Binance has announced that it will stop supporting NFT Bitcoin Ordinals (BTC) tokens on its NFT Marketplace platform.
Stopping transactions and deposits
Binance announced in an April 4, 2024 blog post that its NFT marketplace would cease to support Bitcoin Ordinals transactions and deposits from April 18, 2024. Users are invited to withdraw their NFT Bitcoin tokens before May 18, 2024 via the Bitcoin network.
Cessation of airdrops and benefits
In addition to halting transactions and deposits, Binance also announced that the NFT marketplace would cease offering airdrops, perks and utilities related to NFT Bitcoin tokens after April 10, 2024.
Background to the decision
Binance's ceasefire on NFT Bitcoin Ordinals tokens comes as a surprise to the community, as the exchange added support for these tokens just a year earlier, in May 2023. The addition of Bitcoin Ordinals to the Binance ecosystem opened up more opportunities for collectors.
Effects on the community
Binance's decision to stop supporting NFT Bitcoin Ordinals tokens has had an impact on the community, as these tokens enable digital content to be placed directly on the Bitcoin blockchain. Since its inception, the Bitcoin Ordinals protocol has grown in popularity, with over 64 million registrations recorded according to data from Dune Analytics.
Conclusion
Binance has announced that it will stop supporting NFT Bitcoin Ordinals tokens on its NFT Marketplace platform from April 18, 2024. Users are invited to withdraw their NFT Bitcoin tokens before May 18, 2024 via the Bitcoin Network, and the NFT Marketplace would also cease offering airdrops, perks and utilities related to NFT Bitcoin tokens after April 10, 2024.
