- May 11, 2023
- Posted by: [email protected]
- Category:
The Binance NFT marketplace has announced that it will soon enable its users to purchase and trade Bitcoin ordinals, also known as Bitcoin NFTs, using their existing wallets. This development comes at a time when Bitcoin ordinals are gaining traction in the Web3 space, with more marketplaces accepting them as digital assets. Binance’s NFT marketplace has previously integrated with other decentralized networks such as BNB Chain, Ethereum, and Polygon, but now it will expand its multichain NFT ecosystem to include the Bitcoin network.
Binance’s head of product, Mayur Kamat, commented on the marketplace’s offerings and Bitcoin’s crypto legacy, highlighting the update’s expansion of the offerings to Bitcoin ordinals. The update would also facilitate royalty payments and create new revenue-generating opportunities for Bitcoin ordinal creators. Binance users will be able to access the upgrade before the end of May.
Prior to Binance’s announcement, OKX, one of the leading cryptocurrency exchanges, had already revealed its plans to bring Bitcoin ordinals to its marketplace and wallet ecosystem. Users could view and store ordinals using their accounts, with the option to mint ordinals in the future. The feature is also available on marketplaces like Magic Eden, which integrated Bitcoin ordinals in March.
According to recent data, inscriptions of Bitcoin ordinals have increased in the past few months. The total number of Bitcoin ordinal inscriptions exceeded 3 million on May 1. They, however, remain a controversial topic in the crypto community, with Bitcoin maximalists criticizing them for deviating from Bitcoin’s original peer-to-peer ethos.
Binance’s announcement to enable users to trade and purchase Bitcoin ordinals on its platform is a significant development in the cryptocurrency industry. It shows that Bitcoin ordinals are becoming increasingly popular among investors and traders, and more marketplaces are adopting them as digital assets. Nonetheless, the controversy surrounding them will continue to linger among Bitcoin maximalists who prefer Bitcoin’s original ethos.
