Binance Drops Bitcoin Ordinals – iGaming.org

Binance has decided to roll back its Bitcoin NFT services. The platform, which had only started offering Bitcoin nonfungible tokens in May 2023, is now reducing its focus on this area. Binance’s blog post on April 4 announced plans to refine the Binance NFT marketplace’s product lineup, ceasing the trade and deposit of Bitcoin Ordinals by April 18.

Bitcoin Ordinals, a novel method introduced by Casey Rodarmor in late 2022, has been a groundbreaking addition to the Bitcoin blockchain, allowing the embedding of art, text, or video directly onto it. This innovation mirrored Ethereum’s NFTs, providing a new avenue for digital art storage and verification within the Bitcoin ecosystem.

Users have been instructed to move their Bitcoin NFTs from the Binance NFT Marketplace via the Bitcoin network before the cutoff date of May 18, 2024, at midnight (UTC). After April 10, 2024, the platform will discontinue all airdrops, benefits, and utilities associated with Bitcoin NFTs.

Additionally, Binance issued a specific directive to Runestone NFT holders, advising them to withdraw their tokens by April 10 to retain access to future tokens, utilities, and benefits.

The community was caught off-guard by this announcement, as the integration of Bitcoin NFTs into Binance’s offerings was initially perceived as an expansion of the ecosystem for both collectors and creators, leveraging the Bitcoin network’s capabilities.