Binance, the leading cryptocurrency exchange, has announced the closure of its Bitcoin NFT marketplace on April 18 at 6:00 UTC. This decision follows the platform's responsibility to streamline its product offerings and the uncertainty surrounding the trade of Bitcoin NFTs after the introduction of the Ordinals protocol.
Binance Closes Bitcoin NFT Marketplace Amidst Market Uncertainty
April 14, 2023
Binance, the world's leading cryptocurrency exchange, has announced the closure of its Bitcoin NFT marketplace, effective April 18, 2023 at 6:00 UTC. This decision comes approximately one year after the marketplace's initial launch and reflects the company's commitment to streamlining its product offerings amid shifting market conditions.
Effective April 10, 2023, users will no longer be able to buy or sell NFTs on Bitcoin. Additionally, the creation of new NFTs, as well as the transfer and withdrawal of existing NFTs, will cease on the same date. Binance has advised its users to withdraw their NFTs from the Binance NFT Marketplace to the Bitcoin network by May 18, 2023.
The announcement follows Binance's recent recognition of the uncertain trading environment for Bitcoin NFTs, which emerged in the wake of the introduction of the Ordinals protocol in May 2023. Ordinals enables the creation and storage of NFTs on the Bitcoin blockchain, making it one of the second most popular blockchain networks for NFTs globally.
Despite the initial surge in trading activity following the launch of Ordinals, Binance has observed a decline in liquidity and uncertainty regarding the long-term viability of Bitcoin NFTs. The company has also clarified that Runestone NFTs, which were previously airdropped to eligible users, will not be available for trading on the Binance platform.
The closure of the Bitcoin NFT marketplace reflects Binance's ongoing commitment to providing its users with a secure and reliable trading environment. The company will continue to monitor market conditions and adjust its offerings accordingly to meet the evolving needs of its customers.
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