Binance Adds Bitcoin Ordinals to NFT Marketplace
Rebeca Moen May 09, 2023 01:54
Binance has announced that it will soon support Bitcoin ordinals, also known as Bitcoin NFTs, on its NFT marketplace. This will expand Binance’s multichain NFT ecosystem to include the Bitcoin network. Bitcoin ordinals have been on the rise, with over 3 million inscriptions as of May 1, but they remain a controversial topic in the crypto community.
Bitcoin ordinals, also known as Bitcoin NFTs, are gaining popularity in the Web3 space as more marketplaces adopt and offer digital assets. Binance, a leading cryptocurrency exchange, has recently announced that it will soon support Bitcoin ordinals on its NFT marketplace, expanding its multichain NFT ecosystem to include the Bitcoin network. This move follows other decentralized networks that the Binance NFT market has already integrated, including BNB Chain, Ethereum, and Polygon.
Mayur Kamat, the head of product at Binance, commented on the new offerings in the marketplace and Bitcoin's crypto legacy, stating, "Bitcoin is the OG of crypto." With this update, Binance users will be able to purchase and trade Bitcoin ordinals from their existing accounts. The announcement also states that the update will include royalty support and additional revenue-generating opportunities for those creating Bitcoin ordinals.
Prior to Binance's announcement, OKX, another cryptocurrency exchange, announced in late April that it would bring Bitcoin ordinals to its marketplace and wallet ecosystem. Initially, OKX users could view and store ordinals using their accounts, with the option to mint ordinals being hinted at in the future, according to Haider Rafique, the chief marketing officer at OKX.
Bitcoin NFTs are available on marketplaces such as Magic Eden, which integrated the feature back in March. Recent data shows that inscriptions of Bitcoin ordinals have been on the rise in recent months, reaching 58,179 inscriptions on April 2, up 83.5% from the previous month. As of May 1, the total number of Bitcoin ordinal inscriptions had skyrocketed to exceed 3 million.
However, Bitcoin ordinals remain a controversial topic within the crypto community. Some Bitcoin maximalists criticize them for deviating from Bitcoin's original peer-to-peer ethos. Nonetheless, Bitcoin ordinals offer unique opportunities for creators and collectors to buy, sell, and trade digital assets on the blockchain.
The rise of Bitcoin ordinals also reflects the growing interest in NFTs and digital art. In March, the digital artist Beeple sold a digital artwork for a record-breaking $69 million at a Christie's auction. The sale of this NFT sparked a frenzy in the NFT market, with artists, musicians, and other creatives exploring the potential of blockchain technology to authenticate and monetize their work.
In conclusion, Binance's move to support Bitcoin ordinals is a significant step for the NFT market, expanding the availability of digital assets to include the Bitcoin network. With the rise of Bitcoin ordinals and NFTs, we can expect to see continued innovation and experimentation in the world of blockchain and digital art.
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