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Cryptocurrency News Articles
Binance Pulls the Plug on Bitcoin NFT Marketplace
Apr 05, 2024 at 02:46 am
Binance is discontinuing its Bitcoin NFT marketplace, ceasing support for trades and deposits starting April 18. The decision aligns with Binance's efforts to streamline its NFT Marketplace offerings. The exchange notes that Bitcoin NFT support for airdrops, benefits, and utilities will end on April 10. Users are advised to withdraw their Bitcoin NFTs before May 18.
Binance Exits Bitcoin NFT Marketplace: Streamlining Service Offerings
Binance, the leading cryptocurrency exchange, has announced the impending closure of its Bitcoin NFT marketplace, effective April 18th at 6:00 UTC. This move is part of Binance's ongoing efforts to optimize its product offerings on the Binance NFT Marketplace.
The cessation of Bitcoin NFT trading and deposit support will occur on April 10th. Binance will no longer facilitate buying, depositing, bidding on, or listing NFTs on the Binance NFT Marketplace via the Bitcoin network. Listing orders will be automatically cancelled upon the end of support.
Binance advises users to withdraw their Bitcoin NFTs from the Binance NFT Marketplace via the Bitcoin network before May 18th. The exchange will discontinue support for any further airdrops, benefits, or utilities related to Bitcoin NFTs as of April 10th.
Binance initially added support for Bitcoin NFTs in May 2023, following the emergence of the Ordinals protocol, which enabled the creation of NFTs and tokens on the Bitcoin blockchain. Bitcoin NFTs experienced fluctuating demand, contributing to record-high network fees in November 2023.
Despite Bitcoin's position as the second most popular network for NFT trading, overall NFT trading volumes have declined significantly in recent months. According to Statista, aggregate NFT sales peaked in August 2021 but have since dropped to multi-year lows.
Despite the downturn in NFT trading, Franklin Templeton's recent report acknowledges the positive impact of Bitcoin Ordinals on innovation within the Bitcoin ecosystem over the past year.
Runestone NFT Airdrop and Withdrawals
Binance has clarified that all platform users who qualified for the Runestone NFT airdrop should have received their NFTs by Thursday. Recipients are advised to withdraw their NFTs by April 10th to ensure they receive any associated tokens, utilities, and benefits after that date.
Runestone, an Ordinals NFT project, airdropped over 112,000 inscriptions to early Ordinals users in March 2024. Notably, "The Runestone," the largest Ordinals inscription to date, was auctioned for $572,973 earlier that month.
Binance's decision to close its Bitcoin NFT marketplace reflects the evolving landscape of the NFT market and Binance's commitment to providing a streamlined and efficient trading experience for its users.
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