Bitcoin

Impact

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Binance is discontinuing support for Bitcoin NFTs, including trading and deposits, from April 18.</li>
 <li>The decision comes despite a recent surge in interest for Bitcoin Ordinals NFTs.</li>
</ul>
<p>Binance, a prominent crypto exchange, has decided to terminate support for Bitcoin NFTs. This move comes less than a year after the introduction of these NFTs to its marketplace.</p>
<h2 id="binance-s-decision">Binance’s Decision</h2>
<p>In a recent announcement, Binance stated that it would cease to support airdrops, benefits, or utilities linked to Bitcoin NFTs after April 10. The decision is part of an effort to streamline product offerings on its NFT marketplace.</p>
<p>From April 18, Binance will stop supporting trading and deposits of Bitcoin NFTs. This means users will not be able to buy, bid for, or list NFTs on the marketplace. Existing orders will also be cancelled. Users have been advised to withdraw their Bitcoin NFTs before May 18.</p>
<h2 id="impact-on-runestone-nfts">Impact on Runestone NFTs</h2>
<p>Specifically, users who qualified for the recent Runestone airdrop have been given their NFTs by April 4. However, they have been advised to withdraw them by April 10 to continue receiving any associated tokens, utilities, and benefits. Trading of Runestone NFTs will not be supported during this period.</p>
<p>Binance added Bitcoin as the fourth blockchain supported by its NFT marketplace in June 2023. However, this support now seems to be ending less than a year later.</p>
<p>Interestingly, this decision comes amidst a surge in interest for Bitcoin Ordinals NFTs. Last month, the floor prices of the NodeMonkes collection rose over 50%, surpassing Bored Ape Yacht Club in market capitalization. Binance has not yet responded to requests for comments on this matter.</p>
<h2 id="about-bitcoin-ordinals">About Bitcoin Ordinals</h2>
<p>The Bitcoin Ordinals protocol was launched by Casey Rodarmor in January 2023. It provides a novel way to store and trade digital content on Bitcoin. Using satoshis, the smallest units of bitcoin, users can engrave NFTs, BRC-20 tokens and other arbitrary data directly onto the blockchain, creating unique, tradeable assets.</p>
<p>However, the rise in popularity of Ordinals on Bitcoin has sparked debate over whether inscriptions representing things like NFTs and BRC-20 tokens on Bitcoin should exist. The increased activity has also led to congestion and higher transaction fees.</p>

Binance Decides to Terminate Bitcoin NFT Backing Amid Rising Demand

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