Binance plans to stop supporting Bitcoin origin NFTs.
In a blog post on Thursday, the crypto exchange announced that it will no longer support trades and deposits of Bitcoin NFTs starting April 18 at 6:00 UTC. Binance mentioned in their announcement that support for any further airdrops, benefits, or utilities related to Bitcoin NFTs will end on April 10. This move is part of Binance’s effort to streamline its product offerings on the NFT Marketplace. Users will no longer be able to buy, deposit, bid, or list NFTs on the Binance NFT Marketplace using the Bitcoin network. Once support is terminated, listing orders will be automatically canceled. Users are encouraged to withdraw their Bitcoin NFTs from the Binance NFT Marketplace via the Bitcoin network before May 18. Binance initially added support for Bitcoin NFTs in May 2023 in response to the Ordinals protocol flooding Bitcoin with NFTs and tokens. Since then, demand has fluctuated, leading to record-high Bitcoin network fees in November. According to Cryptoslam, Bitcoin is the second most popular network for NFT trading, competing with Ethereum in total trading volume for digital collectibles over the past 30 days. However, overall NFT trading volumes have dropped to multi-year lows. Statista reports that NFT sales peaked at 117,000 in August 15, 2021, but fell to 2400 across Ethereum, Ronin, and Flow blockchains on March 15, 2024. Franklin Templeton released a report on Wednesday praising Bitcoin Ordinals for sparking positive innovation momentum on Bitcoin in the past year. Binance also announced that users who met the conditions for the Runestone NFT airdrop should have received their NFT by Thursday. Recipients are advised to withdraw their NFTs by April 10 to ensure they receive associated tokens, utilities, and benefits after that date. Runestone is an Ordinals NFT project that airdropped over 112,000 inscriptions to early Ordinals users in March. In an auction earlier that month, “The Runestone,” the largest Ordinals inscription ever, sold for $572,973. Source link Binance’s Decision to Exit Bitcoin NFTs
Runestone NFTs on Binance
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