Binance, the world's largest cryptocurrency exchange, announced that it will stop supporting Bitcoin NFTs on its exchange. This decision comes less than a year after Bitcoin NFTs were introduced to the platform.
As part of efforts to streamline its product line, Binance NFT will stop supporting Bitcoin NFT trades and deposits starting at 09:00 UTC on April 18, 2024. Users are advised to withdraw their Bitcoin NFTs from Binance NFT Marketplace via the Bitcoin network before 21:00 on May 17, 2024.
For Runestone NFT users who met the Runestone airdrop conditions, Binance NFT distributed these NFTs to eligible users' Binance NFT accounts before 13:00 on April 4, 2024. These users were advised to withdraw these NFTs by 13:00 on April 10, 2024, to ensure that they can still have the relevant tokens, services and benefits after April 10. Binance stated that it will not be responsible for any losses incurred if users do not withdraw their NFTs within the specified time period.
Bitcoin became the fourth blockchain supported by Binance's NFT market in June 2023. However, this addition appears to have been short-lived and support will end less than a year after implementation.
This decision by Binance comes despite the recent increase in interest in Bitcoin Ordinals NFTs. The base prices of the NodeMonkes collection increased by over 50% last month, surpassing Bored Ape Yacht Club in market value.
*This is not investment advice.
