Binance NFT Announces Plans To Cease Support For Bitcoin NFTs

Binance NFT Announces Plans To Cease Support For Bitcoin NFTs – Here’s More Details

Updated: 04 April 2024

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Binance NFT, a non-fungible token marketplace created by the crypto exchange giant Binance that combines typical NFT trading functionality with the ability to mint NFTs, has announced plans to stop support for Bitcoin-based NFT collections.

Binance To Cease Support For Bitcoin NFTs

In an April 04 press release, the Binance NFT marketplace confirmed plans to cease support for Bitcoin-based NFT collections by April 8, 2024. The NFT marketplace has claimed the upcoming shocking plan is part of its ongoing efforts to streamline product offerings on the Binance NFT Marketplace. Users have until May 05, 2024, to withdraw their NFTs.

🚨 JUST IN: #Binance announced it will stop supporting trades and deposits of Bitcoin NFTs on its NFT Marketplace from April 18, 2024.

Users must withdraw their Bitcoin NFTs before May 18, 2024.

— Satoshi Club (@esatoshiclub) April 4, 2024

Launched in June 2021, Binance NFT is a digital market platform providing crypto users with the opportunity to create, sell, purchase, bid, collect, trade, showcase and otherwise transact digital blockchain collectibles, which may be represented as a non-fungible token linked with certain digital media and art.

Binance NFT Marketplace, initially created for BNB Smart Chain powered digital collectibles, started as a single-chain non-fungible token market platform. For the past three years, Binance NFT has rapidly evolved to become a multi-chain, open marketplace ecosystem.

Binance NFT Market place now allows users to explore and trade a wider variety of digital collectibles across multiple blockchains, including its native chain BNB Smart Chain (BSC), Bitcoin (BTC) network, Ethereum (ETH) network, and Polygon (MATIC) network, directly from their Binance accounts.

Binance On Runestone NFTs

From mid this month, users will no longer be able to buy, deposit, bid on, or list NFTs on the Binance NFT Marketplace via the Bitcoin network. This NFT cessation order will apply to all Bitcoin NFT users, including crypto users holding the newly launched Runestone NFT series.

In the meantime, Binance NFT has distributed Runestone NFTs to Binance users eligible for the Runestone airdrop. Therefore, Runestone NFT users are solemnly advised to withdraw their NFTs by April 10, 2024, to ensure they still have the opportunity to receive any associated tokens, utilities, and benefits after April 10, 2024. Binance will not be responsible for any losses incurred if users do not withdraw their NFTs before the stated time frame.