In a development, in the world of collectibles Binance NFT marketplace has announced that it will no longer support Bitcoin based Ordinal non fungible tokens (NFTs). This change in direction was shared with the public through a blog post dated April 4 2024 signaling a shift in strategy for the platform.
As the platform for NFT sales last week Binance NFT will stop accepting deposits of Ordinal NFTs starting from April 18 2024. Users who currently hold these assets on the platform have until May 18 2024 to withdraw their Ordinal tokens.
The announcement did not provide reasons for this decision. Mentioned that it is part of the platforms efforts to enhance its product offerings. This move away from Bitcoin based NFT collectibles comes at a time when Binance NFTs market share in this sector lags behind competitors like Okx and Magic Eden. The cessation also includes discontinuing Bitcoin airdrop activities on the platform and shifting focus towards initiatives such, as the Runestone NFT airdrop.
Before this announcement Binance NFT had already distributed Runestone NFTs to users. Ensured that these were deposited into their Binance NFT accounts by 10;00 (UTC) on April 4 2024.
People who own these NFTs are advised to withdraw them before 10;00 (UTC) on April 10 2024 in order to remain eligible, for any tokens, features and advantages associated with these assets after the withdrawal deadline.
This change in strategy shows that Binance NFT will no longer offer any airdrops, perks or utilities related to Bitcoin NFTs signaling a shift away from this particular asset category. In terms of trading volume Bitcoin based NFTs have reached $64,929,967 in sales closely trailing Ethereums NFT sales which totaled $68.056.679 week.
The Bitcoin blockchain hosts around 67.26 million inscriptions. Data from cryptoslam.io indicates that BTC has generated a total of $3.05 billion in NFT sales since its inception underscoring the market presence of Bitcoin based NFTs prior, to Binances policy adjustment.
