Due to deteriorating market patterns, Binance’s NFT marketplace will no longer support Bitcoin NFTs going forward.
For NFT collections based on Bitcoin, Binance NFT will no longer take deposits or transactions as of April 18. The platform advises users to utilise the Bitcoin network to move their Bitcoin NFTs out of the market by May 18.
Additionally, on the specified day, Binance will immediately cancel all orders for listings that are impacted. The marketplace said it will no longer support any further airdrops, benefits, or features associated with Bitcoin NFTs after April 10.
The exchange stated that NFTs for Runestone had been deposited into the Binance accounts of individuals who qualified for the Runestone airdrop. However, holders can only access associated tokens, utilities, or benefits if they remove these NFTs by next Wednesday.
According to Binance, the move was primarily made to simplify the exchange’s products. NFT market data indicates that, despite a brief rebound in the fourth quarter of 2023, the total trading volume and the number of unique purchasers have drastically decreased.
Binance’s move was probably influenced by the recent criticism of Bitcoin NFTs generating network congestion and falling market activity
