- Binance to Launch Support for Bitcoin Ordinals (Bitcoin NFTs) in Late May 2023
- Over Three Million NFTs Minted on the Bitcoin Network Since Launch
Binance, the widely used cryptocurrency exchange, has revealed its plans to join the growing Bitcoin-based market. In an announcement today, Binance shared that it will soon enable users to create and trade special digital items called Ordinals inscriptions, also known as Bitcoin NFTs, on its NFT marketplace called “Binance NFT.” This exciting feature will be available later this month.
As per the report, Binance’s NFT Marketplace will soon include Bitcoin as a supported network. This marketplace has already announced partnerships with various networks like BNB Chain, Ethereum, and Polygon. The integration of Bitcoin is expected to take place in a few weeks.
In the near future, users will no longer need a separate wallet that supports inscriptions to trade Bitcoin Ordinals on the market. Binance NFT is integrating Bitcoin, which means users can buy and sell Bitcoin Ordinals directly on the platform. This integration aims to provide a smooth, secure, and efficient trading experience for users.
How Bitcoin Ordinals Works
Bitcoin Ordinals, made possible by the Taproot soft fork, allows users to encrypt NFTs within the witness sections of Bitcoin transactions. These inscriptions can include various forms of content like pictures, videos, texts, codes, or a mix of these elements. Additionally, on the Bitcoin network, these inscriptions are also used to count satoshis, which are the smallest units of the Bitcoin currency.
Since the launch of the Ordinals Protocol in January 2023, over three million NFTs have been created on the Bitcoin network. Additionally, user activity on the blockchain has increased to the point where daily transaction volumes are nearing their highest levels.
Just a few days after Binance temporarily stopped Bitcoin withdrawals, citing network congestion as the reason for the interruption, the NFT marketplace of the exchange made an announcement. This occurred while other competing platforms were operating without any issues.
As part of the update, Binance will offer royalty support and additional opportunities for creators of Bitcoin NFTs to raise funds. This means that Bitcoin NFT creators will have more ways to earn money and receive ongoing royalties for their creations.