Binance Stops Support for Bitcoin NFTs Citing 'Streamlining' of Offered Products
Summary
Binance, a cryptocurrency exchange, is discontinifying support for Bitcoin-based non-fungible tokens (NFTs) as part of a product streamlining process. The company has advised users to withdraw their Bitcoin NFTs from the Binance NFT Marketplace by May 18. Users will not be eligible for future airdrops related to NFTs hosted on the Bitcoin network. Bitcoin NFTs are created through a method called inscriptions, which embed references to digital art into small Bitcoin-based transactions. Despite a decrease in interest in Bitcoin NFTs, investment in the sector continues, with Bitcoin Ordinals wallet Oyl raising $3 million last month.
