Binance NFT Marketplace to End BTC Ordinals Trade on April 18

The trading of BTC Ordinals on Binance NFT marketplace will be terminated on April 18 with customers encouraged to withdraw assets before April 10

Binance NFT Marketplace to Cease BTC Ordinals Trade

In a blog post, Binance explained that the decision to discontinue support for NFT-like inscriptions was made “as part of its ongoing efforts to streamline product offerings” on its NFT marketplace. 

Starting April 18, customers can no longer trade BTC Ordinals on the Binance NFT Marketplace. The exchange also recommended that consumers remove their Bitcoin Ordinals from the marketplace before April 18.

Binance also stated that “airdrops, benefits, or utilities” related to Bitcoin Ordinals would no longer be supported from April 10. Binance said that Runestones holders should withdraw their NFTs by this date “to ensure they still have the opportunity to receive any associated tokens, utilities, and benefits” tied to their Ordinals and that “the trading of Runestone NFTs will not be supported on Binance NFT.”

What are Bitcoin Ordinals?

Bitcoin Ordinal Inscriptions are one-of-a-kind digital goods inscribed on a satoshi, Bitcoin’s lowest denomination. The Ordinals protocol launched in early 2023 and soon gained traction in the larger NFT community.

Following the network’s SegWit update in 2017, engineers produced Bitcoin Ordinals utilizing an inscription method that writes or inscribes content data onto an individual satoshi, or the lowest Bitcoin denomination (1/100,000,000 BTC).

Inscriptions, like NFTs, are non-fungible, which means they are uniquely identifiable and may be used for many of the same purposes, such as digitally rare artwork.

Just recently, financial behemoth Franklin Templeton issued a study praising the “positive momentum in innovations” on the Bitcoin blockchain, which it said was “primarily driven” by Oridinals.