Upon the new update, Binance NFT Marketplace users will be able to buy and trade Bitcoin Ordinals using their existing accounts.
Binance NFT Marketplace is set to support Bitcoin Ordinals, or Bitcoin NFTs, broadening its multichain ecosystem in a new development planned for late May.
This decision by Binance follows the growing popularity of digital assets and Web3 space, with multiple marketplaces adopting and offering these unique tokens.
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Binance's NFT ecosystem already integrates with several decentralized networks, such as BNB Chain, Ethereum, and Polygon.
Binance's Head of Product, Mayur Kamat, spoke on the subject of expanding their marketplace offerings and the significance of Bitcoin in the crypto world, noting:
Bitcoin is the OG of crypto.
With the upcoming update, Binance users will be able to buy and trade Bitcoin Ordinals using their existing accounts. The announcement also promises royalty support and "additional revenue-generating opportunities" for those who create Bitcoin Ordinals.
Binance's move to support Bitcoin Ordinals comes on the heels of a similar announcement by cryptocurrency exchange OKX in late April.
OKX claimed that it would integrate Bitcoin Ordinals into its marketplace and wallet ecosystem. According to Haider Rafique, OKX's Chief Marketing Officer, users can initially view and store Ordinals in their accounts, with the option to mint Ordinals potentially available in the future.
Other marketplaces, such as Magic Eden, have also embraced Bitcoin NFTs.
The growing interest in and adoption of Bitcoin Ordinals is evident from recent data, which indicates a rising number of inscriptions in recent months. Recently, the number of Ordinals inscriptions on the Bitcoin (BTC) network has skyrocketed, jumping from 2.5 million to 4.99 million in just nine days.
As Binance NFT Marketplace prepares to support these digital assets, it signifies the increasing value and importance of Bitcoin Ordinals in the crypto landscape.