- Binance is discontinuing support for bitcoin nonfungible tokens (NFTs) shortly after introducing them to its marketplace, as part of efforts to streamline product offerings.
- This decision means that starting April 18, Binance will cease bitcoin ordinal trades and deposits, aligning with its strategy to refine its NFT marketplace.
- Additionally, Binance’s NFT marketplace will no longer offer airdrops, perks, or amenities related to bitcoin NFTs after April 10, 2024.
Binance is phasing down support for bitcoin nonfungible tokens (NFTs), only a few months after bringing Binance NFTs to its marketplace.
Binance NFT marketplace ends bitcoin NFT airdrops
Binance has revealed plans to “streamline product offerings” on its NFT marketplace. As a result, the platform will discontinue support for bitcoin ordinals trades and deposits starting April 18.
Bitcoin ordinals are analogous to NFTs but are specifically designed for the bitcoin blockchain. They operate using satoshis, which are the smallest units of bitcoin.
Furthermore, Binance NFT marketplace will no longer provide airdrops, perks, or amenities associated with bitcoin NFTs, after April 10, 2024
Bitcoin ordinals, also known as bitcoin NFTs, allow digital content like art, text, or video to be inscribed directly onto the bitcoin blockchain. This protocol enables unique digital artworks to be embedded into bitcoin transactions, similar to ethereum’s NFTs.
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Community stunned
This decision surprised the community, especially considering that just a year ago, in May 2023, Binance extended its ecosystem to the bitcoin network, offering collectors additional opportunities by supporting bitcoin NFTs.
The bitcoin network has experienced congestion multiple times due to the high volume of NFT transactions. This surge has led to increased fees and slower processing times as more transactions require validation on-chain.
Dune Analytics data shows that the network has earned over $423 million in transaction fees and over 64 million inscriptions so far.
