Binance plans to end support for Bitcoin Ordinals NFTs

Binance plans to end support for Bitcoin Ordinals NFTs, requiring users of its Bitcoin NFT market to withdraw their NFTs before May 18.

Binance will soon close its Bitcoin NFT marketplace after opening its trading venue to online collectibles less than a year ago.

In a blog post on Thursday, the cryptocurrency exchange said that starting at 6:00 UTC on April 18, it will "stop supporting trading and deposits of Bitcoin NFTs."

Binance exit ordinal number (Ordinals)

The exchange noted that starting April 10, it will end support for “any further airdrops, perks, or utilities” related to Bitcoin NFTs. The decision to cut back on Bitcoin NFTs is part of Binance’s “ongoing efforts to simplify the Binance NFT market offering.”

Binance stated: “Users will no longer be able to buy, deposit, bid, or list NFTs on the Binance NFT Market via the Bitcoin network,”

Do not change the meaning of the original content, fine-tune the content, rewrite the content, and do not continue to write. "Once settlement is supported, pending orders will be automatically canceled. The company added, "It is recommended that users start from the Bitcoin network through the Bitcoin network before May 18. Binance NFT Marketplace withdraws their Bitcoin NFTs. ”

In May 2023, Binance announced support for Bitcoin NFTs for the first time, a move that was considered an outsider to digital collectibles. The Bitcoin Ordinals protocol injects a large number of NFTs and tokens into the Bitcoin network. Since its rise, demand has continued, driving Bitcoin network fees to an all-time high in November.

According to Cryptoslam, Bitcoin remains the second most popular trading network for NFTs, rivaling Ethereum in terms of total transaction volume for digital collectibles over the past 30 days.

Overall, however, NFT trading volume has fallen to multi-year lows. According to Statista, total NFT sales peaked at 117,000 on August 15, 2021, but on March 15, 2024, NFT sales for the Ethereum, Ronin, and Flow blockchains were as low as 2,400.

On Wednesday, Franklin Templeton released a report praising Bitcoin Ordinals for kick-starting the “innovation momentum” on Bitcoin over the past year.

Runestone on Binance NFT

Binance also clarified that any platform users who met the conditions for the Runestone NFT airdrop should have withdrawn their NFTs by Thursday. Recipients are advised to withdraw their NFTs before April 10 to ensure they receive “any associated tokens, utility and benefits” after that date.

Runestone is an Ordinals NFT project that airdropped more than 112,000 Ordinals to early Ordinals users in March. Earlier that month, the "Runestone," the largest ordinal inscription ever made, sold at auction for $572,973.

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