Binance’s NFT marketplace will end all support for Bitcoin NFTs from this month amid declining market trends.
Starting April 18, Binance NFT will not accept trades or deposits for Bitcoin-based NFT collections. The platform has issued guidance for its users, urging them to transfer their Bitcoin NFTs out of the marketplace using the Bitcoin network by May 18.
Binance will also automatically cancel all orders for listings affected on the mentioned date. The marketplace also stated that after April 10, it will halt support for additional airdrops, perks, or features linked to Bitcoin NFTs.
Regarding Runestone NFTs, the exchange informed that those eligible for the Runestone airdrop had received NFTs in their Binance accounts. Nevertheless, holders must withdraw these NFTs by next Wednesday to access any related tokens, utilities, or advantages.
Binance stated that its decision largely came from a willingness to streamline the exchange’s offerings. 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 likely contributed to Binance’s decision.
Read More: Binance to delist Bitcoin NFT collections
Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.