Key Takeaways
- Binance advised users to withdraw their Bitcoin Ordinals from the marketplace before May 18th.
- Binance added that airdrops, benefits, or utilities linked to Bitcoin Ordinals will no longer be supported from April 10th.
Leading crypto exchange Binance has made waves in the digital asset world with its recent announcement regarding Bitcoin Ordinals on its NFT marketplace. On April 4th, Binance revealed that it will no longer support Bitcoin Ordinals and the move was directed at streamlining product offerings.
Effective from April 18th, users will be unable to trade Bitcoin Ordinals on the Binance NFT Marketplace. To accommodate this change, Binance has advised users to withdraw their Bitcoin Ordinals from the marketplace before May 18th. Furthermore, any airdrops, benefits, or utilities linked to Bitcoin Ordinals will cease to be supported from April 10th onwards.
This decision has piqued interest within the crypto community, especially given the recent surge in the popularity of Ordinals. These projects have experienced remarkable growth, even surpassing well-established NFTs like the Bored Ape Yacht Club (BAYC) in terms of market capitalization.
Bitcoin Ordinals, a protocol allowing for unique identification and data embedding for individual satoshis on the Bitcoin blockchain, gained traction in late 2022 thanks to Casey Rodarmor’s innovation. Similar to Ethereum’s NFTs, Ordinals enable the embedding of unique digital art directly into Bitcoin transactions.
The move by Binance comes amidst concerns over the congestion of the Bitcoin network due to the high volume of NFT transactions. This congestion has led to increased fees and slower processing times. Binance initially added support for Bitcoin NFTs in May 2023, aiming to expand its ecosystem to the Bitcoin network and provide more opportunities for collectors.
Regarding Runestone NFTs, Binance emphasized the importance of users withdrawing their tokens by April 10th to maintain eligibility for associated benefits beyond that date. During this period, trading of Runestone NFTs will not be supported on the Binance NFT Marketplace.
