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 However, these NFTs must be withdrawn by the following Wednesday to access associated tokens, utilities, or benefits.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
Made with AI
Other news
Trump Asserts US Dominance Over Strait of Hormuz Amid Tensions
US President Donald Trump claims total US control over the Strait of Hormuz amid tensions with Iran, despite a significant drop in maritime traffic.
Crypto Market Faces Layoffs and Shifts in Investment Trends
The crypto market is currently facing significant layoffs, with firms like Coinbase and FalconX reducing their workforce. Retail investors are increasingly shifting their focus from cryptocurrencies to sports betting platforms and AI stocks.
Bitwise Asset Management Reduces Staff Amid Market Adjustments
Bitwise Asset Management has reduced its staff by approximately 14 employees, bringing its total workforce to about 155, while maintaining that it is still the largest in the company's history.
Arthur Hayes Outlines Yenquake Macro Thesis Impacting Bitcoin
Arthur Hayes proposes a macro thesis called 'Yenquake', suggesting that supporting the Japanese yen could inject dollar liquidity into global markets, potentially benefiting Bitcoin.
Jupiter Introduces Smart Debt Feature to Boost DeFi Efficiency
Jupiter has launched a new feature called Smart Debt through its Jupiter Lend platform, allowing users to deploy borrowed assets into DEX liquidity pools to earn trading fees.
Three Indicators for Bitcoin's Return to $100k
Experts identify three signs that may indicate Bitcoin's potential to reclaim the $100k price level.
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