Binance to Cease Services for Bitcoin Ordinal
Binance to Cease Services for Bitcoin Ordinal
Less than a year since May 2023, when it began offering services for Bitcoin ordinal or NFT, Binance is reportedly set to halt trading, exchange, and creation of ordinals on April 18, 2024.
All affected listing orders will be automatically canceled at that time. Additionally, the Binance platform will cease support for airdrops, benefits, or other utilities related to Bitcoin ordinal on April 10.
This cessation is part of Binance's effort to streamline product offerings on the Binance NFT Marketplace, as stated in their official statement on April 4.
Rapid Growth of Bitcoin NFT Market
Binance has not commented on whether trading volume or user demand influenced its decision to discontinue these services. Despite Binance ending support for Bitcoin NFTs, the Bitcoin-based NFT market has grown rapidly over the past year.
According to data from Dune Analytics, the network has over 64 million engravings to date, generating transaction fees of over US$423 million.
Meanwhile, data from CryptoSlam reports that Bitcoin NFT sales reached US$6.37 million in the last 24 hours, marking the second highest figure in the industry. This indicates that interest in digital art inspired by Bitcoin continues to grow.
Bitcoin Ordinal is a protocol that allows for the embedding of digital content such as art, text, or video directly into the Bitcoin blockchain, similar to the functionality present in Ethereum's non-fungible tokens (NFTs).
According to asset management company Franklin Templeton, this innovation, along with new interoperable token standards such as BRC-20 and Runes, Bitcoin Layer 2s, and other Bitcoin DeFi primitives, has been a major driver in the Bitcoin ecosystem.
Conclusion
Binance's decision to discontinue services for Bitcoin ordinal or NFT marks a notable shift in the cryptocurrency landscape. This move, set to take effect on April 18, 2024, alongside the cessation of support for associated utilities on April 10, reflects the platform's strategic focus on streamlining its product offerings within the Binance NFT Marketplace. Despite the halt in Binance's support, the broader Bitcoin NFT market has demonstrated remarkable growth over the past year, as evidenced by substantial transaction volumes and sales figures.
The enduring interest in digital art inspired by Bitcoin underscores the significance of innovative protocols like Bitcoin Ordinal, which enable the embedding of digital content directly into the Bitcoin blockchain.
Moreover, the emergence of interoperable token standards and Bitcoin DeFi primitives, as highlighted by Franklin Templeton, continues to propel advancements within the Bitcoin ecosystem, signaling ongoing evolution and potential opportunities in the broader crypto landscape.
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