Binance Ends Support for Bitcoin Ordinals
Binance is dropping support for Bitcoin (BTC) non-fungible tokens (NFTs) just a few months after introducing them to the marketplace.
In a blog post on April 4, Binance announced efforts to “facilitate product offerings” on the Binance NFT marketplace. As part of these efforts, the exchange is ceasing support for Bitcoin Ordinals trades and deposits on April 18.
“Users are advised to withdraw their Bitcoin NFT from the Binance NFT Marketplace via the Bitcoin Network before 2024-05-18 00:00 (UTC).”
Additionally, the Binance NFT Marketplace will stop offering airdrops, benefits and utilities related to Bitcoin NFTs after April 10, 2024.
Bitcoin Ordinals, also known as Bitcoin NFTs, allow digital content such as art, text or video to be written directly onto the Bitcoin blockchain. Data embedding has been a part of the Bitcoin protocol for some time, but its popularity increased with the arrival of Ordinals in late 2022. This protocol, created by Casey Rodermore, allows special digital assets to be embedded directly into Bitcoin transactions, similar to Ethereum's invulnerability. Tokens (NFTs).
Binance specifically advises Runestone NFT users who meet the airdrop conditions to withdraw their tokens by April 10.
“Users are advised to redeem these NFTs by 2024-04-10 10:00 (UTC) to ensure they have the opportunity to receive any associated tokens, utilities and benefits after 2024-04-10.” .
The decision surprised the community. Binance added support for Bitcoin NFTs a year ago, expanding its ecosystem to the Bitcoin network in May 2023 and providing more opportunities for collectors.
The sheer volume of NFT transactions has clogged the Bitcoin network several times since its inception, increasing fees and decreasing processing times as more transactions are verified on-chain.
According to data from Dune Analytics, the network currently has more than 64 million articles and has generated more than $423 million in transaction fees.
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