Binance has announced that its non-fungible token (NFT) marketplace will no longer facilitate Bitcoin NFTs after April 18, according to a statement released on April 4.

Users will not be able to engage in transactions or listings associated with Bitcoin NFTs on the Binance NFT Marketplace starting from 06:00 (UTC) on April 18. Additionally, all affected listing orders will be automatically canceled by the same time.

Furthermore, the discontinuation of airdrops, benefits, and other utilities linked to the NFTs is set to take effect by April 10.

This change comes less than a year since Binance first introduced support for Bitcoin NFTs on its platform.

Reasons for Ending Bitcoin NFT Support

Binance clarified that this decision was part of their ongoing efforts to streamline the product offerings within their NFT marketplace.

The exchange did not disclose whether this move was influenced by trading volumes or user demand for these services.

Following the launch of the NFT marketplace in 2021, which saw initial success boosted by ties with Cristiano Ronaldo, the platform has faced challenges in gaining significant traction compared to competitors like Blur.

Amidst regulatory challenges in various regions, particularly in the United States, where they recently agreed to a substantial fine and ceased operations, Binance has been reassessing its operational strategies. They have also established a new board of directors, led by Gabriel Abed, former Barbados ambassador to the UAE.

Thriving Bitcoin NFT Market

Bitcoin-based NFTs have experienced significant growth recently due to the increasing interest in Ordinals.

Franklin Templeton, an asset management firm, highlighted the push for innovation in Bitcoin's ecosystem, particularly through “Bitcoin NFTs,” new fungible token standards like BRC-20 and Runes, Bitcoin Layer 2s, and other DeFi primitives.

Data from CryptoSlam indicates that Bitcoin's NFT sales have reached $6.37 million in the last 24 hours, marking the second-highest figure in the industry.