Binance to end Bitcoin NFT support in marketplace within a week Binance to end Bitcoin NFT support in marketplace within a week
Bitcoin NFTs remain popular within the broader crypto industry despite Binance's decision.
2 min read
Updated: Apr. 4, 2024 at 3:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Binance said its non-fungible token (NFT) marketplace will discontinue support for Bitcoin NFTs by April 18, per an April 4 statement.
According to the exchange:
“Starting from 2024-04-18 06:00 (UTC), users will no longer be able to buy, deposit, bid on, or list NFTs on the Binance NFT Marketplace via the Bitcoin network. All impacted listing orders will be automatically canceled at 2024-04-18 06:00 (UTC).”
It added that its platform would stop supporting airdrops, benefits, or other utilities associated with the NFTs by April 10.
Notably, this decision is coming less than a year after the platform enabled support for these digital assets.
Why is Binance ending support for Bitcoin NFTs?
Binance explained that its decision was part of “ongoing efforts to streamline product offerings” in its NFT marketplace.
The firm did not comment on whether trading volumes or user demand affected its decision to end those services.
The exchange launched the NFT marketplace in 2021 amid the crypto market boom. While the marketplace enjoyed early successes due to its association with the exchange and football superstar Cristiano Ronaldo, the platform has struggled for considerable adoption compared to rivals like Blur.
Besides that, Binance is navigating regulatory issues across several jurisdictions, including the United States, where it agreed to pay a record fine of more than $4 billion and stop operating within the country.
These regulatory upheavals have prompted a rethink of the exchange’s operating style and the appointment of a seven-member board of directors led by Gabriel Abed, the former ambassador of Barbados to the UAE.
Bitcoin NFTs are thriving
Bitcoin-based NFTs have grown remarkably during the past year, fueled by the rising fascination with Ordinals.
Asset management firm Franklin Templeton pointed out that the innovations within Bitcoin’s ecosystem were primarily fueled by “Bitcoin NFTs, known as Ordinals, new fungible token standardsย such as BRC-20 and Runes, Bitcoin Layer 2s, and other Bitcoin DeFi primitives.”
Notably, dataย from CryptoSlam shows that Bitcoin’s NFT sales amounted to $6.37 million within the past 24 hours, marking the second-highest figure in the industry.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
