Key Points
- Binance will discontinue trades and deposits of Bitcoin NFTs on its marketplace.
- Despite this, the Bitcoin NFT sector continues to grow, unaffected by Binance’s decision.
Binance has announced that it will cease support for trades and deposits of Bitcoin NFTs. The decision is part of an effort to streamline product offerings within its NFT marketplace.
Starting from 18th April, users will no longer be able to trade Bitcoin Ordinals on the Binance NFT Marketplace. The exchange has also advised users to withdraw their Bitcoin Ordinals from the marketplace before 18th May.
Binance’s Operational Changes
In addition to this, Binance has specified that any airdrops, benefits, or utilities associated with Bitcoin Ordinals will no longer be supported from 10th April. Holders of Runestones have been advised to withdraw their NFTs by this date to ensure they can still avail themselves of any linked tokens, utilities, or benefits associated with their Ordinals.
Furthermore, Binance will no longer facilitate the trading of Runestone NFTs on its platform. This comes amidst a reassessment of the exchange’s operational strategy due to regulatory challenges, leading to the establishment of a seven-member board of directors.
NFT Ecosystem Remains Unaffected
Despite these changes, the overall NFT ecosystem on the Bitcoin network remains unaffected. Bitcoin is still the second most popular network for NFTs, with the sales volume of BTC NFTs growing by 7.45% in the last 24 hours.
At press time, BTC was trading at $66,858.29. Its price had grown by 1.89% in the last 24 hours, and its trading volume had increased by 17.76%.
