Binance has recently announced that it will stop supporting Bitcoin NFTs (Non-Fungible Tokens) on its marketplace, which were added just a year ago in May 2023. The exchange plans to simplify its product offerings, as stated in a blog post published on April 4th. As a result, the Binance NFT marketplace will stop accepting Bitcoin Ordinal deposits and transactions starting from April 18th.

Furthermore, from April 10th, the Binance NFT marketplace will no longer offer Bitcoin NFT-related airdrops, rewards, and features. Bitcoin Ordinals, also known as Bitcoin NFTs, allow digital content such as images, text, and videos to be permanently etched onto the Bitcoin blockchain.

Initially, the Bitcoin protocol included data embedding, but its popularity surged with the introduction of Ordinals in late 2022. Casey Rodarmor developed a mechanism that, like Ethereum's non-fungible tokens (NFTs), allows for the direct integration of unique digital artworks into Bitcoin transactions.

Binance advises Runestone NFT users who are eligible for the airdrop to cash out their tokens before April 10th. The Bitcoin network has experienced significant congestion due to the high volume of NFT transactions, leading to increased fees and slower processing times as more transactions are verified on-chain. According to Dune Analytics, there have been 64 million inscriptions on the network so far, with a total of $423 million in transaction fees.