The NFT marketplace operated by Binance has chosen to discontinue support for Bitcoin-based NFTs starting this month due to decreasing market trends. Since April 18, Binance NFT will not allow trading or deposits of Bitcoin NFT collections. Users have been advised to transfer their Bitcoin NFTs out of the marketplace via the Bitcoin network before May 18. The platform will automatically cancel any affected listings on that date. Additionally, support for airdrops, perks, and features connected to Bitcoin NFTs will cease after April 10. The exchange has also addressed Runestone NFTs, mentioning that eligible users have already received the NFTs in their Binance accounts. However, these NFTs must be withdrawn by the following Wednesday to access associated tokens, utilities, or benefits. Binance attributed its decision to streamline its offerings based on market data indicating a significant decline in unique buyers and overall trading volume, despite a brief recovery in the fourth quarter of 2023. The decrease in market activity and criticism of Bitcoin NFTs contributing to network congestion likely influenced Binance's resolution.
Binance Decides to Remove Bitcoin NFT Collections

by Giorgi Kostiuk
2 years ago

Other news
Market Phases and Volatility in Bitcoin Trading

Analyst Mags outlines the two distinct phases of Bitcoin trading: the Bull Phase characterized by upward trends and the Bear Phase triggered by market structure breaks.

Bitcoin's Safehaven Potential Amidst Global Instability

Bitcoin is viewed as a potential safehaven asset due to its unique characteristics, but it still behaves like a risk asset during uncertain times.

Emerging Patterns in Meme Coins Highlight Market Coordination

Analyst LSTrader outlines a broader strategy for Dogecoin, noting similar technical setups emerging across multiple meme coin projects.

US Treasury Freezes $344 Million in Iranian Cryptocurrency

The US Treasury Department has frozen over $344 million in cryptocurrency linked to Iranian military and political groups as part of efforts to cut off financial resources amid rising tensions.

Ethereum Foundation Completes 10,000 ETH Sale to BitMine

The Ethereum Foundation has completed a sale of 10,000 ETH to BitMine in an over-the-counter deal.

AI Chatbots Linked to Reinforcement of Harmful Beliefs

Researchers from Stanford University have raised concerns that prolonged interactions with AI chatbots can lead to the reinforcement of harmful beliefs and delusions.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter