Binance plans to end support for Bitcoin Ordinals NFTs

Binance will soon close its Bitcoin NFT marketplace after less than a year of opening its trading platform to the network's clusters.

In a blog post on Thursday, the crypto exchange said it will “cease support for trades and Bitcoin NFT deposits” as of April 18 at 6:00 UTC.

Binance exits ceremony

The exchange will end support for any additional airdrops, perks or utilities related to Bitcoin NFTs on April 10th. The decision to cut Bitcoin NFT is part of Binance's “ongoing effort to streamline product offerings on the Binance NFT marketplace,” he said. He said.

“Users will no longer be able to buy, deposit, bid or list NFTs on the Binance NFT Marketplace via the Bitcoin network,” Binance said.

Once support ends, list orders will be automatically cancelled. “Users are advised to withdraw their Bitcoin NFT from the Binance NFT Marketplace through the Bitcoin Network. [May 18]” added the organization.

Binance first added support for Bitcoin NFTs in May 2023, when the Ordinals protocol flooded Bitcoin with NFTs and tokens that were considered alien to the legacy blockchain network. Since its rise to prominence, it has seen waves of demand waver, driving Bitcoin network fees to record highs in November.

According to Cryptoslam, Bitcoin remains the second most popular network for NFT trading, comparing Ethereum's total trading volume to digital currencies over the past 30 days.

However, overall NFT trading volume has fallen to multi-year lows. According to Statista, total NFT sales peaked at 117,000 on August 15, 2021, but Ethereum, Ronin, and Flow had a low of 2,400 on March 15, 2024.

On Wednesday, Franklin Templeton released a report praising Bitcoin Ordinals for kicking off the “positive movement in innovation” that Bitcoin has seen over the past year.

Runestone NFTs on Binance

Binance also clarified that users of any platform that meets the Runestone NFT weather conditions should receive NFTs by Thursday. Recipients are advised to withdraw their NFTs by April 10 to ensure they receive “any associated tokens, utilities and benefits” after that date.

Runestone is an Ordinals NFT project that has already downloaded more than 112,000 articles to its early users in March. Earlier that month, “The Runestone” — the largest Ordinal text to date — was sold at auction for $572,973.