By adding support for Bitcoin Ordinals, the Binance NFT Marketplace plans to expand its ecosystem and improve innovation and creativity in NFTs.
With this new update, Binance plans to offer royalty support and additional revenue-generating opportunities to Bitcoin NFT creators.
Crypto exchange Binance is among the latest to offer support for Bitcoin Ordinals aka Bitcoin NFTs starting from late May 2023. These Bitcoin-based NFTs will be available on the Binance NFT marketplace thereby unlocking opportunities for NFT collectors and creators, thus expanding the Binance NFTs multi-chain ecosystem.
Previously, the Binance NFT announced integration with a range of networks such as Ethereum, Polygon, and BNB Chain, and will now be adding 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 (NFTs) on the Bitcoin blockchain for the first time since its launch. Bitcoin Ordinals allow users to create NFTs by attaching data to individual Satoshis (Bitcoin’s smallest denomination).
Also, Bitcoin Ordinals allow each individual Satoshi to be identified and transacted using extra data attached through a process called inscription. This additional data could be in the form of images, videos, texts, or other content. Embracing Bitcoin Ordinals will also help the Binance NFT Marketplace to expand the reach of its ecosystem to more people. Binance can also improve innovation and creativity in NFTs with this. Speaking of the development, Mayur Kamat, Head of Product at Binance, said:
We want to bring the broadest choice to our users. Bitcoin is the OG of crypto. We are super excited to bring Bitcoin Ordinals to Binance NFT. We believe things are just getting started here and can’t wait to see what the future holds in this space.
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Binance Users to Benefit from Bitcoin Ordinals
By adding Bitcoin Ordinals to the Binance NFT marketplace, the users at the crypto exchange Binance will be able to purchase 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 revenue-generating opportunities to Bitcoin NFT creators.
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The demand for Bitcoin Ordinals aka Bitcoin NFTs is growing significantly currently in the market. The Bitcoin NFTs, that follow the BRC20 standards, were the primary reason for major congestion at the Bitcoin blockchain on Sunday, May 7. The Bitcoin Ordinals drove gas prices very high due to which Binance had to halt withdrawals twice within 24 hours, before resuming them normally.
Bitcoin miners profited heavily from this with a lucky miner raking over 6.701 bitcoin (BTC) or almost $200,000 in transaction fees on Sunday night. With Binance NFT Marketplace adding support for Bitcoin Ordinals, will it drive the prices of Bitcoin NFTs higher?
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