Binance NFT is discontinuing support for Bitcoin NFTs from April 18 due to dwindling market activity and criticism. Users are advised to withdraw their Bitcoin NFTs by May 18, as trading, deposits, and airdrops for Bitcoin NFTs will cease. The decision aligns with Binance's strategy to streamline its offerings amid declining NFT market trends and concerns over network congestion caused by Bitcoin NFTs.
Binance Discontinues Support for Bitcoin NFTsamid Waning Market Conditions
Binance's NFT marketplace is discontinuing all support for Bitcoin-based non-fungible tokens (NFTs) effective this month. The decision follows a downturn in the NFT market, characterized by a decline in unique buyers and overall trading volume.
Effective April 18, Binance NFT will cease accepting trades and deposits for NFT collections based on the Bitcoin blockchain. The platform has strongly advised its users to transfer their Bitcoin NFTs out of the marketplace by May 18 using the Bitcoin network.
Binance will automatically cancel all orders for listings affected by the discontinuation on the aforementioned date. Additionally, the marketplace will no longer support any airdrops, perks, or features associated with Bitcoin NFTs after April 10.
Regarding Runestone NFTs, Binance has confirmed that eligible recipients have received their airdropped NFTs in their Binance accounts. However, holders are urged to withdraw these NFTs by next Wednesday to access any associated tokens, utilities, or advantages.
Binance's decision is attributed to a strategic streamlining of its offerings, in response to dwindling market activity. NFT market data reveals a significant decrease in the number of unique buyers and overall trading volume, despite a brief recovery in the fourth quarter of 2023.
The declining market activity and recent criticism of Bitcoin NFTs contributing to network congestion are believed to have influenced Binance's decision.
Binance's move to discontinue support for Bitcoin NFTs reflects the evolving landscape of the NFT market. As the industry matures, platforms are reassessing their strategies and tailoring their offerings to meet the needs of their users.
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