Loading...

Bitcoin NFTs enter Binance marketplace with Ordinals support

TL;DR

  • Binance plans to add Ordinals inscriptions to support its NFT marketplace, enabling Bitcoin-based NFT trading.
  • The exchange previously expanded its supported networks by adding selected Polygon NFT collections.
  • The announcement follows a recent temporary suspension of Bitcoin withdrawals on Binance due to network congestion.

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced plans to introduce Ordinals inscriptions support on its NFT marketplace within the next few weeks. This move marks the company’s entry into the rapidly growing Bitcoin-based NFT market.

Notable addition to Binance NFT marketplace

The upcoming update will enable users to buy and trade Ordinals inscriptions through their Binance accounts. Also, the platform expanded its supported networks in March by adding selected NFT collections from Polygon. Mayur Kamat, Binance’s Head of Product, emphasized the significance of Bitcoin support, stating, “Bitcoin is the OG of crypto. We believe things are just getting started here and can’t wait to see what the future holds in this space.”

Several marketplaces dedicated to Ordinals inscriptions, such as Ordswap, Ordinals Market, and Ordinals Wallet, have emerged following the protocol’s initial surge in popularity. Magic Eden, the leading Solana NFT marketplace, was the first established platform to support Ordinals by launching an inscriptions marketplace in March.

Binance’s announcement follows a recent temporary suspension of Bitcoin withdrawals on the exchange, attributed to network congestion. Competing platforms continued to operate without interruption during this time. High transaction fees and a heavily backlogged mempool characterized the Bitcoin network at the time.

Role of BRC-20 tokens

Many in the crypto community believed that BRC-20 tokens, built and traded using the same Ordinals protocol that underpins Bitcoin NFTs, were responsible for the network congestion. BRC-20 tokens are created on top of Bitcoin using text-based inscriptions rather than image-based ones. Text-based inscriptions have recently gained prominence over image-based inscriptions, with 99.7% of Ordinals inscriptions being text-based on Sunday, according to a Dune dashboard. Simultaneously, 65% of all Bitcoin transactions were linked to BRC-20 tokens.

The interest in BRC-20 tokens intensified when Ordi, the first BRC-20 token launched experimentally in March, was listed on cryptocurrency exchanges Crypto.com and Gate.io on Monday.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Vodafone to Merge Crypto Wallets with SIM Cards
Cryptopolitan
Subscribe to CryptoPolitan