Bitcoin NFTs Gain Traction: Binance’s Bold Move and Its Impact on the Marketplace

Posted on by Artificial Intelligence
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The non-fungible token (NFT) marketplace, Binance, recently announced its plan to provide support for Ordinals, also known as Bitcoin NFTs, later in May. Despite not specifying an exact date, this move signifies a significant milestone for the platform, which currently only supports NFTs on Ethereum, Polygon, and its native BNB Chain. The addition of Bitcoin NFTs is expected to expand the reach of the emerging Ordinals ecosystem, attracting more collectors and creating new trading opportunities.

In a bid to make the onboarding process easier for users interested in Bitcoin NFTs, Binance will enable purchasing Bitcoin-based NFTs directly through their accounts. This marks a significant departure from the previous requirement of establishing a taproot-compatible Bitcoin wallet to acquire Ordinals. Through this streamlined approach, new buyers can expect a simplified and secure method of entering the growing market.

Mayur Kamat, Head of Product at Binance, has expressed optimism about the potential of Bitcoin NFTs. He believes that Bitcoin represents the “broadest choice” for collectors and provides a promising market for the exchange to explore. In his words, “Bitcoin is the OG of crypto,” and its untapped potential in the NFT space is only just beginning to surface.

However, the relationship between Binance and Bitcoin has faced some challenges recently. The exchange was forced to pause Bitcoin withdrawals on two occasions within the same day, attributing the disruptions to network congestion. Despite these setbacks, the demand for Bitcoin NFTs appears to be on the rise, with Ordinals reaching 3 million inscriptions last week.

Other marketplaces are also looking to support Bitcoin NFTs, adding to the momentum in this space. Magic Eden, a popular NFT marketplace, announced support for Ordinals in March and integrated Bitcoin wallets Hiro and Xverse to facilitate the integration. Just one month later, they introduced a creator launchpad to assist artists in minting their own inscriptions before making them available on the secondary marketplace.

As the demand for Bitcoin NFTs continues to grow, it is evident that this emerging market offers ample opportunities for platforms such as Binance to expand their offerings and provide collectors with a broader range of choices. With the potential of the Ordinals ecosystem still largely untapped, it is exciting to consider the possible developments that await in the not-so-distant future.

Source: Coindesk

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