1. What is an Ordinals NFT?
An Ordinals NFT is a unique digital asset inscribed directly onto individual satoshis (the smallest unit of Bitcoin) within a Bitcoin UTXO (Unspent Transaction Output). Unlike traditional NFTs on other blockchains, Ordinals NFTs are native to Bitcoin (BTC) and move with BTC transactions. Ordinals NFT (Non-Fungible Tokens) is not supported by Binance currently, and should not be mistaken with the BRC20 fungible tokens (such as ORDI, 1000SATS).
2. How is an Ordinals NFT transferred?
When a BTC is transferred using an UTXO that contains an Ordinals NFT inscribed onto it, the NFT is transferred along with the BTC. This means the NFT moves to the recipient's address as part of the BTC transaction.
3. Does Binance support Ordinals NFTs?
Currently, Binance does not support Ordinals NFTs for our deposit and withdrawal services and hence does not distinguish Ordinals NFTs from regular BTC transactions. All BTC transactions, including those inscribed with unsupported Ordinals NFTs, are processed accordingly with the rest of the BTC held by Binance. Users are advised to check the supported crypto assets before making deposits.
4. What happens when I deposit BTC with Ordinals NFT to Binance?
When you deposit BTC with an Ordinals NFT to Binance, the transaction is treated as a regular BTC transaction. The amount of BTC will be credited to your account. However, the Ordinals NFT will not be identified or credited. It will remain embedded in the deposited UTXO. As per our operations, deposited BTC will be consolidated into the Binance hot wallet, to support withdrawals for all users.
5. Can Binance recover my Ordinals NFT that was deposited by mistake?
As explained above, Binance does not identify and differentiate if the BTC deposit contains any Ordinals NFT. If a BTC withdrawal is processed using the same UTXO containing the inscribed Ordinals NFT, the NFT will be transferred along with it.
6. Will Binance be able to export the private keys and manually retrieve my Ordinals NFT?
To ensure the safety of our users' funds and the security of our platform, we uphold the highest standards in both our infrastructure and security measures. Our infrastructure does not allow us to export private keys to manually retrieve specific assets, including Ordinals NFTs.
7. Can Binance stop all related transfers until this is supported for the recovery of my Ordinals NFT?
Unfortunately, we are unable to halt all related transfers. There are numerous related inscriptions, including BRC-20 tokens, Ordinals NFTs, and Runes. Stopping withdrawals whenever any of these are present would significantly disrupt our BTC withdrawal service and impact users' access to their funds. We are committed to maintaining seamless service and access for all users.
8. How can I ensure my Ordinals NFT is not lost during transactions?
To safeguard your Ordinals NFT, please use a wallet that is able to recognise and manage Ordinals NFTs, or with the ability to manage specific UTXOs. Always ensure your BTC deposit into Binance does not have any Ordinals NFT to avoid any potential loss.
9. Why is my Ordinals NFT being transferred out of Binance?
Currently, Binance deposit and withdrawal services do not support Ordinals NFTs and hence does not distinguish Ordinals NFTs from regular BTC transactions. When an ordinary BTC withdrawal is processed using the same UTXO containing the inscribed Ordinals NFT, the NFT will be transferred along with it.
10. Will Binance support Ordinals NFTs in the future?
We are continuously evaluating new features and services to support our users. Any future support for Ordinals will be announced officially. Stay updated via our Blog or Twitter.
