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Binance NFT Marketplace Update: Bitcoin Ordinals No Longer Supported
Crypto exchange Binance has recently announced a significant change to its NFT marketplace, revealing that it will no longer support Bitcoin Ordinals, a unique form of digital asset inscriptions.
In a blog post, Binance explained that the decision to discontinue support for Bitcoin Ordinals is part of its ongoing efforts to streamline product offerings on its NFT marketplace. Starting from April 18th, users will no longer be able to trade Bitcoin Ordinals on the platform. Additionally, the exchange advised users to withdraw their Bitcoin Ordinals from the marketplace before May 18th.
Furthermore, Binance stated that any “airdrops, benefits, or utilities” associated with Bitcoin Ordinals will also cease to be supported from April 10th. Additionally, holders of Runestones, which are linked to Ordinals, are urged to withdraw their NFTs by this date to ensure they can still receive any associated tokens, utilities, and benefits. Moreover, Binance made it clear that trading of Runestone NFTs will no longer be supported on its platform.
Bitcoin Ordinals are unique digital assets inscribed on a satoshi, the smallest denomination of a Bitcoin. Introduced in early 2023, the Ordinals protocol quickly gained popularity within the NFT space. Following the SegWit upgrade of the Bitcoin network in 2017, developers utilized an inscription process to encode data onto individual satoshis, making the inscriptions non-fungible and uniquely identifiable.
Similar to NFTs, Bitcoin Ordinal inscriptions are considered non-fungible, meaning they are one-of-a-kind and can serve various purposes such as digital artwork. The recent surge in trading volume and market cap of Ordinals relative to NFTs on other networks has reinforced their impact on the broader NFT ecosystem.
Just recently, prominent financial institution Franklin Templeton recognized the significant advancements on the Bitcoin blockchain driven by Ordinals, noting the positive momentum in blockchain innovations. The rise in Ordinals trading activity has notably propelled cross-chain marketplace Magic Eden to a dominant position in the market, showcasing the growing influence of these distinct digital assets.
As Binance moves forward with its decision to discontinue support for Bitcoin Ordinals, users and stakeholders in the NFT space are advised to take necessary actions within the specified timelines to avoid disruptions in their NFT holdings and benefits.
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