Bitcoin ordinals hit Binance NFT Marketplace in latest update

Bitcoin ordinals – also known as Bitcoin NFTs – have made their way into the limelight of the Web3 space, as more marketplaces continue to adopt and offer digital assets. 

On May 9, the cryptocurrency exchange Binance announced that it will support Bitcoin ordinals on its NFT marketplace in late May. The development will expand Binance’s multichain NFT ecosystem to include the Bitcoin network.

Previously the Binance NFT market integrated with other decentralized networks, including BNB Chain, Ethereum and Polygon.

Mayur Kamat, the head of product at Binance, commented on broadening the offerings in the marketplace and Bitcoin’s (BTC) crypto legacy:

“Bitcoin is the OG of crypto.”

The update allows Binance users to purchase and trade Bitcoin ordinals from existing Binance accounts. According to the announcement, the update will also include royalty support and “additional revenue generating opportunities” for those creating Bitcoin ordinals.

Related:Bitcoin metrics to the moon: ATH for hash rate, daily transactions and Ordinals

Prior to Binance’s announcement, the cryptocurrency exchange OKX similarly announced in late April that it was bringing 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.

The Bitcoin NFTs are also available on marketplaces such as Magic Eden, which integrated the feature back in March.

Ordinals reach 3 million inscriptions. Source: Dune

According to recent data, inscriptions of Bitcoin ordinals have been on the rise in recent months. On April 2, Bitcoin ordinals reached 58,179 inscriptions – up 83.5% from the previous month. However, on May 1, the total number of Bitcoin ordinal inscriptions skyrocketed to exceed 3 million.

Nonetheless, they remain a controversial topic within the crypto community, with Bitcoin maximalists criticizing them for deviating from Bitcoin’s original peer-to-peer ethos.

Magazine: ZK-rollups are ’the endgame’ for scaling blockchains: Polygon Miden founder

All Dutch and English crypto news!

Tourists are unhappy with crypto payments ban in Bali

The government of Bali, Indonesia, recently cracked down on crypto payments for goods and services and reminded tourists that the Indonesian Rupiah is the only...

Bybit gets pre-approval in Kazakhstan as crypto custody service provider

Cryptocurrency exchange Bybit continues the expansion of its operations after receiving "in-principle" approval from regulators in Kazakhstan.  On May 29, the exchange announced its pre-approval from...

Fantom resolves to give back 15% of gas fees to certain projects

Fantom blockchain will reward projects that contribute toward high usage of gas fees. The move aims at driving increased demand for block space. Eligible applications will be...

Why is the crypto market up today? Imminent debt ceiling vote boosts the market

Key takeaways The cryptocurrency market is up by more than 2% today after underperforming for the best part of May. Bitcoin topped the $28k mark for the...

Beste exchanges

Koop je crypto bij Bitvavo