impact the broader Bitcoin NFT ecosystem and the platform’s users who have invested in these digital assets.
