In a recent announcement by Binance on April 4, 2024, the firm disclosed its decision to halt support for Bitcoin-based Ordinal non-fungible token ( NFT) collectibles within its NFT marketplace. The directive from Binance calls for users of its NFT marketplace to withdraw their Ordinal inscriptions by May 18, 2024.
Binance NFT to Halt Bitcoin NFT Activities, Focus Shifts Away From BTC-Based Collectibles
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Binance NFT Marketplace to End Ordinal NFT Support
Even though it ranks as the second top platform for NFT sales this week, Binance NFT is discontinuing its support for Bitcoin-based NFT collectibles, as revealed in its blog post on April 4. From April 18 onward, Binance’s NFT marketplace will not accept deposits of Ordinal NFTs, and users are encouraged to withdraw their assets by May 18.
The rationale behind this decision remains largely unspecified, aside from a brief mention that it is “part of its ongoing efforts to streamline product offerings.” Nonetheless, when it comes to the volume of BTC-based collectibles, Binance NFT trails significantly behind competitors like Okx and Magic Eden. Moreover, the announcement also covered the discontinuation of Bitcoin Ordinal airdrop activities on Binance NFT, in addition to introducing the Runestone NFT airdrop.
“For Runestone NFT users who meet the conditions for the Runestone airdrop, Binance NFT had distributed these NFTs to eligible users’ Binance NFT accounts before 2024-04-04 10:00 (UTC),” Binance disclosed. “Users are advised to withdraw these NFTs by 2024-04-10 10:00 (UTC), to ensure they still have the opportunity to receive any associated tokens, utilities, and benefits after 2024-04-10.”
Looking ahead, Binance NFT will not be facilitating any “further airdrops, benefits, or utilities associated with Bitcoin NFTs.” As of now, sales of Bitcoin-based NFTs have reached $64,929,967, slightly trailing behind Ethereum’s sales of $68,056,679 for the last week. Presently, the Bitcoin blockchain hosts about 67.26 million Ordinal inscriptions, and according to cryptoslam.io data, BTC has seen a total of $3.05 billion in all-time NFT sales.
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