• Trading volume for NFTs is at multi-year lows.
  • Bitcoin NFTs caused widespread network congestion in December.
  • Binance users will not be eligible for future Bitcoin NFT airdrops.

Binance, the cryptocurrency exchange, is discontinuing its support for NFTs based on Bitcoin as part of an effort to simplify and improve the range of products they offer.

Binance recommends that users remove their Bitcoin NFTs from its marketplace by May 18th. (This version maintains the original meaning but uses more common and conversational language.)

Users will no longer qualify for upcoming NFT airdrops that are based on the Bitcoin network.

Based on information from non-fungible.com, some key performance indicators, such as the number of distinct purchasers and trading value in US dollars, experienced a significant decline towards the end of last year and have reached their lowest points in several years.

Bitcoins can be used to create unique digital tokens for artwork, achieved by recording the art’s details in tiny Bitcoin transactions.

In December, Bitcoin NFTs led to extensive network overload, revealing a weakness in the system, as stated by Luke Dashjr, a developer for Bitcoin Core.

The enthusiasm for Bitcoin NFTs has decreased, but investments keep flowing into this area. Last month, Bitcoin Ordinals wallet Oyl managed to secure $3 million in funding from notable investors such as Arthur Hayes and the creator of BRC-20, Domo.

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2024-04-04 17:41