Last Updated on April 17, 2024 by Kamran Ali
The world’s largest cryptocurrency exchange, Binance, has made the decision to stop supporting Bitcoin Ordinals, or Bitcoin NFTs, on its NFT marketplace. Just one year after launching support for Bitcoin NFTs in May 2023, Binance’s decision, which was made public on April 4, represents a substantial change in the company’s approach.
Bitcoin Ordinals Support Has Come To An End
As part of its attempts to simplify its product offerings, Binance will no longer be accepting deposits or trades of Bitcoin Ordinals as of April 18. Users are urged to withdraw their Bitcoin NFTs using the Bitcoin network by May 18, 2024, at 0:00 UTC, according to a message released by the company. This action suggests a significant shift in the platform’s perspective toward nonfungible tokens (NFTs).
Furthermore, on April 10, 2024, the Binance NFT marketplace will no longer provide Bitcoin NFT-related airdrops, benefits, and services. Undoubtedly, this action supports the exchange’s decision to further concentrate its services and resources. In order to guarantee that they obtain any related tokens, services, and benefits later on, users of Runestone NFT, in particular, were recommended to remove their tokens before April 10.
Key Details Regarding Bitcoin NFTs For Users
Bitcoin Ordinals have enabled the direct embedding of digital material onto the blockchain, including art, writing, and video. Although data embedding has long been a feature of the Bitcoin protocol, its acceptance really took off when Ordinals was introduced in late 2022.
Casey Rodarmor’s technology, like Ethereum’s NFTs, enabled the direct integration of original digital art into Bitcoin transactions. However, due to the immense popularity and transaction volume of these digital currencies, Binance has opted to discontinue accepting Bitcoin NFTs.
Over 64 million inscriptions have been made on the network since the introduction of Ordinals. The spike in transactions has occasionally caused congestion in the Bitcoin network, resulting in higher fees and longer processing times. Dune Analytics data shows that the network has brought in over $423 million in transaction fees.
The discontinuation of Binance’s support for Bitcoin Ordinals is a significant milestone in the cryptocurrency community. Just last year, the debut of Bitcoin NFTs on Binance’s marketplace was considered an expansion of its ecosystem to the Bitcoin network, providing new options for collectors. However, the large number of NFT transactions has caused problems for the network, which may have had an impact on Binance’s decision to stop supporting.
Thus, it is important that Bitcoin NFT users and collectors need to manage their digital assets in accordance with Binance’s new policies.
Takeaways
Binance’s calculated decision to withdraw support for Bitcoin Ordinals highlights how NFTs and cryptocurrencies are constantly changing. This choice emphasizes how flexible the platform is and how important it is for consumers to keep themselves informed so they may modify their digital asset management as necessary.
