Key Takeaways
- Binance NFT marketplace will cease supporting Bitcoin Ordinals on April 18.
- High volume of Bitcoin NFT transactions has led to network congestion.
- The Bitcoin network has over 64 million inscriptions, generating over $423 million in fees.
Binance NFT marketplace is ending support for Bitcoin Ordinals on April 18. Users are advised to withdraw their Bitcoin NFTs by May 18, 2024.
This decision is part of Binance’s effort to streamline its product offerings.
Impact on Bitcoin Ordinals
Bitcoin Ordinals, also known as ‘Bitcoin NFTs’, gained some users with their ability to embed digital content directly onto the Bitcoin blockchain.
Many are calling Ordinals spam.
However, the high volume of NFT and Ordinals transactions on Bitcoin has led to network congestion and increased fees.
Community reaction and future steps
The community was surprised by Binance’s sudden decision, as the platform had added support for Bitcoin NFTs in May 2023.
The Bitcoin network has over 64 million inscriptions and generated more than $423 million in transaction fees.
