- Binance is bidding farewell to Bitcoin NFTs.
- The crypto exchange’s decision comes as a shocking surprise.
- Binance is set to cease support by next week.
In 2023, Binance made history by adding Bitcoin NFTs to its NFT marketplace, marking it as the fourth blockchain supported on the platform. At the time, the strategic decision positioned the crypto exchange to capitalize on the burgeoning Ordinals market, especially when it peaked.
However, in a surprising turn of events less than a year later, Binance has stunned everyone with its decision to pull Ordinals from its platform despite the asset class’s surging interest.
Binance Cuts Bitcoin NFTs from Roster
In a blog post on Thursday, April 4, Binance announced that it is sunsetting support for Bitcoin NFTs, bidding farewell to any future airdrops, perks, or utilities tied to the asset class after April 10.
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The crypto exchange cited ‘ongoing efforts to streamline product offerings’ on its NFT marketplace as the reason behind this decision.
As part of this transition, Binance will cease support for trading and deposits of Bitcoin NFTs by April 18. This means users will no longer be able to buy, bid for, or list NFTs on the marketplace, and existing orders will be canceled on the date. The exchange has also urged users to withdraw their Bitcoin NFTs before midnight on May 18.
Specifically addressing Bitcoin-based Runestone NFTs, Binance clarified that users who met the conditions for the recent Runestone airdrop had received their NFTs by April 4. However, the exchange urges users to withdraw the NFTs by April 10 “to ensure they still have the opportunity to receive benefits. Binance also added that the trading of Runestone NFTs will not be supported during this period.
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Binance’s decision raises eyebrows, especially given the burgeoning status of Ordinals. Many projects in the industry have recently witnessed meteoric rises, with some surging over 50% in the past month, even outpacing blue-chip NFTs like Bored Ape Yacht Club (BAYC) in market capitalization.
On the Flipside
- To date, users have paid over $430 million in Ordinal fees.
- Bitcoin maximalists see Ordinals as an exploit in Bitcoin Core to spam the blockchain.
- Bitcoin developer Luke Dashjr suggested closing BRC-20 inscriptions in the future, only keeping the existing Bitcoin Ordinals.
Why This Matters
Binance’s decision to remove Bitcoin Ordinals from its platform is a shock, especially when interest in the Ordinals market still surges.
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