Binance is discontinuing its support for Bitcoin nonfungible tokens (NFTs), also known as Bitcoin Ordinals, after introducing them to its marketplace a few months ago. The exchange aims to streamline its product offerings on the Binance NFT marketplace by no longer supporting trades and deposits of Bitcoin Ordinals starting April 18.
Users are advised to withdraw their Bitcoin NFTs from the Binance NFT Marketplace through the Bitcoin network before May 18, 2024. Additionally, airdrops, benefits, and utilities related to Bitcoin NFTs will no longer be available on the platform after April 10, 2024.
Bitcoin Ordinals allow the embedding of digital content like art, text, or video directly onto the Bitcoin blockchain. Initially created by Casey Rodarmor, this protocol enables unique digital arts to be embedded into Bitcoin transactions, similar to Ethereum's nonfungible tokens (NFTs).
Binance specifically mentioned that Runestone NFT users eligible for the airdrop should withdraw their tokens by April 10 to ensure they receive associated tokens, utilities, and benefits beyond that date.
Many were surprised by Binance's decision as they had only added support for Bitcoin NFTs in May 2023, offering collectors more opportunities in the Bitcoin network. The high volume of NFT transactions has led to congestion on the Bitcoin network, causing increased fees and slower processing times due to the validation of numerous transactions.
The Bitcoin network currently has over 64 million inscriptions, generating more than $423 million in transaction fees to date.
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