Binance NFT Marketplace Expands Ecosystem With Support For Bitcoin NFTs

Binance NFT Marketplace Expands Ecosystem With Support For Bitcoin NFTs

Binance, the world’s largest exchange by trading volume, announced it is working on including Bitcoin’s Ordinals tokens in its non-fungible token (NFT) marketplace.

According to an official statement, Ordinals tokens will be included in “the coming weeks” as the exchange expands its NFT ecosystem.

Binance wants to expand its NFT Marketplace

Binance is working with other relevant projects from the Bitcoin Ordinals community to drive its expansion. Currently, Binance’s marketplace only supports three networks: BNB Chain, Ethereum, and Polygon.

Therefore, the team hopes that integrating the Bitcoin network will elevate its marketplace and turn it into an “open marketplace ecosystem, where users can explore and trade a wider variety of NFTs.”

Thanks to this integration, Binance users will be able to trade Bitcoin NFTs without the need for a separate Ordinals wallet. This could benefit the NFT market by removing barriers to entry for artists and content creators with little experience in the crypto ecosystem.

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Binance will focus on finding quality NFT projects that are “innovative” to support the growth and development of Bitcoin Ordinals.

Those who wish to participate in Binance’s special registration event, which includes opportunities to be whitelisted and receive an airdrop, must complete a form available from May 09 to May 15 at 23:59 UTC.

It is worth mentioning that many crypto enthusiasts have rejected Ordinals tokens due to congestion caused by the excessive minting of BRC20 tokens on the Bitcoin network and the non-financial nature of this implementation —which is considered by some to be against Bitcoin’s ethos as a P2P electronic cash system.

What are Bitcoin Ordinals, and why have they become a trend?

The Ordinals protocol essentially allows users to convert individual satoshis into unique NFTs by attaching additional data. This process is known as “inscription.”

Unlike traditional NFTs, Ordinals inscriptions can contain videos, images, texts, or codes. Although this could be innovative for artists in the crypto ecosystem, it has been the most significant problem caused by the latest Bitcoin “Taproot” update, according to some bitcoin maximalists.

Even Binance had to temporarily halt Bitcoin transactions over the weekend for a few hours due to network congestion related to the issuance of BRC-20 tokens minted and traded through the Ordinals protocol.