Binance NFT marketplace is set to discontinue support for Bitcoin Ordinals, effective April 18, signaling a strategic shift in its product offerings. This move, announced via a blog post on April 4th, reflects Binance’s commitment to refining its NFT marketplace to better align with evolving market dynamics.
As part of the streamlining efforts, Binance NFT marketplace will halt trades and deposits involving Bitcoin Ordinals from April 18 onwards.
Starting from 2024-04-18 06:00 (UTC), users will no longer be able to buy, deposit, bid on, or list NFTs on the Binance NFT Marketplace via the Bitcoin network. All impacted listing orders will be automatically canceled at 2024-04-18 06:00 (UTC).
Furthermore, the cessation of airdrops, benefits, and utilities related to Bitcoin NFTs will take effect after April 10, 2024. This decision, albeit surprising to many, underscores Binance’s proactive approach in optimizing its NFT ecosystem.
Bitcoin Ordinals, a novel concept allowing the inscription of digital content onto the Bitcoin blockchain, gained traction following its introduction in late 2022. Developed by Casey Rodarmor, this protocol enables the embedding of unique digital arts directly into Bitcoin transactions, akin to Ethereum’s NFTs.
Binance’s decision to wind down support for Bitcoin NFTs comes just a year after their integration into the marketplace in May 2023. While this move extends Binance’s ecosystem to the Bitcoin network, it also reflects the challenges posed by high transaction volumes, which have intermittently strained the Bitcoin network, leading to increased fees and processing delays.