Binance has announced that the inscription marketplace has been removed from the Binance wallet feature and users will no longer be able to buy or sell inscription assets on the platform.
Launched in February 2023, the inscription marketplace initially supported BRC-20 tokens and other blockchain inscription assets, marking Binance’s entry into this rising trend.
However, Binance’s decision will not affect the trading of inscription-themed altcoins such as ORDI and SATS on the platform, but it may negatively impact the inscription concept that these tokens are linked to.
The rise of Bitcoin inscriptions in 2023 has garnered a lot of attention within the crypto community, with some heralding it as a groundbreaking innovation at the time, while others debated whether it was just a passing tech trend.
The roots of Bitcoin inscriptions date back to early 2022, when the concept of Bitcoin ordinals revolutionized the blockchain space. This technology allowed users to embed data such as text, images, and video directly into the Bitcoin blockchain, creating non-fungible tokens (NFTs) native to Bitcoin.
This innovation was not limited to Bitcoin. The concept soon spread to Ethereum and other Ethereum Virtual Machine (EVM)-compatible blockchains. Enticed by the low transaction costs, enthusiasts began to inject data into these chains, mirroring the popularity of Ethereum’s ERC-20 tokens.
With Binance’s latest decision, the future of the inscription concept has been thrown into even more uncertainty.
*This is not investment advice.
