NFTs
Binance ceases support for Bitcoin (BTC) NFTs in ‘simplification’ process
Cryptocurrency exchange Binance will stop supporting Bitcoin-based non-fungible tokens (NFTs) as it goes through a process to “optimize” its product offerings.
“Users are advised to withdraw their Bitcoin NFTs from the Binance NFT Marketplace” before May 18, Binance wrote in a blog post.
It added that users will not be eligible for future airdrops related to NFTs hosted on the Bitcoin network.
Despite a resurgence late last year, several metrics, including the number of unique buyers and U.S. dollar trading volume, fell to multi-year lows, data from the non-fungible programs.com.
Bitcoin NFTs are generated through a method called inscriptions, which inscribes references to digital art into small Bitcoin-based transactions.
In December, Bitcoin NFTs caused widespread network congestion, something that “exposed a vulnerability” in the network, according to Bitcoin Core developer Luke Dashjr.
Interest in Bitcoin NFTs has since waned. Still, investment continues to flow into the sector, with the Bitcoin Ordinals Oyl wallet raising $3 million last month from names like Arthur Hayes and Domo, creator of the BRC-20.