Key Takeaways:
- Binance NFT marketplace plans to cease support for Bitcoin Ordinals trades and deposits by April 18, advising customers to move their Bitcoin NFTs before May 18, 2024, to prevent loss.
- The discontinuation of support for Bitcoin NFTs aims to streamline Binance’s offerings, affecting airdrops, perks, and utilities related to Bitcoin NFTs from April 10, 2024.
- Bitcoin Ordinals, enabling unique digital art on the Bitcoin blockchain, have significantly impacted the network with over 64 million inscriptions and $423 million in transaction fees.
Binance’s NFT marketplace will soon stop supporting trades and deposits for Bitcoin Ordinals, setting the end date for this service as April 18.
The platform recently announced through a blog post on April 4 its plan to streamline its product offerings within the Binance NFT marketplace.
Just found out Binance has an Ordinals Marketplace…https://t.co/0bz9ZkBWKx
— Ordinals Wallet (@ordinalswallet) April 4, 2024
This streamlining includes halting the support for Bitcoin Ordinals, a move aimed at consolidating the marketplace’s services and offerings.
Customers currently holding Bitcoin NFTs on the Binance marketplace are encouraged to transfer their assets via the Bitcoin network before May 18, 2024, to avoid any potential loss of their digital collectibles.
Following this deadline, the platform will also discontinue any airdrops, perks, and utilities associated with Bitcoin NFTs, effective from April 10, 2024.
JUST IN:
— WhaleFUD (@WhaleFUD) April 4, 2024
Binance Plans To End Support For Bitcoin Ordinals NFTs
Bitcoin Ordinals, often referred to as Bitcoin NFTs, represent a method of inscribing digital content, such as artwork, text, or videos, directly onto the Bitcoin blockchain.
This functionality, leveraging the Ordinals protocol developed by Casey Rodarmor in late 2022, brought a new dimension to the Bitcoin ecosystem by enabling the embedding of unique digital art into Bitcoin transactions in a manner similar to Ethereum’s NFTs.
Furthermore, the announcement highlighted a specific notice for holders of Runestone NFTs eligible for an airdrop, urging them to withdraw their NFTs by April 10 to secure any related tokens, benefits, and utilities post the cut-off date.
Binance NFT Marketplace Axes Support for Bitcoin Ordinals
— Decrypt (@decryptmedia) April 4, 2024
► https://t.co/dqpjx4DrVD https://t.co/dqpjx4DrVD
The move by Binance has caught many in the crypto community off guard, especially considering the platform had only started supporting Bitcoin NFTs in May 2023.
This addition was seen as an expansion of Binance’s ecosystem, tapping into the burgeoning Bitcoin network and promising enhanced opportunities for NFT collectors.
However, the surge in NFT transactions has occasionally led to congestion on the Bitcoin network, resulting in increased transaction fees and slower processing times due to the higher volume of transactions awaiting on-chain validation.
Binance ends support for Bitcoin Ordinals
— Coinyex (@Coinyex_com) April 5, 2024
Binance NFT marketplace will cease supporting trades and deposits of Bitcoin Ordinals on April 18.
Read more at https://t.co/B6yaqk2DuX#binance #ordinals #bitcoin #support
Data from Dune Analytics reveals that the Bitcoin network has seen over 64 million inscriptions to date, contributing to over $423 million in transaction fees, highlighting the significant impact of NFT transactions on the network’s operations.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
With a knack for engaging storytelling and strategic content creation, Fleming is dedicated to educating and inspiring his audience with insightful analysis on cryptocurrencies, NFTs, and the future of digital finance.
Check Fleming out on: