- Binance will stop trading Bitcoin Ordinals on its marketplace.
- The Bitcoin NFT sector remained unaffected and continued to grow.
Bitcoins [BTC] The price has risen slightly after a huge drop in recent days. However, the optimism surrounding BTC may soon be dented. According to recent data, Binance will end its support for transactions and deposits of Bitcoin NFTs.
Binance is making changes
Binance clarified that the decision was part of “ongoing efforts to streamline product offerings” within its NFT marketplace. Starting April 18, users will no longer have the option to trade Bitcoin Ordinals on the Binance NFT Marketplace.
Additionally, the exchange has advised users to complete the withdrawal of their Bitcoin Ordinals from the market before May 18.
Furthermore, the exchange has stated that any airdrops, benefits or utilities related to Bitcoin Ordinals will no longer be supported starting April 10.
Binance further emphasized that Runestones holders must withdraw their NFTs before this date to ensure they can still use any linked tokens, utilities or benefits associated with their Ordinals.
Furthermore, Binance clarified that trading of Runestone NFTs will no longer be facilitated on its NFT platform.
The NFT marketplace launched amid the 2021 crypto market boom and saw initial success, attributed to its association with Binance and football icon Cristiano Ronaldo.
However, the platform struggled to achieve significant adoption compared to competitors like Blur. Additionally, Binance is currently facing regulatory challenges in multiple jurisdictions, most notably in the United States, where it agreed to pay a record fine of over $4 billion and cease operations in the country.
These regulatory challenges have led to a reassessment of the exchange’s operational strategy, which has also led to the creation of a seven-member board of directors.
How is Bitcoin doing?
Despite Binance’s actions, the overall NFT ecosystem on the Bitcoin network remained unaffected. AMBCrypto’s analysis of Crypto Slam data revealed that Bitcoin remained the second most popular network for NFTs.
Read Bitcoin’s [BTC] Price forecast 2024-25
In the past 24 hours, the sales volume of BTC NFTs grew by 7.45%.
Source: Crypto Slam
At the time of writing, BTC was trading at $66,858.29 and the price was up 1.89% over the past 24 hours. The volume it traded on had also grown by 17.76%.
Source: Santiment