Nfts
Binance to remove Bitcoin NFT collections
Binance NFT Marketplace will end all support for Bitcoin NFTs starting this month amid declining market trends.
From April 18 Binance NFTs will not accept trades or deposits for Bitcoin-based NFT collections. The platform has issued guidelines to its users, directing them to transfer their Bitcoin NFTs off-market using the Bitcoin network by May 18.
Binance will also automatically cancel all orders for the affected listings on the mentioned date. The marketplace also said that after April 10, it will end support for additional airdrops, perks, or features related to Bitcoin NFTs.
Regarding Runestone NFTs, the exchange informed that those eligible for the Runestone airdrop received NFTs in their Binance accounts. Nevertheless, holders must withdraw these NFTs by next Wednesday to access the associated tokens, utilities or benefits.
Binance said its decision largely came from a desire to streamline the exchange’s offerings. NFT market data shows that the number of unique buyers and overall trading volume declined significantly despite a brief recovery in the fourth quarter of 2023.
Declining market activity and recent criticism of Bitcoin NFTs causing network congestion likely contributed to Binance’s decision.