Binance announces support for Bitcoin Ordinals on its NFT marketplace

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Updated: 11 May 2023

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Non-fungible tokens (NFTs) created on the Bitcoin network, popularly known as Bitcoin ordinals, will be listed on the Binance NFT marketplace. These assets are set to find their way into the Web3 industry as more NFT marketplaces evolve and provide digital assets access.

Binance NFT to list Bitcoin ordinals

On May 9, Binance NFT announced that it would support Bitcoin ordinals on its NFT marketplace towards the end of this month. The listing for these NFTs will grow the Binance multi-chain NFT ecosystem to extend support for the Bitcoin network.

https://twitter.com/TheBinanceNFT/status/1655866866814820355

The Binance NFT marketplace already supports some of the largest blockchain networks, such as Ethereum, BNB Chain, and Polygon. This update will allow the users on the Binance NFT platform to buy and trade Bitcoin ordinals from their existing Binance accounts.

“Binance NFT believes Bitcoin’s innovative technology and cultural significance represent an exciting new horizon, offering unique opportunities for NFT creation. The integration of the Bitcoin network will further elevate Binance NFT to a multi-chain, open marketplace ecosystem, where users can explore and trade a wide variety of NFTs across multiple blockchains from their Binance accounts,” Binance NFT said.

This new addition will also come with royalty support and present new opportunities to generate additional revenue for the creators creating Bitcoin ordinals. The announcement made by Binance also comes as other crypto platforms also lost Bitcoin ordinals, whose popularity is fast increasing.

Growing popularity of Bitcoin ordinals

The announcement made by the Binance exchange comes as other trading platforms also announce their plans to support these digital assets. OKX, one of the largest digital asset trading platforms, announced it would support Bitcoin ordinals to the marketplace towards the end of April.

At the time, OKX also announced that it would support Bitcoin ordinals on its wallet ecosystem. The users on the OKX exchange will have a chance to view and store their Bitcoin ordinals on their accounts. The chief marketing officer at the OKX exchange, Haider Rafique, also said that users could mint ordinals.

Bitcoin ordinals have become one of the most hyped Web3 trends of 2023. The digital assets are available on some of the leading NFT marketplaces, including Magic Eden. The Magic Eden NFT marketplace integrated this feature in March.

The recent data has said that adding Bitcoin ordinals has been strategic for the company. The inscriptions of Bitcoin ordinals have increased significantly in recent months. On April 2, Bitcoin ordinals attained 59,179 inscriptions, an 83.5% increase from the previous month.

On May 1, Bitcoin ordinal inscriptions increased to over 3 million. However, the digital assets have been controversial, with some members of the Bitcoin community criticizing the assets for failing to maintain the original peer-to-peer ethos of the network.

However, the executive chairman at MicroStrategy, Michael Saylor, appears to support the launch of ordinals on Bitcoin, saying that they were good for miners on the network. Saylor opined that ordinals and NFTs were transforming a bearish scenario into a bullish one.

Executive Chairman of MicroStrategy, @saylor, on the impact of Ordinals on Bitcoin mining and the power of inscriptions.

“What happened with Ordinals and NFTs is we crossed this chasm from what was a bearish scenario to a bullish scenario. If I was a miner I would be ecstatic.” pic.twitter.com/UDIGN5C08I

— Leonidas (@LeonidasNFT) May 9, 2023