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Binance NFT Ceases Support for Bitcoin Non-Fungible Token Activities

Binance NFT :

Ceases Support for :

Bitcoin Non-Fungible Token Activities

In a recent announcement issued by Binance on April 4, 2024, the company

revealed its decision to halt support for non-fungible token (NFT) collections that

are reliant on Bitcoin within its NFT marketplace. Binance has directed users of

its NFT marketplace to withdraw their Ordinal registrations by May 18, 2024.

Despite ranking second as one of :

the top NFT selling platforms this week, Binance's NFT

marketplace has decided to cease support for Bitcoin-reliant

ordinal NFT collections, as disclosed in its blog on April 4.

Starting from April 18, Binance's NFT marketplace will no longer accept deposits of

ordinal NFTs, and users are encouraged to withdraw their assets by May 18.

The reasons behind this decision remain largely unspecified, except for a brief

indication that it is "part of its ongoing efforts to streamline product offerings."

However :

when it comes to the volume of Bitcoin-based NFT collections

Binance's NFT marketplace significantly lags behind competitors like OKX

and Magic Eden.

Additionally :

the announcement also included the cessation of

reward distribution activities for ordinal NFTs on Binance NFT

alongside the launch of a new reward for Runestone NFTs.

"For users of Runestone NFTs

who meet the Runestone reward requirements

Binance NFT has distributed these NFTs to eligible Binance NFT

accounts before 2024-04-04 10:00 (UTC)," disclosed Binance.

"Users are advised to withdraw these NFTs by 2024-04-10 10:00 (UTC)

to ensure they still have the opportunity to receive

any associated tokens and benefits after 2024-04-10."

Moving forward :

Binance NFT will not facilitate any "further reward distributions or benefits

or services associated with Bitcoin-based NFTs."

So far, sales of Bitcoin-based NFTs have reached $64,929,967, slightly trailing

Ethereum sales which amounted to $68,056,679 over the past week.

Currently :

the Bitcoin blockchain hosts around 67.26 million ordinal registrations

and according to cryptoslam.io data, sales of Bitcoin-based

NFTs have totaled $3.05 billion

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