Binance announces support for Bitcoin Ordinals to its marketplace
The leading crypto exchange, Binance, has announced stepping into the Ordinals space and bringing Bitcoin NFTs to its marketplace.
Highlights
- Binance has announced bringing Bitcoin NFTs to its marketplace
- The support for Ordinals will be added later in May this year
- It would also be offering ‘royalty support’ to Bitcoin NFT creators
Binance, the renowned crypto exchange, has revealed its plans to add support for Ordinals or Bitcoin NFTs later in May 2023.
A statement from Binance said, “Binance users will also be able to purchase and trade Bitcoin NFTs directly with their Binance accounts." It further stated, "This integration offers even more seamless and efficient trading for Binance users.”
Here, it must be noted that Binance NFT already supports NFTs on Ethereum and Polygon, apart from its native BNB Chain. Now, collectors can soon purchase and sell inscriptions or NFTs on the Bitcoin network.
Further, the leading exchange mentioned that it would be offering ‘royalty support’ to Bitcoin NFT creators and other additional ways to generate revenue. Moreover, in a bid to help onboard users to Bitcoin NFTs, Binance will allow traders to buy Bitcoin-based NFTs with their Binance accounts, thereby, simplifying the process for users. In other words, the exchange will enable NFT collectors to purchase tokens on the Bitcoin network directly through their Binance accounts instead of creating a separate wallet for inscriptions.
What exactly is Bitcoin Ordinal?
Making a debut on January 2023, Bitcoin Ordinals are a way of developing Bitcoin NFTs by attaching data to the smallest denomination of Bitcoin, also known as individual satoshis, which reside on the Bitcoin blockchain. It must be noted that each Bitcoin comprises 100,000,000 satoshis.
These Bitcoin Ordinals allow users to inscribe audio, text as well as art and video games into individual satoshis.
Interestingly, many inscriptions marketplaces like Ordinals Market and Ordswap, etc. emerged amid Ordinals’ initial surge in popularity. In fact, the largest Solana NFT marketplace, Magic Eden, has also forayed into the Ordinals space and launched its inscriptions marketplace in March.
It is pointed out that ever since the Ordinals Protocol was introduced early this year, NFTs on the Bitcoin blockchain have crossed three million as well as a rise in user activity on the blockchain has been observed.
