Wow, Binance Will Close the Bitcoin NFT Market

Liputan6.com, Jakarta – The renowned cryptocurrency exchange, Binance, has announced the closure of the Bitcoin NFT market effective April 18 at 6:00 UTC. This comes almost a year after the market launch, which is a clear sign of the company's responsibility to reduce the number of products on the market.

Users will not have the option to buy or sell NFTs in Bitcoin after April 10. NFT creation as well as transfers and withdrawals of user NFTs on Bitcoin will also be halted on the same date. NFT consumers should withdraw their NFTs via the Bitcoin network from the Binance NFT Marketplace before May 18.

This news follows Binance's statement stating that there was increased uncertainty in Bitcoin NFT trading in the first few months following the introduction of the Ordinals protocol in May 2023. Bitcoin is one of the second most traded networks in the world for NFTs.

According to The Crypto Times, Saturday (6/4/2024), Binance finally clarified their Runestone NFT credentials on April 4 to people who were eligible for the airdrop. In contrast, no trading channels for Runestone NFTs issued via the Binance platform will be available on the market.

Ask Users to Withdraw NFT Runestones

In addition to the closure of operations orbiting Bitcoin NFT, the company's announcement also hit Bitcoin ordinal Runsestone users. Interestingly, Binance claims to have distributed eligible Runestone NFT wallets following an attention-grabbing airdrop earlier this year.

Now, with the company planning to stop NFT-related activities on the Bitcoin network, Binance is also urging users to withdraw Runestone NFTs by April 10 at 10:00 UTC if they want the tokens, utilities and any related benefits associated with these tokens. Further, the company warns users that they will not be responsible for any losses incurred due to user negligence.

This move by one of the leading global CEXs further adds to the negative sentiment in the NFT community as it closes the doors to one of the leading NFT chains. Additionally, along with the ongoing NFT market slump, Binance's decision has increasingly raised bearish concerns among investors regarding the potential revival of the NFT world.

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