Betting on Bitcoin NFTs is now easier
Bitcoin NFTs, or Bitcoin Ordinals, launched in January 2023 and has helped skyrocket Bitcoin blockchain activity. Until now, an Ordinals wallet has been required to buy and sell these NFTs, but in news this week, Binance will soon allow collectors to use their Binance accounts directly.
Binance adding support for Bitcoin NFTs, potentially later in May, is going to make it much easier for the average crypto speculator to buy these NFTs. Ease of use is a major barrier to mainstream crypto adoption, and crypto wallets are not yet as easy as making card payments. The Binance announcement is great news for anyone who already uses the exchange to facilitate their Bitcoin transactions or even Bitcoin gaming.
It already has been over 3 million Bitcoin Ordinal inscriptions. So, what Bitcoin NFTs are looking for so far?
Yuga Labs TwelveFold Art NFTs
Yuga Labs brought us Bored Ape Yacht Club. Remember Fortnite player Kyle “Mongraal” Jackson’s Bored Ape NFT key he staked for the equivalent of $1.6 million USD? In March, Yuga Labs launched and closed a generative art collection of 300 pieces of Bitcoin NFTs that saw over 3,000 bidders for the collection and achieved total sales figures of around US$16.5 million.
The twelve-fold art NFTs were to be embossed and written on Bitcoin satoshis on the Bitcoin blockchain and the project is a stand-alone project, there will be no more. The piece that achieved the highest individual value reached $159,600, so it will be interesting to see what these NFTs achieve if they hit the open NFT market.
Bitcoin Punks
Early this year was Ordinal Punk’s NFT collection launched with 100 min. The pool mimicked Yuga Labs CryptoPunks on Ethereum and in February “Punk 94” was sold for 9.5 BTC, or about $214,000. In what was described as “the first exchange of its kind,” later in February an original CryptoPunk was exchanged against an Ordinal Punk.
Around the same time, another collector bought seven Ordinal Punks for 15.2 BTC, about $349,000. Decrypter, covering the story, speculated on the lack of infrastructure for buying and selling Bitcoin NFTs, once minted. The latest move by Binance enables some of that infrastructure and it is likely that early buyers and creators of Bitcoin NFTs could see the value of their collections and the demand for them increase.
There are several Bitcoin NFT projects out there, but many Ordinal inscriptions so far text-based rather than collectibles and memes like PEPE coin’s Pepe the Frog Ordinal project.
NFTs are often a popular way to support the crypto scene and for speculators to try their hand at some crypto investing with the benefit of something a little more tangible than coin value alone.
This year so far, Bitcoin Ordinals have led to a massive increase in activity for Bitcoin. Crypto gambling and Bitcoin betting are also significant contributors to Bitcoin usage and blockchain activity.
In December 2022, Stake founder Ed Craven tweeted that for the month, Stake cryptogambling was responsible for 5.9% of all Bitcoin transactions.
Find betting sites that accept depositing NFTs for betting.
Stake.com (which we reviewed in the Stake.com review) is the only online gambling site that accepts cryptocurrency, and the number is growing all the time as platforms realize the benefits of becoming attractive to crypto users. Likewise, more exchanges are likely to facilitate trading of Bitcoin NFTs soon.
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