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Author Topic: Binance NFT Marketplace is stopping support for Ordinals and Runes on April 18th  (Read 226 times)
peter0425
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April 09, 2024, 05:07:46 AM
 #21

The following blog post states that the Binance NFT Marketplace will no longer support Ordinals and Runes.

https://www.binance.com/en/support/announcement/binance-nft-update-on-bitcoin-nfts-2c2fb8f1f5e9421e8f777407a58df111



They can not be blamed. I don’t see much advantage that ordinals give to bitcoin and all it seems to do is clog the main network. It is pointless so binance had to let go of it.

With binance taking the first step, we can expect more platforms following binance in this decision. As binance is one of the biggest cex out there, it would not be a surprise if this pushes a domino effect on the crypto world.









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Jawhead999
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April 09, 2024, 06:14:37 AM
 #22

I see no reason why Binance need to stop supporting ordinals and runes, although this is actually good because it will reduce the popularity of ordinals and runes, people will panic selling their NFTs because they know the price will drop lower if they didn't sell it now.

As binance is one of the biggest cex out there, it would not be a surprise if this pushes a domino effect on the crypto world.
Yep, sooner or later they can be only traded in swap platform or unpopular CEX.
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April 12, 2024, 06:49:48 PM
 #23

Let's see, so it's Thursday evening, the mempool has about 842MB, 127k tx, and purging is at 2.53sat/vb.
Since the weekend will come pretty fast and that would affect the mempool as usual let's see if in one week there is any meaningful change, more than what we have normally experienced.

I'm a bit pessimistic about anything major happening,)


Well, I got the pessimistic part right, ut I was thinking of not seeing the fees go lower, not in my nightmares would I have thought of 100sat/b again. So, one week later there is not even a point comparing the mempool, the next block fees tell the whole story, Binance delisting those had ZERO impact!

I see no reason why Binance need to stop supporting ordinals and runes, although this is actually good because it will reduce the popularity of ordinals and runes, people will panic selling their NFTs because they know the price will drop lower if they didn't sell it now.

Not really what's happening now, isn't it?  Cheesy

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we-btc (OP)
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April 12, 2024, 07:01:00 PM
 #24

Bitcoin is a peer-to-peer electronic cash system. How did these anti cash ordinals get added to the network if it is not centralized when everyone can see that these are contrary to Bitcoins intended purpose?

Why are we not jumping up and down to get them removed?

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June 04, 2024, 02:40:29 AM
 #25

It appears that after everyone's negative attitude on Ordinals in the forum, which I reckon this forum is also a big influencer on the whole bitcoin community, the market has still grown and this might also imply that there is an increasing number of NFT holders who use the bitcoin blockchain. Why is this increasing if bitcoiners hate NFTs on bitcoin? Who are these NFT holders? Are they new users? Are NFTs their first introduction on bitcoin?



In the first week of June 2024, data revealed that the Bitcoin blockchain generated $3.82 billion from NFT sales. Although NFTs on Bitcoin were previously available through technologies like Counterparty, the introduction of Ordinal inscriptions has significantly increased the popularity of BTC-based NFTs, even amid a general decline in the digital collectibles market. The $3.82 billion has positioned BTC within the top five blockchains for NFT sales, securing the fourth spot just below the Ronin chain.

Source https://news.bitcoin.com/bitcoin-blockchain-records-3-82-billion-in-nft-sales-secures-fourth-largest-spot/

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