On April 18th, the Binance NFT marketplace will no longer accept deposits and transactions made with Bitcoin. Additionally, as of April 10th, the marketplace will no longer offer airdrops, perks, and utilities related to Bitcoin NFTs.
Binance made this decision as part of its efforts to streamline its product offerings on the NFT marketplace. The decision to stop accepting Bitcoin deposits and transactions aligns with these initiatives and will take effect on April 18th.
Furthermore, after April 10th, the Binance NFT marketplace will no longer provide Bitcoin NFT-related airdrops, perks, and utilities. Bitcoin Ordinals, also known as Bitcoin NFTs, allow digital content such as images, text, and video to be permanently inscribed on the Bitcoin blockchain.
Although the Bitcoin protocol has always supported data embedding, the popularity of Ordinals surged in late 2022. Casey Rodarmor developed a mechanism that allows unique digital artworks, similar to Ethereum’s non-fungible tokens (NFTs), to be directly integrated into Bitcoin transactions.
Binance advises Runestone NFT users who qualify for the airdrop to cash out their tokens by April 10th. Binance expanded its ecosystem to the Bitcoin network and introduced new opportunities for collectors just a year ago, in May 2023, by adding support for Bitcoin NFTs.
Since its introduction, the Bitcoin network has experienced congestion due to the high volume of NFT transactions, resulting in increased fees and slower processing times. According to Dune Analytics, there have been 64 million inscriptions on the network, with a total of $423 million in transaction fees.
In other crypto news today, Xoom has announced that it will now allow international transfers using the PayPal USD (PYUSD) stablecoin.