Binance to Drop Bitcoin “Ordinals” NFT Support on May 18th

Binance Revises NFT Strategy, Phasing Out Bitcoin Ordinal Support

• Binance announces discontinuing Bitcoin Ordinals support in its NFT marketplace, effective May 18, 2024.
• Users must withdraw Bitcoin NFTs by April 18 and finalize airdrops and benefits related to these NFTs by April 10, 2024.
• The popularity of Bitcoin Ordinals led to network congestion and high transaction fees, influencing Binance’s decision.

Binance, one of the world’s leading cryptocurrency exchanges, decided to discontinue support for Bitcoin Ordinals, also known as Bitcoin NFTs, on its NFT marketplace. This decision, announced on April 4, marks a significant shift in Binance’s strategy, just a year after introducing support for Bitcoin NFTs in May 2023.

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Binance’s Strategic Shift: Ending Bitcoin Ordinal Support

Binance has initiated efforts to streamline its product offerings, which include ceasing trades and deposits of Bitcoin Ordinals from April 18th. The platform has issued a notice urging users to withdraw their Bitcoin NFTs via the Bitcoin network before the cutoff date of May 18, 2024, at 00:00 UTC. This step indicates a major change in the platform’s approach to nonfungible tokens (NFTs).

Additionally, the Binance NFT marketplace will stop offering airdrops, benefits, and utilities related to Bitcoin NFTs after April 10, 2024. This move underscores the exchange’s pivot in focusing its services and resources. Users of Runestone NFT, in particular, are advised to withdraw their tokens by April 10 to ensure they receive any associated tokens, utilities, and benefits thereafter.

Important Deadlines for Users: Withdrawing Bitcoin NFTs

Bitcoin Ordinals have allowed the embedding of digital content, such as art, text, or video, directly onto the blockchain. While data embedding has been a part of the Bitcoin protocol for some time, the popularity of this practice surged with the launch of Ordinals in late 2022. Created by Casey Rodarmor, this protocol enabled the embedding of unique digital arts directly into Bitcoin transactions, akin to Ethereum’s NFTs.

Binance’s decision to back out from supporting Bitcoin NFTs comes after the rapid increase in the popularity and transaction volume of these digital assets. Since the advent of Ordinals, there have been over 64 million inscriptions on the network. This surge in transactions has, at times, clogged the Bitcoin network, leading to increased fees and slower processing times. According to data from Dune Analytics, the network has generated over $423 million in transaction fees.

Impact of Bitcoin Ordinals on the Network

The withdrawal of Binance’s support for Bitcoin Ordinals marks a significant development in the crypto world. Just last year, the introduction of Bitcoin NFTs on Binance’s marketplace was seen as an extension of its ecosystem to the Bitcoin network, offering more opportunities to collectors. However, the high volume of NFT transactions has created challenges for the network, possibly influencing Binance’s decision to cease support.

This move by Binance is a reminder of the dynamic and evolving nature of the cryptocurrency and NFT markets. The decision to discontinue Bitcoin Ordinal trades and deposits reflects the platform’s strategy to adapt to the changing landscape and to streamline its services. For users and collectors of Bitcoin NFTs, this announcement signals a crucial period to manage their digital assets following the new guidelines set by Binance.

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