Using Its NTF Marketplace, Binance Will Support Bitcoin Ordinals
In the coming weeks, users will be able to buy and sell Bitcoin NFTs on the Binance NFT marketplace.
The largest cryptocurrency exchange, Binance, said that in the next few weeks, it will add support for Bitcoin Ordinals to its NFT marketplace.
Later this month, Binance NFT will add Bitcoin Ordinals non-fungible tokens to its platform as the market looks to grow its multi-chain environment.
Bitcoin NFTs to Binance
Through the Taproot soft fork, Bitcoin Ordinals lets users write NFTs into the witness parts of bitcoin (BTC) transactions. The inscriptions can be movies, pictures, words, or even codes. On the Bitcoin network, they are also used to keep track of the amount of satoshis, which are the smallest unit of BTC.
Since the Ordinals Protocol went live in January 2023, the number of NFTs on the Bitcoin network has gone over three million. At the same time, user activity on the blockchain has skyrocketed, and the number of daily transactions is getting close to its peak.
With the upcoming integration into Binance NFT, users will be able to buy and sell Bitcoin Ordinals on the market through their Binance accounts instead of having a separate wallet that supports inscriptions. The biggest crypto site says the change will make trading easier, safer, and more efficient for users.
“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,” said Mayur Kamat, Head of Product at Binance.
Royalty Support from Binance NFT
In addition to adding Bitcoin Ordinals to the Binance NFT marketplace, the cryptocurrency exchange said it would help artists with royalties and give them more ways to make money. Binance also wants to work with the people who made Bitcoin Ordinal on different projects.
The exchange also said that artists who sign up for a special registration event for projects related to the upcoming integration would get special perks like airdrops and the chance to be put on a whitelist.
In the meantime, the Binance NFT marketplace has already added support for several networks, such as Ethereum, BNB Chain, and Polygon. By accepting Bitcoin Ordinals, the store will be able to offer more things and be open to the latest ideas and innovations in digital collectibles.
