The popularity of Bitcoin ordinals, also known as Bitcoin non-fungible tokens (NFTs), has been on the rise in the Web3 space. Major cryptocurrency exchanges, such as Binance and OKX, are now supporting these digital assets on their respective platforms. The expansion of the multichain NFT ecosystem is no doubt an important development for the broader cryptocurrency market.
Binance announced on May 9 that it would support Bitcoin ordinals on its NFT marketplace by the end of the month, opening up its ecosystem to the Bitcoin network. This comes after the integration of other decentralized networks like BNB Chain, Ethereum, and Polygon. In the words of Mayur Kamat, Head of Product at Binance, “Bitcoin is the OG of crypto,” acknowledging the significance and legacy of Bitcoin.
This update allows existing Binance users to purchase and trade Bitcoin ordinals from their accounts. In addition, the platform intends to include royalty support and other revenue-generating opportunities for creators of Bitcoin ordinals.
Not to be left behind, OKX also announced in late April that it would bring Bitcoin ordinals to its marketplace and wallet ecosystem. Initially, users can view and store these digital assets using their accounts, with the option for minting Bitcoin ordinals hinted at in the future, according to Haider Rafique, Chief Marketing Officer at OKX.
Bitcoin NFTs can also be found on marketplaces such as Magic Eden, which integrated the feature in March. As for adoption data, Bitcoin ordinals have reportedly experienced a significant growth recently. On April 2, inscriptions reached 58,179, up 83.5% from the previous month. By May 1, the total number of Bitcoin ordinal inscriptions surpassed an impressive 3 million.
Despite these positive developments, Bitcoin ordinals remain a controversial subject within the crypto community. A point of contention for Bitcoin maximalists is the deviation from the original peer-to-peer ethos of Bitcoin.
As interest in Bitcoin ordinals continues to expand and exchanges like Binance and OKX incorporate them into their platforms, the conversation surrounding the technology’s pros and cons will remain front and center. However, it is undeniable that the integration of Bitcoin ordinals into leading cryptocurrency marketplaces reflects the growing awareness and fascination with NFTs in the industry. While skeptics may question the value and impact of these digital assets, the current enthusiasm and adoption cannot be ignored.