Binance, one of the leading cryptocurrency exchanges, has made a significant announcement that is set to shake up the NFT marketplace. The platform has decided to discontinue support for Bitcoin nonfungible tokens (NFTs) starting April 18, urging users to withdraw their assets before May 18.
This move comes less than a year after Bitcoin NFTs were first introduced on the platform in May 2023. Binance will no longer facilitate trades or accept deposits of Bitcoin NFTs, and all related airdrops, benefits, and utilities will be withdrawn on April 10.
The decision to phase out Bitcoin NFTs was driven by issues such as network congestion and increased transaction fees. The growing volume of NFT transactions on the Bitcoin network has led to over 64 million inscriptions and generated more than $423 million in transaction fees, causing network congestion, increased fees, and slower processing times.
This development will undoubtedly have a significant impact on NFT trading and collection on the platform, affecting both creators and collectors within the ecosystem. Users who are eligible for the Runestone NFT airdrop must withdraw their tokens by April 10 to avoid any losses.
In addition to this news, Binance is also facing legal challenges in Nigeria, with one of its executives currently detained. The crypto exchange has issued a statement requesting the release of the detained executive.
Overall, Binance’s decision to phase out support for Bitcoin NFTs marks a significant shift in the NFT marketplace and highlights the challenges faced by cryptocurrency exchanges in managing the growing demand for digital assets.
