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 However, these NFTs must be withdrawn by the following Wednesday to access associated tokens, utilities, or benefits.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
Ethereum's Holder Count Surpasses Bitcoin's by 32 Times
Ethereum's holder count has surpassed Bitcoin's by 32 times, with over 18.9 million non-empty addresses recorded.
Market Sentiment Shifts, Impacting XRP Price Performance
Recent shifts in market sentiment have led to a pullback in XRP's price, despite strong buying activity in futures positions.
Michael Saylor's Strategy Could Acquire $30 Billion in Bitcoin
JPMorgan analysts predict that Michael Saylor's Strategy could purchase approximately $30 billion worth of Bitcoin this year if the current acquisition pace continues.
Russell 2000 Breakout Signals New Bitcoin Bull Market
Bull Theory suggests that the recent breakout in the Russell 2000 index signals the onset of another major Bitcoin bull market.
Vincent Van Code Explains the Potential of a Fed Master Account for XRP
Crypto expert Vincent Van Code explains the implications of a 5 trillion Fed master account for Ripple and XRP.
Long-term Bitcoin Holders Increase Their Accumulation
Long-term Bitcoin holders have significantly increased their accumulation, with demand from accumulator addresses climbing to 264,000 BTC on May 6, marking a 60% increase from just two weeks earlier.
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