Binance NFT Marketplace Discontinues Support for Bitcoin NFTs
Crypto exchange Binance announced the discontinuation of Bitcoin NFT support on its NFT marketplace effective April 18, as per an official statement released on April 4.
According to the exchange:
“Starting from 2024-04-18 06:00 (UTC), users will no longer be able to transact with NFTs on the Binance NFT Marketplace using the Bitcoin network. All affected orders will be automatically canceled at 2024-04-18 06:00 (UTC).”
Furthermore, the platform will stop supporting airdrops, benefits, or other utilities associated with Bitcoin NFTs by April 10.
This decision comes less than a year after the introduction of Bitcoin NFT support on the platform.
Reasons for Ending Bitcoin NFT Support
Binance cited “ongoing efforts to streamline product offerings” in its NFT marketplace as the reason for discontinuing Bitcoin NFT support. The exchange did not disclose whether trading volumes or user demand influenced this decision.
Despite early success, the NFT marketplace struggled to gain significant adoption compared to competitors like Blur, partly due to regulatory challenges across multiple jurisdictions.
Additionally, Binance recently appointed a board of directors, signaling a shift in its operating approach amid regulatory scrutiny.
The Thriving Bitcoin NFT Market
Bitcoin-based NFTs have experienced significant growth in the past year, driven by innovations within Bitcoin’s ecosystem. Asset management firm Franklin Templeton highlighted the impact of Bitcoin NFTs, new fungible token standards, Bitcoin Layer 2s, and other DeFi primitives on the ecosystem.
Recent data from CryptoSlam shows that Bitcoin NFT sales reached $6.37 million in the past 24 hours, demonstrating the market’s resilience and popularity.