{"id":277457,"date":"2024-04-04T19:57:07","date_gmt":"2024-04-04T14:27:07","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=277457"},"modified":"2024-04-04T19:57:07","modified_gmt":"2024-04-04T14:27:07","slug":"binance-to-end-bitcoin-nft-support-in-marketplace-within-a-week-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binance-to-end-bitcoin-nft-support-in-marketplace-within-a-week-crypto-news\/","title":{"rendered":"Binance to end Bitcoin NFT support in marketplace within a week – Crypto News"},"content":{"rendered":"
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Crypto exchange Binance<\/a> said its non-fungible token (NFT) marketplace will discontinue support for Bitcoin<\/a> NFTs by April 18, per an April 4 statement<\/a>.<\/p>\n

According to the exchange:<\/p>\n

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\u201cStarting from <\/span>2024-04-18 06:00 (UTC)<\/strong><\/span>, users will no longer be able to buy, deposit, bid on, or list NFTs on the Binance NFT Marketplace via the Bitcoin network. All impacted listing orders will be automatically canceled at <\/span>2024-04-18 06:00 (UTC)<\/strong><\/span>.\u201d<\/span><\/p>\n<\/blockquote>\n

It added that its platform would stop supporting airdrops, benefits, or other utilities associated with the NFTs by April 10.<\/p>\n

Notably, this decision is coming less than a year after the platform enabled support for these digital assets.<\/p>\n

Why is Binance ending support for Bitcoin NFTs?<\/h2>\n

Binance explained that its decision was part of \u201congoing efforts to streamline product offerings\u201d in its NFT marketplace.<\/p>\n

The firm did not comment on whether trading volumes or user demand affected its decision to end those services.<\/p>\n

The exchange launched the NFT marketplace in 2021 amid the crypto market boom. While the marketplace enjoyed early successes due to its association with the exchange and football superstar Cristiano Ronaldo,<\/a> the platform has struggled for considerable adoption compared to rivals like Blur.<\/a><\/p>\n

Besides that, Binance is navigating regulatory issues<\/a> across several jurisdictions, including the United States, where it agreed to pay a record fine of more than $4 billion<\/a> and stop operating within the country.<\/p>\n

These regulatory upheavals have prompted a rethink of the exchange\u2019s operating style and the appointment<\/a> of a seven-member board of directors led by Gabriel Abed, the former ambassador of Barbados to the UAE.<\/p>\n

Bitcoin NFTs are thriving<\/h2>\n

Bitcoin-based NFTs have grown remarkabl<\/a>y during the past year, fueled by the rising fascination with Ordinals.<\/p>\n

Asset management firm Franklin Templeton pointed out<\/a> that the innovations within Bitcoin\u2019s ecosystem were primarily fueled by \u201cBitcoin NFTs, known as Ordinals, new fungible token standards\u00a0 such as BRC-20 and Runes, Bitcoin Layer 2s, and other Bitcoin DeFi primitives.\u201d<\/p>\n

Notably, data\u00a0<\/a>from CryptoSlam shows that Bitcoin\u2019s NFT sales amounted to $6.37 million within the past 24 hours, marking the second-highest figure in the industry.<\/p>\n

Mentioned in this article<\/h6>\n
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Latest Alpha<\/span> Market Report<\/h6>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto exchange Binance said its non-fungible token (NFT) marketplace will discontinue support for Bitcoin NFTs by April 18, per an April 4 statement. According to the exchange: \u201cStarting from 2024-04-18 06:00 (UTC), users will no longer be able to buy, deposit, bid on, or list NFTs on the Binance NFT Marketplace via the Bitcoin network. […]<\/p>\n","protected":false},"author":2,"featured_media":187800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-277457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/277457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=277457"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/277457\/revisions"}],"predecessor-version":[{"id":277459,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/277457\/revisions\/277459"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/187800"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=277457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=277457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=277457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}