Bitcoin Ordinals is set to expand to the Binance NFT Marketplace at the end of May
The Binance NFT marketplace now supports Bitcoin Ordinals, strengthening the firm’s commitment to the future of its flagship cryptocurrency.
Bitcoin NFTs are making waves
The future growth of Bitcoin NFTs just got more solid. The Binance NFT marketplace announced today that it would be adding Bitcoin NFT support by the end of May. However, it has not specified the launch date yet.
Since its launch in June 2022, the Binance NFT platform has integrated Ethereum and Polygon NFT. The move to back Ordinals was rooted from the firm’s bullish sentiment about the future of Bitcoin. As Binance Product Manager Mayur Kamat stated in the press release, “Bitcoin is the OG of crypto.” He added, “We believe things are just getting started here and look forward to seeing what the future holds in this area.”
Over the next few weeks, NFT collectors, crypto enthusiasts, and especially Bitcoin devotees will be able to buy and sell Ordinals on the Binance NFT Marketplace. This will no doubt provide further community support for the rise of Ordinals. According to on-chain data, the total trading volume for all Bitcoin Ordinals exceeded $60 million.
Bitcoin NFTs, or Ordinals Inscriptions, hit the world of digital assets in early 2023. The concept, introduced by Casey Rodarmor, allows digital content (such as digital images) to be inscribed at rate (satoshis – the smallest denomination of bitcoin) , thus creating a new area of use for the Bitcoin network.
In NFT degent’s parlance, it’s about “making Bitcoin fun again.” It actually makes the NFT room fun again.
The nascent NFT space has experienced a downward trend since the bear took over the bull. A number of dramatic events have shifted investors’ attention from NFT to safer investments. But the growing demand for marketplaces to adopt Bitcoin NFTs shows a significant development. The recent performance of Ordinals is bound to make NFTs interesting again.
The Binance NFT marketplace is not the first to embrace Bitcoin NFTs
In March, Magic Eden announced support for Ordinals via Hiro and Xverse wallets. To further help artists, the marketplace launched a launch platform for creators in April to help stamp their inscriptions before listing on the secondary marketplace. And that is reportedly just the beginning of the growing demand for marketplaces to embrace Bitcoin NFTs.
The news of Ordinals’ integration came amid the ongoing headlines surrounding Binance’s network congestion. The crypto exchange issued a Bitcoin shutdown notice on May 7 and 8, citing the difficulty of handling massive transactions. However, Binance also announced its adoption of the Lightning Network as a long-term solution to the problem.
First Bitcoin Lightning Network, now Bitcoin Ordinals, all of Binance’s paths apparently lead to a stronger bet on the future of Bitcoin.
Ordinals controversy
New is always interesting and controversial. Bitcoin proverbs are not an exception. While the concept is appreciated by a wide number of crypto members, it hits the roadblocks of criticism from some Bitcoin supporters.
Ordinals present a permanent and censorship-resistant solution for storing data. Proper use can result in cultural significance. This capability can be particularly valuable to individuals or entities interested in preserving important information or cultural artifacts indefinitely.
In addition, blockchain’s inherent resistance to censorship allows the retention of material that might be suppressed or otherwise removed in other contexts, which represents a significant advantage.
On the other hand, some prominent figures in the Bitcoin community have referred to Ordinals as useless, even pointing out that it could exacerbate blockchain bloat and facilitate the publication of inappropriate content.
Despite concerns raised by some people regarding the flaws of Ordinals, the technology offers a new use for the Bitcoin network that extends beyond peer-to-peer monetary transactions. And Bitcoin Ordinals is still in the alpha stage, there is room for it to grow as more individuals and entities come on board.
