Since the invention of Bitcoin, the DeFi market, its investors, and developers have taken steps to grow the industry through new inventions. One such invention has been the BTC Ordinals, now supported by the Bioniq Ordinals marketplace.
The Bioniq Ordinals marketplace has officially gone live on the Internet Computer, ushering in a new era of digital asset trading in a ground-breaking move that marks a critical milestone in the growth of decentralized finance (DeFi). This trailblazing platform is an intersection of cutting-edge technology and new financial solutions that promises to reshape the landscape of decentralized exchanges.
What is the Bioniq Ordinals marketplace?
Bioniq is tied to BTC ordinals. What are ordinals? Ordinal Inscriptions, like NFTs, are digital assets inscribed on a satoshi, Bitcoin’s (BTC) lowest denomination. Inscribing on satoshis, which are named after Bitcoin’s pseudonymous creator, Satoshi Nakamoto, is now feasible thanks to the Taproot upgrade, which was published on the Bitcoin network on November 14, 2021.
The Internet Computer, powered by the DFINITY Foundation, has gained prominence for its ability to host scalable and secure smart contracts that serve interactive web content directly to end users without intermediaries. The ICP provides for the creation of systems and services that run entirely from a blockchain.
Bioniq Ordinals, leveraging this revolutionary infrastructure, brings a fresh perspective to the world of decentralized trading by providing users with an unparalleled experience in terms of speed, security, and user-friendliness.
Bioniq is the world’s fastest and most user-friendly Ordinals marketplace and launchpad. Their goal is to help creators all around the world in developing successful Web3 businesses.
What sets the marketplace apart from the others on the market? Bioniq is the first Ordinals-specific marketplace built on a Bitcoin L2. Additionally, you do not need external to transact other than Bitcoin and wrapped Bitcoin.
The entity has some of the best developers in the crypto space. The team started building Bioniq in February 2023 because they saw massive potential in the future of BTC Ordinals.
Bob Bodily leads the team as the CEO. Bob is a data engineer who has written over 100,000 lines of production Python code. He worked at 2 previous software firms, one of which was an EdTech SaaS that was sold in 2021.
Stephen Andrews assumes office as CTO. He is a startup engineering leader with over 13 years of industry experience, the last six of which have been entirely focused on blockchain development.
Max Ogles is the Chief Operating Officer. He formerly worked as a VP at Chess.com and holds an MBA from the University of Oxford. Steven Erikson joins the company as the CMO. Steven is a former ITS project leader with experience in marketing systems, development, and administration, as well as an NFT community leader and speaker.
Key features and advantages
1. Internet Computer’s Scalability: The Bioniq Ordinals marketplace benefits from the Internet Computer’s inherent scalability, allowing for high-throughput transactions and reducing the congestion commonly seen on other blockchain networks. This ensures a smooth and responsive trading experience for users, even during periods of high demand.
2. Built on a Bitcoin sidechain (ICP): The entity has been developed on a Bitcoin sidechain signifies an amazing user experience. It has a finality time of 2-5 seconds. Furthermore, no additional tokens are required (just BTC and ckBTC). It is favorable to users because there are no gas or network fees. Finally, Bioniq supports a one-click Google login (Web3Auth).
3. Unique offers: You can place an offer on any Ordinal. You don’t have to sign PSBTs. A Partially Signed Bitcoin Transaction (PSBT) is a Bitcoin standard that enables unsigned transactions to be easily transferred by allowing different participants to sign the same transaction. This is especially handy when several parties want to contribute inputs to the same transaction. Offers are automatically canceled if your wallet balance falls below the offer amount.
4. Fully functional English auctions – Firstly, you can reserve the price, and the auction extends with a bid in the last few minutes.
5. Creator royalty support – The marketplace supports creator royalties (now up to 1.5%). If you are a creator, contact the entity and set up your collection in Bioniq to enable creator royalties for your collection.
6. The Bioniq wallet – The marketplace has a fully functional Bitcoin/ICP wallet where users can receive, hold, send, and wrap Bitcoin and Ordinals. Here’s how you can use their wallet as explained by Bioniq’s CEO on X:
The NFT marketplace bills itself as the “world’s fastest” Ordinals marketplace. It includes a built-in wallet with an optional Google login via Web3Auth and does not charge traders network transactions or gas fees. Here’s how to go about the marketplace:
How to list an Ordinal on Bioniq?
First of all, you will need an account on the Ordinals NFT marketplace, and it is easy to create. All you need is a working email address. After that, you have access to the marketplace.
Go to “My Inscriptions” on the right side of your computer – on the display. Then click on ‘Add.” There are Ordinals that are not listed; you can choose to list those. For example:
If the ordinal is reserved, there are additional costs to pay.
How to bid an Ordinal on Bioniq?
Let’s look at an example: Inscription number #45,160,813. It has not yet been listed, but it has been minted. I can click Make Offer and bid what I believe the item is worth. When you click the ‘Make Offer’ button, you will be given an expiration date to work with. The total value of a bid is determined by the amount of BTC or ckBTC in my wallet.
How to buy an Ordinal on Bioniq?
Here’s how to get started. A great deal of what is available for purchase is labeled “collections.” The NFT ordinals have a buy expiry date as well. Those with an expiry date are those you have to bid on. The price of the BTC ordinals you’re interested in could consequently rise.
How to sell an Ordinal on Bioniq?
The history of each Ordinal is available to the public. For example, the first amount of ordinals that has changed hands and for how much is viewable. Consider the Cyborgs collection that was released in conjunction with the debut of the Bioniq Ordinals marketplace.
Ordinals, like with all NFTs, exist at the crossroads of transformational technology and historical culture. You can only sell what you own.
Finally, Boiniq’s Vision – As seen above, the Ordinal marketplace is easy to use and navigate. This stems from Boiniq’s vision that birthed the platform. What is their vision – traders could wonder? Well, it is as follows: “Bioniq is the world’s fastest, easiest-to-use Ordinals marketplace and launchpad. Our goal is to enable creators everywhere to build successful Web3 businesses.”