In a recent announcement, OKX has unveiled plans to offer Ordinals trading within its wallet by June. The company’s wallet is already supporting more than 60 chains and now aims to provide users with the ability to mint and trade Bitcoin Ordinals.
As of now, users can only view and transfer their Ordinals in OKX’s wallet; however, by the end of the week, they’ll be able to trade BRC-20 tokens and mint Ordinals and BRC-20 tokens within the wallet later in May. This move follows Binance‘s announcement to add Bitcoin NFT compatibility to its marketplace.
OKX Chief of Innovation Jason Lau has shared the company’s bullish stance on Bitcoin and Ordinals, expressing excitement about the expanding use cases of Bitcoin and allowing developers and users more opportunities to experiment with the cryptocurrency.
Despite optimistic outlooks, there are challenges to overcome as well. According to Lau, one prominent hurdle is the adoption of Ordinals and BRC-20 tokens, as these new ways to transact can be complex and confusing for users. Accessibility and ease of use are top priorities that OKX is working on.
In an effort to simplify matters for current Ordinals traders, Lau revealed that OKX has partnered with open-source Bitcoin wallet UniSat to synchronize their respective indexers. This collaboration aims to eliminate conflicts between recognizing Ordinals and BRC-20 transactions on the blockchain.
Another issue OKX must confront is the cyclical nature of the crypto and NFT markets. The unpredictability of market interest leads to alternating booms and busts. For instance, the daily trading volume for Ordinals soared in early May, reaching over $15 million on May 8, and Bitcoin broke transaction records set in the bull run of 2017. However, since then, the numbers have seen a decline.
Lau remains optimistic, stating that the long-term approach to the market will eventually see users engaging with NFTs across multiple chains. Furthermore, OKX plans to support the Bitcoin Lightning Network on its wallet, following its successful implementation on the exchange.
Overall, the introduction of Ordinals trading within OKX’s wallet demonstrates another significant step forward in the cryptocurrency space. While there are still obstacles to navigate, such as market unpredictability and accessibility, industry leaders like OKX appear to be committed to making crypto more inclusive and user-friendly.
Source: Blockworks
