Binance to Discontinue Support for Bitcoin NFTs in Streamlining Efforts

Binance to Discontinue Support for Bitcoin NFTs in Streamlining Efforts

Crypto News – Binance advises its users to withdraw their Bitcoin NFTs from its marketplace as it discontinues support for these tokens as part of an effort to “streamline product offerings.”

The cryptocurrency exchange Binance has announced its intention to cease support for Bitcoin non-fungible tokens (NFTs) on its NFT marketplace.

In a statement released on Thursday, Binance stated that it would halt support for trades and deposits as part of its ongoing initiative to streamline its product offerings, urging users to withdraw their Bitcoin NFTs before midnight UTC on May 18.

Furthermore, Binance will discontinue airdrops, benefits, and other utilities associated with Bitcoin NFTs after April 10.

Bitcoin NFTs, also referred to as Bitcoin Ordinals, are generated by embedding text or image data into Bitcoin blocks and linking the data to a non-fungible satoshi using Ordinal Theory.

These NFTs based on Bitcoin witnessed significant adoption just a few months after the creation of the Bitcoin Ordinals protocol, attracting attention from critics when the surge in inscription trading activity led to considerable congestion on the blockchain and escalated transaction fees.

Casey Rodarmor, the originator of Bitcoin Ordinals, has introduced a new protocol named Runes, aimed at enhancing the efficiency of creating fungible tokens on Bitcoin.

“For Runestone NFT users eligible for the Runestone airdrop, Binance NFT had distributed these NFTs to eligible users‘ Binance NFT accounts before 2024-04-04 10:00 (UTC),” stated the Binance team.

“Users are encouraged to withdraw these NFTs by 2024-04-10 10:00 (UTC) to ensure they retain the opportunity to receive any associated tokens, utilities, and benefits after 2024-04-10.”

According to data from Dune compiled by “@dgtl_assets,” the number of new Bitcoin NFTs minted daily has significantly declined since last year. However, over 64 million unique inscriptions have been created to date, collectively generating $430 million in fees.