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Bitcoin Ordinals Coming to Binance NFT Marketplace
Bitcoin Ordinals Coming to Binance. The world’s leading cryptocurrency exchange declared that from the end of May, its NFT the marketplace will begin supporting Ordinals. Let’s explore what that means for users.
What does this change for Binance customers?
This development means that Binance customers will have the ability to trade Ordinals directly. In fact, it eliminates the need for a separate Bitcoin wallet, as outlined in the company’s statement.
Binance’s Chief Product Officer, Mayur Kamat, expressed his enthusiasm for this new development, saying, “Bitcoin is the OG of crypto. We are very excited to bring Bitcoin Ordinals to Binance NFT.”
Since the beginning of Bitcoin ordinals in December 2022, over five million have been minted. It generated a staggering total of 996.23 BTC (around $27.6 million) in transaction fees, according to data from The Block Research.
This growth has seen the emergence of several subscription marketplaces such as Ordswap, Ordinals Market and Ordinals Wallet. Even Magic Eden, the largest Solana NFT marketplace, has jumped on the bandwagon, launching a subscription marketplace in March.
Did Bitcoin Ordinals Overload the Platform?
Binance’s announcement comes on the heels of a temporary pause in Bitcoin withdrawals. The platform attributed the outage to network congestion, while competitors remained fully operational. Interestingly, this hiatus coincided with a period of skyrocketing Bitcoin transaction fees and a heavily withdrawn network mempool, where transactions queue up for verification.
The crypto community speculated that transactions involving BRC-20 tokens caused the congestion. These tokens, constructed and traded with Ordinals, are coins built on top of Bitcoin using text-based inscriptions.
Unlike the image-based inscriptions common in traditional NFTs, these tokens represent a shift in NFT market dynamics.
Despite the fact that the existing version of Binance’s Bitcoin NFT marketplace does not support BRC-20 tokens, the landscape is evolving rapidly. In recent weeks, image-based inscriptions have been overshadowed by these new Bitcoin-based tokens and text-based inscriptions.
This shift indicates a preference for text-based inscriptions, further validating Binance’s strategic move to support Ordinals and cementing its position at the forefront of the ever-evolving crypto market.
