The news was announced through an official statement published on Binance’s blog. In this way, they affirmed that Binance’s NFT marketplace will support Bitcoin NFTs due to the growth of its ecosystem.
The excitement and increase in operations of Bitcoin Ordinals (or Bitcoin NFTs) does not stop growing day by day. In recent months, we have witnessed a series of events that demonstrate this trend.
In the early days of February, the Ordinals Protocol originated, which gave rise to the first NFTs on the Bitcoin blockchain. As their adoption grew, it led to the creation of NFT marketplaces for the exchange and creation of these new Bitcoin Ordinals.
Likewise, wallets also began to emerge to store these NFTs that run on the Bitcoin network. Subsequently, as one of the latest events related to Ordinals, the news came that OKX exchange decided that its own multichain wallet (OKX Wallet) would be the first to integrate these Bitcoin Ordinals.
The news was announced through an official statement published on the Binance blog. They stated that the Binance NFT Marketplace will support Bitcoin Ordinals due to the growth of its ecosystem.
As excitement and adoption of Bitcoin Ordinals (also known as Bitcoin NFTs) continue to grow, Binance announced on Monday, May 8th, via a blog post, that they are working to support Bitcoin Ordinals on their NFT marketplace.
With this move, the exchange aims to further expand its multichain ecosystem while providing users with the ability to buy, sell, and trade their Bitcoin Ordinals without the need for a specific wallet to store them.
To achieve this, Binance will hold a special registration event from May 9th to 15th for those interested in being among the first to use this new functionality. As a result, they will have access to various exclusive benefits, such as last-minute information on the Discord channel or NFT airdrops, among others.
Since its launch until today, the Ordinals Protocol has reached a total market capitalization of approximately $750,000. Binance assures that they aim to provide a smooth trading experience, as well as comply with security and efficiency standards.
Mayur Kumat, Binance’s Product Lead, expressed enthusiasm for the arrival of Bitcoin Ordinals on Binance’s NFT marketplace. They are also observing that this section of the ecosystem is just starting out, so they want to anticipate their support on the platform.
On the other hand, the demand for Bitcoin Ordinals has been so massive in recent weeks that after implementing its new BRC20 standard, it caused network congestion, and Binance had to halt BTC withdrawals on two occasions.
Binance aims to collaborate with a diverse range of projects developing NFTs on Bitcoin. These Bitcoin Ordinals NFTs were created by developer Casey Rodarmor with the aim of having NFTs that are 100% native to Bitcoin.
It’s worth noting that prior to the birth of Bitcoin Ordinals, there were already NFT collections running on the Bitcoin network. An example is the Rarepepe collection, but the difference is that Ordinals store their image files within the Bitcoin network itself, unlike other collections that store them on external servers.
Written by Luciano Garriga (Tw: luchogarriga) for NFT Express.