Binance Ends Bitcoin NFT Support in Marketplace, Citing Streamlining Efforts

Despite Binance’s decision, Bitcoin NFTs remain popular in the broader crypto sphere.

In an announcement made on April 4, cryptocurrency exchange Binance revealed that its non-fungible token (NFT) marketplace will no longer support Bitcoin NFTs starting from April 18.

As per the statement:

“Commencing from 2024-04-18 06:00 (UTC), users will no longer have the capability to purchase, deposit, bid on, or list NFTs on the Binance NFT Marketplace using the Bitcoin network. All affected listing orders will be automatically voided at 2024-04-18 06:00 (UTC).”

Furthermore, the platform will halt support for airdrops, benefits, or other utilities linked with the NFTs by April 10.

Binance’s decision to end support for Bitcoin NFTs is attributed to its ongoing efforts to streamline its product offerings within the NFT marketplace. The exchange did not provide specific details regarding whether trading volumes or user demand influenced this decision.

The NFT marketplace was launched by Binance in 2021 during the surge in the crypto market. Despite initial successes due to its association with the exchange and renowned footballer Cristiano Ronaldo, the platform has faced challenges in gaining significant adoption compared to competitors like Blur.

Additionally, Binance is currently dealing with regulatory challenges across multiple jurisdictions, including the United States, where it agreed to pay a record fine exceeding $4 billion and cease operations within the country.

These regulatory hurdles have led to a reassessment of the exchange’s operational strategy, resulting in the appointment of a seven-member board of directors led by Gabriel Abed, the former ambassador of Barbados to the UAE.

Meanwhile, Bitcoin-based NFTs, often referred to as Ordinals, have experienced significant growth over the past year. Innovations within Bitcoin’s ecosystem, including Bitcoin NFTs, new fungible token standards such as BRC-20 and Runes, Bitcoin Layer 2s, and other Bitcoin DeFi primitives, have contributed to this growth.

According to data from CryptoSlam, Bitcoin’s NFT sales reached $6.37 million within the last 24 hours, marking the second-highest figure in the industry.