Binance to Cease Support for Bitcoin Inscriptions on NFT Platform

On April 18, Binance’s NFT marketplace will halt support for deposits, trading, and staking of Bitcoin NFTs.

The team explained the decision as part of “efforts to optimize product offerings” on the platform.

From the specified date, all listing requests will be automatically canceled. Affected funds must be withdrawn by May 18.

Among users of the NFT Runestone based on the Ordinals protocol, who qualify for the project’s airdrop, Binance has distributed assets to the corresponding accounts.

Trading of these tokens will also cease on April 18, but the team recommended withdrawing them from the marketplace by April 10 to avoid potential losses.

In February, Binance launched the Inscriptions Marketplace for trading Bitcoin inscriptions, BRC-20 standard tokens, and their equivalents in EVM networks.

The marketplace is integrated into the exchange’s non-custodial Web3 wallet and uses the API of UniSat — a platform for assets based on the Ordinals protocol.

Earlier, analysts at Franklin Templeton identified the emergence of “inscriptions” as one of the main drivers of innovation in Bitcoin in 2023.

However, in December 2023, Bitcoin Core’s Luke Dash criticized Ordinals, stating that the protocol contributes to the spread of spam on the blockchain.