Binance plans to end support for Bitcoin Ordinals NFTs, requiring users of its Bitcoin NFT marketplace to withdraw their NFTs by May 18.
Binance will soon shut down its Bitcoin NFT marketplace after opening the trading venue to the online collectibles less than a year ago.
In a blog post Thursday, the cryptocurrency exchange said it will “stop supporting trading and deposits of Bitcoin NFTs” starting at 6:00 UTC on April 18.
Binance Exit Ordinals
The exchange noted that starting April 10, it will end support for “any further airdrops, benefits, or utilities” related to Bitcoin NFTs. The decision to cut Bitcoin NFTs is part of Binance’s “ongoing efforts to streamline product offerings on the Binance NFT marketplace.”
“Users will no longer be able to buy, deposit, bid, or list NFTs on the Binance NFT marketplace via the Bitcoin network,” Binance said.
Once support ends, the pending orders will be automatically cancelled. The company added, “Users are advised to withdraw their Bitcoin NFTs from the Binance NFT Marketplace via the Bitcoin network before May 18.”
Binance first supported Bitcoin NFTs in May 2023, when the Bitcoin Ordinals protocol, which were once considered exotic digital collectibles, flooded the Bitcoin network with NFTs and tokens. Since its rise, demand has fluctuated, pushing Bitcoin network fees to an all-time high in November.
According to data from Cryptoslam, Bitcoin remains the second most popular network for trading NFTs, rivaling Ethereum in total digital collectibles transaction volume over the past 30 days.
However, overall, NFT trading volume has fallen to multi-year lows. According to Statista, total NFT sales peaked at 117,000 on August 15, 2021, but on March 15, 2024, NFT sales on the Ethereum, Ronin, and Flow blockchains fell to as low as 2,400.
On Wednesday, Franklin Templeton released a report praising Bitcoin Ordinals for kickstarting a “fuel of innovation” on Bitcoin over the past year.
Runestone NFTs on Binance
Binance also clarified that any platform users who met the conditions for the Runestone NFT airdrop should have reclaimed their NFTs by Thursday. Recipients are advised to withdraw their NFTs before April 10 to ensure they receive "any associated tokens, utilities and benefits" after that date.
Runestone, an Ordinals NFT project, airdropped more than 112,000 runes to early Ordinals users in March. Earlier that month, a Runestone was the largest runestone ever sold at auction for $572,973. #币安 #比特币Ordinals
