Binance NFT Marketplace Ends Support for Bitcoin Ordinals

The Binance NFT marketplace has recently announced the discontinuation of support for Bitcoin Ordinals.

Beginning April 18, users won’t be able to execute transactions such as purchases, deposits, bids, or listings involving Bitcoin Ordinals. Additionally, any existing listing orders for Bitcoin Ordinal NFTs will be automatically be canceled at 06:00 (UTC) on April 18.

The announcement specifically made mention of the Bitcoin-based Runestone NFTs,  noting that users eligible for the recent Runestone airdrop to withdraw their NFTs by April 10 to secure any related tokens, utilities, and benefits as trading of these assets will not be supported during the withdrawal period.

A Decision to Streamline Product Offerings

Bitcoin Ordinals, a protocol allowing for unique identification and data embedding for individual satoshis on the Bitcoin blockchain, gained traction in late 2022.

In May 2023, Binance introduced Bitcoin NFT support, to expand its ecosystem to the Bitcoin network. Despite initial popularity and endorsements from figures like Cristiano Ronaldo, the marketplace has faced challenges in gaining widespread adoption. This led to Binance discontinuing its support for Bitcoin Ordinals and streamline its product offerings within the marketplace.

According to Binance, this decision aims to enhance user experience and drive long-term growth by focusing on a smaller set of products.

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