Binance stops trading Bitcoin NFTs: Optimization in focus

Binance stops trading Bitcoin NFTs: Optimization in focus

As of April 18, users can no longer trade or purchase Bitcoin NFTs on Binance. The crypto exchange has decided to optimize its offering and improve the user experience. Less than a year ago, Binance added Bitcoin Ordinals, also known as Bitcoin NFTs, to its marketplace, only to now reject them again. As of April 18, 2024 at 06:00 UTC, it will no longer be possible to purchase, deposit, offer, or list NFTs on the Binance NFT marketplace via the Bitcoin network. All affected orders will be automatically canceled. Binance plans to streamline the product offering on the Binance NFT marketplace and recommends users withdraw their Bitcoin NFTs via the Bitcoin network before May 18, 2024.

Since April 10th, no airdrops, benefits or bonuses related to Bitcoin NFTs have been offered. According to experts, the high volume of NFT transactions has already overloaded the Bitcoin network several times since launch, resulting in higher transaction fees and slower processing times. By ceasing trading with Bitcoin Ordinals, Binance aims to improve the user experience in addition to offering optimization and is now focusing on long-term growth.

Binance’s decision to end support for Bitcoin Ordinals marks a turning point in NFT trading on the platform. Investors and NFT enthusiasts will now have to move to other platforms to continue their activities. In an article by Cointelegraph, it became clear that Binance wants to address the challenges associated with NFT transactions with this move. The closure of Bitcoin NFT trading is expected to have an impact on the entire NFT market and could lead to a reorientation of the strategies of many investors.