NFT trading volume has reached its lowest point in multiple years. In December, Bitcoin non-fungible tokens had a widespread impact on network congestion. People that utilize Binance will not be able to participate in any future Bitcoin NFT airdrops.
As part of its efforts to "streamline" its product offerings, the cryptocurrency exchange Binance has decided to discontinue its support for non-fungible tokens (NFTs) that are built on The Bitcoin blockchain.
According to a blog post published by Binance, "Users are advised to withdraw their Bitcoin NFTs from the Binance NFT Marketplace" before the 18th of May.
User eligibility for future airdrops related to non-fungible tokens (NFTs) stored on the Bitcoin network would be eliminated, according to the statement.
According to statistics obtained from non-fungible.com, despite a recovery that occurred at the tail end of the previous year, a number of measures, including as the number of unique purchasers and trading volume in USD, have dropped to levels that have not been seen in many years.
Inscriptions is a way that is used to generate Bitcoin non-fungible tokens (NFTs). This method involves incorporating references to digital art into minor transactions that are based on Bitcoin.
In December, Bitcoin non-fungible tokens (NFTs) generated considerable network congestion, which, according to Luke Dashjr, a developer for Bitcoin Core, "exposed a vulnerability" in the network.
Since then, there has been a decline in interest in Bitcoin non-fungible tokens. In spite of this, investments are still pouring into the sector. For example, the Bitcoin Ordinals wallet Oyl raised $3 million from investors such as Arthur Hayes and Domo, the founder of BRC-20, just during the previous month.
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