Key Takeaways
- Binance is ceasing supporting Bitcoin Ordinals on April 18 as part of streamlining efforts.
- Users must withdraw Bitcoin NFTs by May 18, 2024, to avoid losing access.
- The decision surprised the community, affecting network congestion and transaction fees.
Binance announced it is ending support for Bitcoin Ordinals (NFTs) from April 18, following its recent adoption. The decision aligns with Binance's strategy to refine its NFT marketplace offerings, moving away from Bitcoin NFTs. Users must withdraw their Bitcoin NFTs by May 18, 2024, and after April 10, 2024, no more airdrops or benefits for Bitcoin NFTs will be offered.
Bitcoin Ordinals, launched by Casey Rodarmor in late 2022, introduced embedding digital content onto the Bitcoin blockchain, similar to Ethereum's NFTs, marking a significant innovation by expanding Bitcoin's utility.
The rise of Bitcoin NFTs caused network congestion, increased fees, and slower transactions, with over 64 million inscriptions and $423 million in transaction fees generated. Binance's sudden withdrawal from Bitcoin NFT support surprised the community, given its May 2023 expansion into this area, initially aimed at enriching the collector ecosystem and Bitcoin network.
Specifically, holders of Runestone NFTs eligible for airdrops must withdraw by April 10 to retain benefits, highlighting the need for prompt action amidst Binance's changing priorities.
