Crypto exchange Binance has announced that it will stop supporting Bitcoin NFTS on its marketplace on April 18, 2024. The decision was announced in a statement issued on April 4, 2024.

According to Binance:

Starting with 2024-04-18 06:00 (UTC)users will no longer be able to buy, deposit, bid or list NFTS on the Binance NFT Marketplace through the Bitcoin Network. All affected listing orders will be automatically cancelled 2024-04-18 06:00 (UTC).

Additionally, the platform will stop supporting any aircraft, benefits, or other utilities related to Bitcoin NFTS as of April 10.

Reasons for termination of support

Binance indicated that the move is part of its ongoing efforts to streamline its NFT marketplace offerings. However, the exchange did not provide specific details on whether trading volume or user demand influenced the decision.

NFT Marketplace was launched by Binance in 2021 during the crypto market boom. Although it initially gained traction, particularly through its association with soccer superstar Cristiano Ronaldo, it has struggled to gain substantial adoption compared to competitors such as Blur.

Additionally, Binance is currently facing formal challenges in various jurisdictions, including the United States, where it has agreed to pay significant fines and cease operations.

Bitcoin NFTS status

Despite Binance’s decision, Bitcoin NFTs continue to thrive, largely due to growing interest among the general public. Asset management firm Franklin Templeton noted that innovations within the bitcoin ecosystem, including NFTs including ordinals and new fungible token standards known as BRC20 and Runs, are driving this growth.

Recent data from CryptoSlam shows that Bitcoin NFT sales reached $6.37 million over the past 24 hours, marking the second highest sales figure in the industry.

Frequently Asked Questions About Binance Ending Bitcoin NFT Support (General FAQ)

1. What did Binance announce about Bitcoin NFTS?
Binance announced that it will end support for Bitcoin NFTS on its marketplace, effective April 18, 2024. Users will no longer be able to buy, deposit, bid, or list Bitcoin NFTs on this date.

2. When will Bitcoin officially end for NFTS?
Support for Bitcoin NFTS will officially end April 18, 2024, 06:00 (UTC). All affected listing orders will be automatically canceled at this time.

3. Are there any other changes related to Bitcoin NFTS before support ends?
Yes, Binance will stop supporting any aircraft, benefits, or other utilities related to Bitcoin NFTS by April 10, 2024.

4. What reasons did Binance give for ending support for Bitcoin NFTs?
Although Binance said the decision was part of efforts to streamline its NFT marketplace offerings, it did not provide specific details on how the decision affected trading volume or user demand.

5. How has Binance NFT Marketplace performed since its launch?
Launched in 2021, Binance’s NFT marketplace gained initial traction, particularly due to its collaboration with high-profile figures such as Cristiano Ronaldo. However, it has struggled to achieve the same level of adoption as competitors such as Bloor.

6. What impact could this decision have on Bitcoin NFTS?
While the return of Binance may affect its market, Bitcoin NFTS are experiencing growth through the popularity of Ordinals and innovations such as BRC-20 and Runs, which are attracting interest from users and investors.

7. How are Bitcoin NFTs currently performing in the market?
Recent data from CryptoSlam shows that Bitcoin NFT sales have reached approximately $6.37 million in a 24-hour period, making it the second highest sales figure in the NFT industry at the moment.

8. What are ordinals and why are they important?
Ordinals are a way to embed files, such as images, into satoshis (SATS) on the Bitcoin network. They have gained popularity and contributed to the development of Bitcoin NFTS, which has attracted the attention of collectors and investors.

9. Does Binance face any other challenges?
Yes, Binance is currently dealing with regulatory challenges in various jurisdictions, including the United States, where it has agreed to pay significant fines and halt some operations.

10. Where can I get more information about Bitcoin NFTS and NFT Marketplace?
For more details about the Bitcoin NFTS and NFT marketplace, users can visit platforms like Binance’s official website, CryptoSlam, and other NFT marketplaces for the latest updates and market trends.