Amidst growing anticipation surrounding the Bitcoin halving, Binance has made an unexpected announcement to discontinue support for trading Bitcoin NFTs. This decision, part of Binance’s efforts to streamline its NFT Marketplace, has grabbed the attention of crypto traders and investors on April 4.
The move comes amidst a downturn in the NFT market, fueling speculation about the future of NFTs in the crypto landscape. With Binance’s decision to halt Bitcoin NFT support, concerns arise about the broader NFT market’s prospects.
Binance’s announcement outlines the timeline for ceasing Bitcoin NFT trades and deposits, with a deadline set for April 18 at 06:00 UTC. Users are advised to withdraw their Bitcoin NFTs before May 18 to avoid any disruptions.
Additionally, Binance warns users of the termination of support for Bitcoin NFT-related activities after April 10. This includes benefits associated with Runestone NFTs, prompting users to take necessary actions before the specified deadlines.
The decision also impacts users holding Bitcoin ordinal Runestone NFTs, as Binance advises them to withdraw these tokens by April 10 at 10:00 UTC to avoid any potential losses.
Binance’s move adds to the pessimism in the NFT community, coinciding with a broader market downturn. Investors are left pondering the future of NFTs amidst these developments.