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BerandaNewsBinance to discontinue support for Bitcoin NFTs, known as Bitcoin Ordinals, in...

Binance to discontinue support for Bitcoin NFTs, known as Bitcoin Ordinals, in its NFT marketplace on April 18

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  • Users must transfer their Bitcoin NFTs from Binance NFT Marketplace before May 18, 2024, via the Bitcoin network.
  • Post-April 10, 2024, Binance NFT marketplace will cease offering airdrops, benefits, and utilities related to Bitcoin NFTs.

Binance has decided to halt support for Bitcoin Ordinals, commonly referred to as Bitcoin NFTs, in its NFT marketplace starting from April 18. The exchange disclosed this move in a blog post on April 4, stating the action is part of its initiative to refine the product offerings within the Binance NFT marketplace. Specifically, the platform will stop facilitating trades and deposits of Bitcoin Ordinals by the stated date.

Customers holding Bitcoin NFTs on the Binance NFT Marketplace are encouraged to transfer their NFTs via the Bitcoin network before May 18, 2024. Following April 10, 2024, the marketplace will also discontinue providing airdrops, benefits, and utilities linked to Bitcoin NFTs.

“Users are advised to withdraw their Bitcoin NFTs from the Binance NFT Marketplace via the Bitcoin network before 2024-05-18 00:00 (UTC).”

Bitcoin Ordinals, enabling the inscription of digital content such as art, text, or videos onto the Bitcoin blockchain, gained popularity following their introduction by Casey Rodarmor in late 2022. This protocol permits the embedding of unique digital artworks into Bitcoin transactions, offering a functionality similar to that of Ethereum’s NFTs.

Related: Former President Trump Joins Bitcoin Ordinals with Exclusive Mugshot NFT Trading Cards

Binance has issued specific instructions for users of Runestone NFT eligible for the airdrop, advising them to withdraw their tokens by April 10 to secure any associated tokens, utilities, and benefits beyond this date.

This unexpected decision by Binance, which added Bitcoin NFTs to its offerings in May 2023, has caught the community off guard. The inclusion was intended to broaden its ecosystem to encompass the Bitcoin network, aiming to provide collectors with more opportunities.

Read more: Exploring Solana’s NFT Phenomenon: $5 Billion Milestone Reached

The Bitcoin network has experienced congestion and increased transaction fees several times due to the high volume of NFT transactions. 

bitcoin-ordinals
Source → DUNE

Dune Analytics reports that the network has seen over 64 million inscriptions and has generated more than $423 million in transaction fees to date.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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