In response to declining market trends, Binance’s NFT marketplace has announced the cessation of support for Bitcoin NFTs starting this month.
Effective April 18, Binance NFT will cease all trades and deposits related to Bitcoin-based NFT collections. Users are advised to transfer their Bitcoin NFTs out of the platform using the Bitcoin network by May 18, as per guidance issued by the platform.
Furthermore, Binance will automatically cancel all orders for affected listings on the mentioned date. Additionally, the marketplace will discontinue support for additional airdrops, perks, or features linked to Bitcoin NFTs after April 10.
Regarding Runestone NFTs, Binance has notified users eligible for the Runestone airdrop that they have received NFTs in their Binance accounts. However, holders are encouraged to withdraw these NFTs by the following Wednesday to access any associated tokens, utilities, or benefits.
Binance explained that the decision to delist Bitcoin NFTs primarily aims to streamline the exchange’s offerings. Market data indicates a significant drop in the number of unique buyers and overall trading volume in the NFT space, despite a brief recovery in the fourth quarter of 2023.
The recent criticism surrounding Bitcoin NFTs causing network congestion likely played a role in influencing Binance’s decision. As market activity continues to decline, the exchange aims to adapt its offerings to align with evolving industry trends.
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