Binance’s NFT marketplace made an announcement: after April 18, it won’t support Bitcoin Ordinal NFTs anymore. Users can’t buy, deposit, bid on, or list these unique digital assets on the platform. This marks the end of Bitcoin Ordinals on Binance.
From April 18, users can’t trade or deal with Bitcoin Ordinals on the Binance NFT Marketplace. This includes buying, depositing, bidding, or listing these digital assets. Any existing listing orders for Bitcoin Ordinal NFTs will be automatically canceled at 06:00 (UTC) on April 18.
Any airdrops, benefits, or utilities linked to Bitcoin NFTs will end by April 10. Binance decided to streamline its product offerings within the NFT marketplace. They believe focusing on a smaller set of products will lead to a better user experience and long-term growth.
What are Bitcoin Ordinals?
Bitcoin ordinals use Taproot upgrade features to embed data onto individual satoshis, the smallest Bitcoin unit. This innovation enables the unique identification and tracking of each satoshi through sequential numbering.
It also allows the inscription of various types of content onto the Bitcoin blockchain, like images, texts, and applications. Ordinals recently gained attention for enabling NFTs on Bitcoin, expanding its utility beyond just being a digital currency.
Initially introduced on Binance’s NFT marketplace, these collectibles gained popularity quickly, especially with their association with celebrities like soccer star Cristiano Ronaldo. However, despite initial success, Binance’s NFT marketplace struggled to gain significant adoption and decided to end support for Bitcoin Ordinal NFTs.
While Binance’s decision may seem like a setback for Bitcoin Ordinal NFTs, experts believe the impact won’t be significant. Most Ordinals trading happens on other platforms like Magic Eden and Gamma.
This move by Binance might open up opportunities for other NFTs to get more attention and adoption within the marketplace. As Binance focuses on a smaller set of products, it could pave the way for other NFTs to gain exposure and stand out in a less crowded market.
The Future of Bitcoin Ordinal NFTs
Binance’s choice to discontinue Bitcoin Ordinal NFT support after April 18 marks a strategic shift in its direction within the NFT marketplace. By streamlining its offerings and focusing on a curated selection of digital assets, Binance aims to improve user experience and foster growth.
Although the withdrawal of support for Bitcoin Ordinals may seem like a setback, the broader market for these NFTs is likely to remain resilient, with other platforms continuing to assist their trade.
Disclaimer
FAQ
Bitcoin ordinals use the Taproot upgrade features to embed data onto individual satoshis, the smallest Bitcoin unit, allowing for the unique identification and tracking of each satoshi through sequential numbering. They enable inscribing images, texts, and applications directly onto the Bitcoin blockchain, enhancing its utility beyond just a digital currency.
Binance has decided to streamline its product offerings within the NFT marketplace to focus on a smaller set of products. This strategic shift aims to enhance user experience and foster long-term growth by reducing the complexity and focusing on more widely adopted digital assets.
From April 18, users will no longer be able to trade, deposit, bid on, or list Bitcoin Ordinal NFTs on the Binance NFT Marketplace. All existing listing orders for Bitcoin Ordinal NFTs will be automatically canceled at 06:00 (UTC) on April 18.
Yes, while Binance is discontinuing support for Bitcoin Ordinal NFTs, they can still be traded on other platforms like Magic Eden and Gamma, where most of the trading for these NFTs occurs.
