Binance’s NFT marketplace is set to discontinue its support for Bitcoin NFTs starting this month due to a decrease in market trends. Effective April 18, Binance NFT will no longer facilitate trades or deposits for Bitcoin-based NFT collections. Users are advised to transfer their Bitcoin NFTs out of the marketplace using the Bitcoin network by May 18.
Furthermore, Binance will automatically cancel any orders for listings affected on the specified date. The platform will also cease support for additional airdrops, perks, or features associated with Bitcoin NFTs after April 10. In relation to Runestone NFTs, eligible users have received NFTs in their Binance accounts for the Runestone airdrop. However, holders must withdraw these NFTs by the following Wednesday to access any associated tokens, utilities, or benefits.
Binance explained that the decision was made to streamline its offerings. Market data for NFTs indicates a significant drop in the number of unique buyers and overall trading volume, despite a brief recovery in the fourth quarter of 2023. The decline in market activity and criticism surrounding Bitcoin NFTs causing network congestion likely influenced Binance’s move.
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