Binance NFT, currently second in NFT sales, announces the cessation of support for Bitcoin-based (CRYPTO:BTC) Ordinal NFT collectibles, aligning with efforts to streamline its product offerings and focus on other areas within its marketplace. Users of Binance’s NFT platform are urged to withdraw their Bitcoin Ordinal inscriptions by May 18, 2024, as the marketplace will halt deposits of such NFTs starting April 18, marking a significant shift away from BTC-based collectibles. The move to discontinue Bitcoin Ordinal NFT and airdrop activities, including the Runestone NFT airdrop, indicates Binance NFT’s strategy adjustment, possibly due to the lower volume of BTC-based collectibles compared to competitors like Okx and Magic Eden. Despite the Bitcoin blockchain housing over 67.26 million Ordinal inscriptions and registering $3.05 billion in all-time NFT sales, Binance NFT’s decision reflects a strategic pivot to perhaps more vibrant segments of the NFT market. As Ethereum-based NFT sales slightly outpace those of Bitcoin in the last week, Binance NFT’s decision could be part of a broader trend within the industry, focusing on platforms and collectibles that offer greater liquidity and market activity.
