Binance plans to end support for ordinal Bitcoin NFTs

Binance will soon close its bitcoin nft marketplace after opening its trading center to the network's collectibles less than a year ago.

In a blog post on Thursday, the crypto exchange said it will “stop supporting bitcoin nft transactions and deposits” starting April 18 at 6:00 UTC.

Binance leaves the ordinals

The exchange nft-update-on-bitcoin–nfts-2c2fb8f1f5e9421e8f777407a58df111″ data-wpel-link=”external” target=”_blank”>noted that its support for “any additional airdrops, benefits or utilities” related to bitcoin nfts will end on April 10. The decision to cut bitcoin nfts is part of Binance's “continued efforts to optimize product offerings on the Binance nft marketplace.”

“Users will no longer be able to purchase, deposit, bid or list nfts on the Binance nft Marketplace via the bitcoin network,” Binance stated.

Once support ends, listing orders will automatically be cancelled. “Users are advised to withdraw their bitcoin nfts from the Binance nft marketplace via the bitcoin network before (May 18),” the company added.

Binance first added support for bitcoin nfts in May 2023, when the Ordinals protocol flooded bitcoin with nfts and tokens once considered outside the legacy blockchain network. Fluctuating waves of demand have been seen since it rose to prominence, driving bitcoin network fees to record levels in November.

According Cryptocoupbitcoin remains the second most popular network for nft trading, rivaling ethereum's total digital collectible trading volume over the past 30 days.

However, overall nft trading volumes have plummeted to multi-year lows. According nft-art-monthly-sales-volume/#:~:text=While%20total%20sales%20peaked%20at,days%20was%20around%202.4%20thousand.” data-wpel-link=”external” target=”_blank”>StatesmanAggregate nft sales peaked at 117,000 on August 15, 2021, but reached 2,400 on the ethereum, Ronin, and Flow blockchains on March 15, 2024.

On Wednesday, Franklin Templeton published a report praising bitcoin Ordinals for driving the “positive momentum in innovations” in bitcoin over the past year.

Runestone nfts on Binance

Binance also clarified that any user of the platform who met the Runestone nft airdrop conditions should have received their nft by Thursday. Recipients are recommended to withdraw their nfts by April 10 to ensure they receive “any associated tokens, utilities, and benefits” after that date.

Runestone is an Ordinals nft project that launched over 112,000 signups to early Ordinals users in March. Earlier that month, “The Rune Stone,” the largest Ordinal inscription ever seen, sold at auction for $572,973.

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