Cointime

Cointime

Download App
iOS & Android

Binance ends support for Bitcoin Ordinals

Validated Media

Binance is winding down support for Bitcoin nonfungible tokens (NFTs) just a few months after introducing it to its marketplace. 

In a blog post on April 4, Binance announced efforts “to streamline product offerings” on the Binance NFT marketplace. As part of these efforts, the exchange’s marketplace is ceasing support for trades and deposits of Bitcoin Ordinals on April 18.

“Users are advised to withdraw their Bitcoin NFTs from the Binance NFT Marketplace via the Bitcoin network before 2024-05-18 00:00 (UTC).”

In addition, the Binance NFT marketplace will cease to offer airdrops, benefits, and utilities related to Bitcoin NFTs after April 10, 2024.

Bitcoin Ordinals, also known as Bitcoin NFTs, allow for the inscription of digital content like art, text, or video directly onto the Bitcoin blockchain. Data embedding has been part of the Bitcoin protocol for some time, but its popularity increased with the advent of Ordinals in late 2022. This protocol, created by Casey Rodarmor, allows unique digital arts to be directly embedded into Bitcoin transactions, similar to Ethereum’s nonfungible tokens (NFTs).

Binance specifically noted that users of Runestone NFT who meet the conditions for the airdrop are advised to withdraw their tokens by April 10.

“Users are advised to withdraw these NFTs by 2024-04-10 10:00 (UTC), to ensure they still have the opportunity to receive any associated tokens, utilities, and benefits after 2024-04-10,” reads the blog post.

The decision came as a surprise to the community. Binance added support to Bitcoin NFTs just a year ago, in May 2023, extending its ecosystem to the Bitcoin network and promising more opportunities to collectors.

The high volume of NFT transactions has clogged the Bitcoin network several times since its inception, increasing fees and slowing processing times as more transactions are validated on-chain.

According to data from Dune Analytics, the network has over 64 million inscriptions to date, and generated over $423 million in transaction fees.

Inscriptions on the Bitcoin network overtime. Source: Dune Analytics.
Bitcoin
Comments

All Comments

Recommended for you

  • Putin: Russia "supports" Harris, calls her smile "contagious"

    According to foreign media such as TASS and Russia's Sputnik News, Jinse Finance reported that on the afternoon of September 5th local time, Russian President Putin said at the plenary session of the Eastern Economic Forum 2024 that Russia will "support" the US Democratic Party presidential candidate and vice president Harris as recommended by the US President Biden in the upcoming US presidential election. When asked how he viewed the 2024 US election, Putin said it was the choice of the American people. The new US president will be elected by the American people, and Russia will respect the choice of the American people. Putin also said that just as Biden suggested his supporters to support Harris, "we will do the same, we will support her." The report said that Putin also joked that Harris' laughter is "expressive and infectious," which shows that "she is doing everything well." He added that this may mean that she will avoid further sanctions against Russia.

  • An ETH whale repurchased 5,153 ETH with 12.23 million USDT 20 minutes ago

    A certain high-frequency trading ETH whale monitored by on-chain analyst Yu Jin bought 5,153 ETH with 12.23 million USDT 20 minutes ago.

  • CFTC: Uniswap Labs has actively cooperated with the investigation and only needs to pay a fine of US$175,000

    The CFTC has filed a lawsuit against Uniswap Labs and reached a settlement. It was found that Uniswap Labs illegally provided leveraged or margined retail commodity transactions of digital assets through a decentralized digital asset trading protocol. Uniswap Labs was required to pay a civil penalty of $175,000 and cease violations of the Commodity Exchange Act (CEA). The CFTC acknowledged that Uniswap Labs actively cooperated with law enforcement agencies in the investigation and reduced the civil penalty.

  • Federal Reserve Beige Book: Respondents generally expect economic activity to remain stable or improve

    The Federal Reserve's Beige Book pointed out that economic activity in three regions has slightly increased, while the number of regions reporting flat or declining economic activity has increased from five in the previous quarter to nine in this quarter. Overall employment levels remain stable, although some reports indicate that companies are only filling necessary positions, reducing working hours and shifts, or reducing overall employment levels through natural attrition. However, reports of layoffs are still rare. Generally speaking, wage growth is moderate, and the growth rate of labor input costs and sales prices ranges from slight to moderate. Consumer spending has declined in most regions, while in the previous reporting period, consumer spending remained stable overall.

  • Puffpaw Completes $6 Million Seed Round with Lemniscap Ventures as Participant

    Puffpaw has announced the completion of a $6 million seed round of financing, with participation from Lemniscap Ventures. The Puffpaw project plans to launch a blockchain-enabled electronic cigarette aimed at helping users reduce nicotine intake through token incentives. The project encourages users to quit smoking by recording their smoking habits and rewarding them with tokens. Puffpaw's token economics aims to cover 30% of the cost of users' first month of using their product and provide social rewards. The project also considers possible system abuse, but the issue of users potentially reporting smoking habits dishonestly is not yet clear.

  • Affected by Ethervista and others, Ethereum Gas temporarily rose to 33gwei

    According to Etherscan, due to the influence of contracts such as Ethervista, Ethereum Gas has temporarily risen to 33gwei, with the top three being EthervistaRouter, UniswapRouter, and BananaGun.

  • The probability of the Fed cutting interest rates by 25 basis points in September is 55%.

    The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 55.0%, while the probability of a 50 basis point cut is 45.0%. The probability of the Federal Reserve cutting interest rates by a cumulative 50 basis points by November is 32.1%, by 75 basis points is 49.2%, and by 100 basis points is 18.8%.

  • Nvidia: No subpoena received from the US Department of Justice

    Nvidia (NVDA.O) stated that it has not received a subpoena from the US Department of Justice.

  • Cointime August 17th News Express

    1.VanEck and 21Shares Solana ETF Form 19b-4 Suspected to be Removed from CBOE Website

  • MicroStrategy is looking to sell its Class A shares to raise $2 billion to buy more Bitcoin

    MicroStrategy is seeking to sell its Class A shares to raise up to $2 billion to purchase more Bitcoin and for general corporate purposes.In regulatory filings filed with the U.S. SEC, MicroStrategy did not disclose a timetable for stock sales or how much proceeds would be used to purchase Bitcoin.Earlier in June this year, MicroStrategy announced the issuance of $500 million unsecured senior convertible notes to purchase more Bitcoin, and one day later raised the issue price to $700 million.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company