KEY POINTS
Cryptocurrency exchange Binance has announced intentions to discontinue its support for Bitcoin non-fungible tokens (NFTs) on its marketplace.
In a blog post dated April 4, Binance notified users that as of April 18, they will no longer be able to buy, trade, deposit, or list Bitcoin NFTs. Plus, they were advised to withdraw their Bitcoin NFT holdings before May 18.
The post highlighted that the Binance NFT marketplace would discontinue offering any future airdrops, benefits, or utilities associated with Bitcoin NFTs after April 10.
No specific details have been provided regarding the end of support for Bitcoin NFTs. Instead, the decision is framed as part of Binance’s “ongoing efforts to streamline product offerings.”
Binance started support for Bitcoin NFTs on its marketplace back in May 2023, expanding its offerings beyond BNB Chain, Ethereum, and Polygon. Just last month, Binance introduced a Bitcoin NFT-focused word-guessing game as part of its “Word of the Day (WOTD)” initiative, offering users opportunities to learn and earn rewards.
Given these recent developments, the announcement of discontinuing support for Bitcoin NFTs has caught many by surprise, especially considering the performance of Bitcoin NFTs since their inception in January 2023.
In 2023, Bitcoin NFT sales soared to unprecedented heights, surpassing $881 million by year-end. Last month alone, Bitcoin-based NFT sales surged past $500 million, outpacing even Ethereum and Solana.
This surge in sales can be attributed to successful auctions and sales of Bitcoin NFTs. Notably, in January 2024, The Taproot Wizards’ Bitcoin NFT collection, dubbed “Quantum Cats,” completely sold out, amassing a total of $12.9 million. Likewise, Sotheby’s concluded its “Natively Digital” Bitcoin NFT sale during the same month, generating over $1 million.
