Binance NFT Marketplace supports Bitcoin Ordinal NFT
- By adding support for Bitcoin Ordinals, Binance NFT Marketplace plans to expand its ecosystem and enhance innovation and creativity in NFTs.
- With this new update, Binance plans to offer royalty support and additional monetization opportunities to Bitcoin NFT creators.
Crypto exchange Binance is among the latest to offer support for Bitcoin Ordinals aka Bitcoin NFTs from the end of May 2023. These Bitcoin-based NFTs will be available on the Binance NFT Marketplace, unlocking opportunities for NFT collectors and creators, thus expanding Binance NFT’s multi-chain ecosystem.
Previously, Binance NFT announced integration with a number of networks such as Ethereum, Polygon and BNB Chain, and will now add Bitcoin in the coming weeks.
Earlier this year in January 2023, Bitcoin developer Casey Rodarmor released the Bitcoin Ordinals protocol. It allowed users to mint non-fungible tokens (NFT) on the Bitcoin blockchain for the first time since its launch. Bitcoin Ordinals allow users to create NFTs by tying data to individual Satoshis (Bitcoin’s smallest denomination).
Bitcoin Ordinals also allow each individual Satoshi to be identified and executed using additional data attached through a process called inscription. This additional data can be in the form of images, videos, texts or other content. Embracing Bitcoin Ordinals will also help Binance NFT Marketplace expand the reach of its ecosystem to more people. Binance can also enhance innovation and creativity in NFTs with this. Speaking of development, Mayur Kamat, Head of Product at Binance, said:
We want to give our users the widest selection. Bitcoin is the OG of crypto. We are very excited to bring Bitcoin Ordinals to Binance NFT. We believe that things are just getting started here and can’t wait to see what the future holds in this area.
Binance users can benefit from Bitcoin Ordinals
By adding Bitcoin Ordinals to the Binance NFT marketplace, users of the Binance crypto exchange will be able to buy and trade Bitcoin NFTs directly through their Binance accounts. Thus, it eliminates the need for a separate Bitcoin wallet that supports inscriptions.
Using Binance’s exceptional security measures, this integration will offer more seamless and efficient trading for Binance users. With this new update, Binance plans to offer royalty support and additional monetization opportunities to Bitcoin NFT creators.
No spam, no lies, just insight. You can unsubscribe at any time.
The demand for Bitcoin Ordinals aka Bitcoin NFTs is growing significantly currently in the market. The Bitcoin NFTs, which adhere to the BRC20 standards, were the main cause of major congestion on the Bitcoin blockchain on Sunday, May 7. Bitcoin Ordinals drove gas prices very high due to Binance having to stop withdrawals twice within 24 hours, before resuming them normally.
Bitcoin miners capitalized on this with one lucky miner racking up 6,701 bitcoin (BTC) or nearly $200,000 in transaction fees on Sunday night. With Binance NFT Marketplace Adding Support for Bitcoin Ordinals, Will It Increase the Prices of Bitcoin NFTs?
Crypto News Flash does not endorse and is not responsible or liable for any content, accuracy, quality, advertising, products or other material on this site. Readers should do their own research before taking any action related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned.
