Binance NFT Marketplace Adds Support For Bitcoin NFTs, As Inscribed Ordinals Hit 5M

Updated: 10 May 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Binance, a digital marketplace for crypto and non-fungible tokens, has announced plans to support Bitcoin-based NFTs. The new integrations appear when the number of inscribed Ordinals surpasses the five million mark to date.

In a May 8 press release, Binance NFT marketplace, a subsidiary of the crypto exchange behemoth “Binance,” confirmed ready plans to support Bitcoin NFTs in the coming weeks. The NFT marketplace has shared the exact date when the support will begin.

Reminder: What Are Bitcoin NFTs?

Launched earlier this year, Bitcoin Ordinals is a way of creating non-fungible tokens by attaching data to individual satoshis, the smallest denomination of Bitcoin, on the Bitcoin blockchain. Every bitcoin consists of 100,000,000 satoshis.

Bitcoin Ordinals are NFTs made possible through the Taproot and SegWit upgrades. Bitcoin Ordinals are digital artifacts securely inscribed on the Bitcoin chain using the Satoshi ordinal theory. They can represent images, videos, or digital artwork.

According to Dune Analytics, an on-chain market data aggregator, there are 5.1 million Bitcoin Ordinal inscriptions to date. Since its inception, almost $30 million, or 1,070 BTC, has already been settled. May has recorded the highest number of Bitcoin inscriptions.

Binance Launches An NFT Reward Program

Binance NFT marketplace has launched an NFT reward program for all users participating in a special registration event. Users stand a chance to secure a whitelist and receive an NFT airdrop for the upcoming BTC NFT project. The NFT promotion began on May 9 and will run until May 15.

Binance NFT marketplace believes the new integration of the Bitcoin network will further elevate Binance NFT to a multi-chain, open marketplace ecosystem where users can explore and trade a wider variety of NFTs across multiple blockchains from their Binance accounts.

Binance’s NFT Marketplace currently supports three different networks, including BNB Chain, Ethereum, and Polygon, an Ethereum scaling solution. Binance strongly hopes Bitcoin’s innovative technology and cultural significance will offer unique opportunities for NFT creation.