How Bitcoin NFTs might do thanks to this Binance move

• Binance stops trading of Bitcoin Ordinals on its marketplace.
• Bitcoin NFT sector remained unaffected and continued to see growth.

Bitcoin’s [BTC] price appreciated slightly after witnessing a massive decline over the last few days. However, the optimism around BTC may be affected soon. According to recent data, Binance will cease its support for trades and deposits of Bitcoin NFTs.

Binance makes changes

Binance clarified that the decision was part of “ongoing efforts to streamline product offerings” within its NFT marketplace. Starting from 18th April, users will no longer have the option to trade Bitcoin Ordinals on the Binance NFT Marketplace.

Additionally, the exchange has advised users to complete the withdrawal of their Bitcoin Ordinals from the marketplace before 18th May.

Furthermore, the exchange has specified that any airdrops, benefits, or utilities associated with Bitcoin Ordinals will cease to be supported from 10th April.

Binance further emphasized that holders of Runestones should withdraw their NFTs by this date to ensure they can still avail themselves of any linked tokens, utilities, or benefits associated with their Ordinals.

Moreover, Binance clarified that the trading of Runestone NFTs will no longer be facilitated on its  NFT platform.

Launched amidst the crypto market boom in 2021, the NFT marketplace initially experienced success, attributed to its association with Binance and football icon Cristiano Ronaldo.

However, the platform struggled to achieve significant adoption compared to competitors like Blur. Additionally, Binance is currently grappling with regulatory challenges across multiple jurisdictions, notably in the United States, where it agreed to pay a record fine exceeding $4 billion and cease operations within the country.

These regulatory challenges have prompted a reassessment of the exchange’s operational strategy, leading to the establishment of a seven-member board of directors as well.

How is Bitcoin doing?

Despite Binance’s actions the overall NFT ecosystem on the Bitcoin network remained unaffected. AMBCrypto’s analysis of Crypto Slam’s data revealed that Bitcoin remained the second most popular network for NFTs.

Read Bitcoin’s [BTC] Price Prediction 2024-25

In the last 24 hours, the sales volume of BTC NFTs grew by 7.45%.

At press time, BTC was trading at $66,858.29 and its price had grown by 1.89% in the last 24 hours. The volume at which it was trading at had grown by 17.76% as well.

Source: Santiment