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May 29, 2024
Egypt Bulletin

Binance NFT announces halt on bitcoin NFT support

Binance NFT, a leading platform for digital collectibles, has announced its decision to discontinue support for Bitcoin-based Ordinal non-fungible token (NFT) collectibles within its marketplace. The announcement, made on April 4, 2024, calls for users to withdraw their Ordinal inscriptions from the platform by May 18, 2024. The move to end support for Ordinal NFTs comes despite Binance NFT’s recent ranking as the second top platform for NFT sales. Beginning April 18, the platform will cease to accept deposits of Ordinal NFTs, urging users to withdraw their assets before the specified deadline in May.

Binance NFT announces halt on bitcoin NFT support

While the rationale behind this decision remains largely unspecified, Binance stated that it is part of their ongoing efforts to streamline product offerings. Despite its position in the NFT market, Binance NFT lags behind competitors like Okx and Magic Eden in the volume of BTC-based collectibles. Alongside the discontinuation of Bitcoin Ordinal airdrop activities, Binance NFT announced the introduction of the Runestone NFT airdrop. Eligible users received Runestone NFTs in their Binance NFT accounts before April 4, 2024, and are advised to withdraw them by April 10, 2024, to receive associated tokens, utilities, and benefits.

Looking ahead, Binance NFT will no longer facilitate any further airdrops, benefits, or utilities associated with Bitcoin NFTs. Recent sales data indicates that Bitcoin-based NFTs have generated $64,929,967 in sales, slightly trailing behind Ethereum’s sales of $68,056,679 for the last week. Presently, the Bitcoin blockchain hosts approximately 67.26 million Ordinal inscriptions. According to data from Cryptoslam, BTC has witnessed a total of $3.05 billion in all-time NFT sales, underlining the significance of NFT activity within the Bitcoin ecosystem.

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