As market trends weaken, Binance, a major cryptocurrency exchange, has stopped supporting Bitcoin Non-Fungible Token (NFT) purchases on its NFT marketplace as of April 18.
There are fewer unique sellers and fewer trades in the NFT market right now, which is why the move was made. In the fourth quarter of 2023, there was a small rise in the number of trades.
Binance’s Transition – NFT Trade Cessation and Listing Cancellations
As of April 18, Binance NFT will no longer allow Bitcoin-based NFT collections to be bought, sold, or stored. To keep things smooth, site users were told to use the Bitcoin network to remove their Bitcoin NFTs from the market before May 18th.
Binance will also cancel all orders for listings affected by this change on the date given. The market also said that airdrops, perks, and other benefits related to Bitcoin NFTs will no longer be allowed after April 10th.
Binance made it clear in a statement about Runestone NFTs that users who were eligible for the Runestone airdrop have already received their NFTs in their Binance accounts. People who own NFTs are being told to cash them out by this coming Wednesday to receive any tokens, utilities, or perks that come with them.
Binance stated that this change was made to simplify the exchange’s services. Binance’s strategic move was affected by the fact that the market was moving less quickly and there were new complaints that Bitcoin NFTs slow down the network.
The event shows how quickly the NFT market is changing and how important it is for platforms to be able to change with the times. The fact that Binance took Bitcoin NFT collecting off its list shows that the exchange wants to run as quickly and efficiently as possible in a world where digital assets are always changing.
