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Trading volume for NFTs is at multi-year lows.
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Bitcoin NFTs caused widespread network congestion in December.
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Binance users will not be eligible for future Bitcoin NFT airdrops.
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Cryptocurrency exchange Binance will cease support for Bitcoin-based non-fungible tokens (NFTs) as it undergoes a process to “streamline” its product offerings.
“Users are advised to withdraw their Bitcoin NFTs from the Binance NFT Marketplace” before May 18, Binance wrote in a blog post.
It added that users will not be eligible for future airdrops related to NFTs hosted on the Bitcoin network.
Despite a resurgence at the tail end of last year, several metrics, including the amount of unique buyers and trading volume in USD have slumped to multi-year lows, data from non-fungible.com shows.
Bitcoin NFTs are generated through a method called inscriptions, which inscribes references to digital art into small Bitcoin-based transactions.
In December, Bitcoin NFTs caused widespread network congestion, something that “exposed a vulnerability” in the network, according to Luke Dashjr, a Bitcoin Core developer.
The interest in Bitcoin NFTs has since waned. Still, investment continues to pour into the sector, with Bitcoin Ordinals wallet Oyl raising $3 million last month from the likes of Arthur Hayes and and BRC-20 creator Domo.