Binance Phases Out Bitcoin Ordinals Support on NFT Marketplace

• Binance $NFT marketplace will stop accepting $BTC Ordinal deposits and transactions on April 18.
• It will no longer provide Bitcoin $NFT-related airdrops, perks, and utilities after April 10.

Binance has phased out of supporting Bitcoin ($BTC) non-fungible tokens (NFTs) shortly after adding them to its marketplace. Binance revealed its plans “to streamline product offerings” on the Binance $NFT marketplace in a blog post that was published on April 4th. In keeping with these initiatives, the exchange’s marketplace will stop accepting Bitcoin Ordinal deposits and transactions on April 18.

Also, after April 10, 2024, the Binance $NFT marketplace will no longer provide Bitcoin $NFT-related airdrops, perks, and utilities. By using Bitcoin Ordinals, which are also called Bitcoin NFTs, digital content such as images, text, and video may be permanently inscribed onto the Bitcoin blockchain.

Short Lived Support

While data embedding has always been a feature of the Bitcoin protocol, its popularity skyrocketed with the release of Ordinals in late 2022. Casey Rodarmor developed a mechanism that, like Ethereum’s non-fungible tokens (NFTs), enables one-of-a-kind digital artworks to be directly integrated into Bitcoin transactions.

Runestone $NFT users who qualify for the airdrop should cash out their tokens no later than April 10, according to Binance. Binance extended its ecosystem to the Bitcoin network and promised fresh opportunities to collectors only a year ago, in May 2023, by adding support to Bitcoin NFTs.

Since its debut, the Bitcoin network has been choked many times by the enormous amount of $NFT transactions, leading to increased fees and slower processing times as more transactions are verified on-chain. Dune Analytics reports that there have been 64 million inscriptions on the network so far, with a total of $423 million in fees from transactions.