Binance is discontinuing support for Bitcoin Ordinals, nonfungible tokens (NFTs) based on Bitcoin, from its marketplace starting April 18, a few months after their introduction.
In an April 4 blog post, Binance announced plans to streamline its product offerings on the NFT marketplace, leading to the cessation of trades and deposits involving Bitcoin Ordinals by April 18. Users are advised to withdraw their Bitcoin NFTs before May 18.
Furthermore, benefits and utilities related to Bitcoin NFTs will cease on April 10. Bitcoin Ordinals, also known as Bitcoin NFTs, allow digital content like art, text, or video to be inscribed directly onto the Bitcoin blockchain.
Created by Casey Rodarmor, this protocol gained traction in late 2022, enabling unique digital arts to be embedded into Bitcoin transactions, similar to Ethereum’s NFTs.
Binance’s decision surprised the community as it had added support for Bitcoin NFTs just a year ago in May 2023, promising more opportunities for collectors. The Bitcoin network, however, has faced challenges with high NFT transaction volumes, causing network congestion and increased fees. According to Dune Analytics, the network has recorded over 64 million inscriptions to date, generating over $423 million in transaction fees.
