Cointime

Cointime

Download App
iOS & Android

Binance ends support for Bitcoin Ordinals

Validated Media

Binance is winding down support for Bitcoin nonfungible tokens (NFTs) just a few months after introducing it to its marketplace. 

In a blog post on April 4, Binance announced efforts “to streamline product offerings” on the Binance NFT marketplace. As part of these efforts, the exchange’s marketplace is ceasing support for trades and deposits of Bitcoin Ordinals on April 18.

“Users are advised to withdraw their Bitcoin NFTs from the Binance NFT Marketplace via the Bitcoin network before 2024-05-18 00:00 (UTC).”

In addition, the Binance NFT marketplace will cease to offer airdrops, benefits, and utilities related to Bitcoin NFTs after April 10, 2024.

Bitcoin Ordinals, also known as Bitcoin NFTs, allow for the inscription of digital content like art, text, or video directly onto the Bitcoin blockchain. Data embedding has been part of the Bitcoin protocol for some time, but its popularity increased with the advent of Ordinals in late 2022. This protocol, created by Casey Rodarmor, allows unique digital arts to be directly embedded into Bitcoin transactions, similar to Ethereum’s nonfungible tokens (NFTs).

Binance specifically noted that users of Runestone NFT who meet the conditions for the airdrop are advised to withdraw their tokens by April 10.

“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,” reads the blog post.

The decision came as a surprise to the community. Binance added support to Bitcoin NFTs just a year ago, in May 2023, extending its ecosystem to the Bitcoin network and promising more opportunities to collectors.

The high volume of NFT transactions has clogged the Bitcoin network several times since its inception, increasing fees and slowing processing times as more transactions are validated on-chain.

According to data from Dune Analytics, the network has over 64 million inscriptions to date, and generated over $423 million in transaction fees.

Inscriptions on the Bitcoin network overtime. Source: Dune Analytics.
Bitcoin
Comments

All Comments

Recommended for you

  • BTC breaks through $68,000

    market shows BTC breaks through $68,000, currently at $68,005.59, 24-hour increase reaches 0.36%, market volatility is high, please manage risk properly.

  • The Israeli military says it has dropped more than 6,500 munitions in its strikes against Iran.

    Israeli military stated that since the outbreak of the war, the Israeli Air Force has dropped more than 6,500 munitions in strikes against Iran. The Israel Defense Forces said that Air Force fighter jets have carried out a total of 2,500 combat missions and launched 150 separate strike waves. The military said that as the war enters a new phase, it is currently intensifying strikes on Iranian regime targets within Tehran and increasing attacks on weapons production facilities across Iran — including those used to manufacture missiles and launch devices. Military officials stated that the Israel Defense Forces plan to continue operations within Iran in the coming weeks, and if necessary, the operations will last longer.

  • BTC falls below $68,000

     market shows BTC has fallen below 68,000 USD, currently at 67,797.17 USD, a 24-hour decline of 4.35%, with significant market fluctuations, please manage risk accordingly.

  • Iran claims a U.S. oil tanker was attacked near the Kuwaiti border.

    according to CCTV News, a spokesperson for the Central Command of Iran's Armed Forces Hatem al-Anbiya stated that a US oil tanker was attacked in waters near the Kuwait border and is currently burning. The US and Kuwait have not responded to this so far. (Jin10)

  • Mitsubishi UFJ Financial Group, in conjunction with Mizuho Bank and Sumitomo Mitsui Banking Corporation, is jointly advancing a Proof-of-Concept (PoC) for a yen-pegged stablecoin.

    according to the latest disclosure, Japan's Mitsubishi UFJ Financial Group (MUFG), with assets totaling $3 trillion, announced two strategic advancements:

  • ETH falls below $2100

    the market shows ETH fell below $2100, currently at $2099.94, with a 24-hour increase of 4.78%. The market is highly volatile, please manage your risk accordingly.

  • BTC breaks through $69,000

     the market shows BTC breaking through $69,000, currently at $69,021.49, with a 24-hour increase of 1.15%. The market is highly volatile, please manage your risk accordingly.

  • Spanish Foreign Minister: Not worried about any consequences of refusing US access to military bases

     on March 3 local time, Spanish Foreign Minister Alvarez defended the Spanish government's refusal to provide the Rota and Moron military bases to the United States for participation in attacks on Iran. Alvarez stated that the operation initiated by the United States and Israel is not supported by the United Nations and is not part of the bilateral agreements allowing the use of the aforementioned Spanish sovereign military bases. Alvarez also said that the Spanish government is not concerned that this stance will have any consequences. Alvarez stated: "The position of the Spanish government represents the will of the vast majority of the Spanish people as well as the vast majority of people worldwide, which is to defend the UN Charter, respect international law, and believe that cooperation is always more powerful than confrontation."

  • Spot gold plunges nearly $100 in the short term.

     spot gold plunged nearly 100 dollars in a short time, spot gold fell below 5170 dollars/ounce, with a daily decline of 2.94%. 

  • BTC falls below $67,000

    the market shows BTC fell below $67,000, currently at $66,996.93, with a 24-hour increase of 1.18%. The market is highly volatile, please manage your risk accordingly.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company