- Binance will support Bitcoin Ordinals (Bitcoin NFTs) from late May 2023.
- NFTs on the Bitcoin network have surpassed three million since its launch.
In a bid to enter the booming Bitcoin-based market, Binance, the most popular cryptocurrency exchange by trading volume, announced today that it will support Ordinals inscriptions (Bitcoin NFTs) on its NFT marketplace, “Binance NFT,” later this month.
According to the report, in a few weeks, Bitcoin will be rolled out to Binance’s NFT Marketplace, which has already announced integrations with a range of networks, including BNB Chain, Ethereum, and Polygon.
Users will no longer require a separate wallet that supports inscriptions in order to buy and sell Bitcoin Ordinals on the market due to the impending integration into Binance NFT. According to the top cryptocurrency platform, the development will guarantee a seamless, secure, and effective user trading experience.
How Bitcoin Ordinals Works
Through the Taproot soft fork, Bitcoin Ordinals enables users to encrypt NFTs in the witness sections of Bitcoin (BTC) transactions. The inscriptions could be pictures, videos, texts, codes, or any combination of those. On the Bitcoin network, they are also employed to count satoshis, the smallest unit of currency.
Further, NFTs on the Bitcoin network have surpassed three million since the launch of the Ordinals Protocol in January 2023. Also, user activity on the blockchain has increased to the point where daily transaction volumes are approaching peaks.
However, the NFT marketplace of Binance made the announcement just days after the exchange temporarily halted Bitcoin withdrawals and attributed the outage to network traffic as its rivals continued to operate normally.
Moreover, as part of the update, Binance will provide royalty support and more opportunities for Bitcoin NFT creators to generate funds.
