Binance to Discontinue Support for Bitcoin NFTs as Part of Streamlining Process
Summary:
In a bid to simplify its offerings, Binance, a leading cryptocurrency exchange, is discontinuing support for Bitcoin-related nonfungible tokens (NFTs). As of April 18, the exchange will cease support for Bitcoin Ordinal trading and deposits, advising users to withdraw their Bitcoin NFTs by May 18, 2024. The Binance NFT marketplace will also stop providing airdrops, utilities, and benefits associated with Bitcoin NFTs after April 10, 2024. The move surprised the community as Binance only introduced support for Bitcoin NFTs a year ago.
In a recent move, Binance has decided to halt its support for nonfungible tokens (NFTs) related to Bitcoin (BTC). This decision was made public on April 4 through a blog post, as the firm seeks to simplify its product offerings on its NFT exchange. Now, Bitcoin Ordinals trading and deposits will be unsupported from April 18 onwards. Binance recommended users to withdraw Bitcoin NFTs from their marketplace, using the Bitcoin network before 18th May 2024. On the flip side, Binance's NFT marketplace will stop giving out airdrops, utilities, and advantages related to Bitcoin NFTs post April 10, 2024.
Bitcoin NFTs, also called Bitcoin Ordinals, provide the facility to embed digitized content such as art, video, or text straight into the Bitcoin blockchain. Embedding data into the Bitcoin protocol isn't a new phenomenon, however, the concept gained traction after the advent of Ordinals in late 2022. The particular protocol, designed by Casey Rodarmor, allows exclusive digital artwork to be embedded directly into Bitcoin transactions, mirroring Ethereum's NFTs.
In particular, Binance has encouraged users of Runestone NFT who qualify for the airdrop to withdraw their tokens by April 10. They have also suggested that users withdraw these NFTs by April 10, 2024, SO they may still have the chance to receive any affiliated tokens, utilities, and advantages later on. This sudden decision by Binance surprised the whole community as the platform extended its ecosystem to the Bitcoin network by supporting Bitcoin NFTs just a year ago in May 2023, assuring more opportunities to collectors.
Since its inception, the volume of NFT transactions had caused the Bitcoin network to become congested multiple times, resulting in increased fees and slower processing times due to on-chain transaction verification. Data from Dune Analytics reveals that the network has over 64 million inscriptions so far and has resulted in more than $423 million in transaction fees.
Published At
4/4/2024 10:52:48 PM
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