The cryptocurrency exchange platform Binance has made an announcement regarding the discontinuation of its support for Bitcoin-based non-fungible tokens (NFTs). Users are advised to withdraw their Bitcoin NFTs from the Binance NFT Marketplace before May 18, as eligibility for future airdrops linked to NFTs hosted on the Bitcoin network will be revoked.

This decision comes as interest in Bitcoin NFTs has declined, as shown by low trading volume and unique buyer counts reaching multi-year lows, based on data from non-fungible.com. Despite a brief uptick at the end of last year, the sector has struggled to sustain momentum, with various indicators signaling a decrease in activity.

Bitcoin NFTs, created through inscriptions, have been criticized for causing network congestion on the Bitcoin blockchain. The congestion witnessed in December brought attention to vulnerabilities within the network, as highlighted by Bitcoin Core developer Luke Dashjr. As a result, concerns regarding scalability and efficiency have been raised within the community.