Leading cryptocurrency exchange Binance announced plans to add support for Bitcoin Ordinals in its NFT marketplace in the coming weeks.
According to a statement sent to CryptoPotato, Binance NFT will integrate Bitcoin Ordinals non-fungible tokens into its platform later this month as the marketplace looks to expand its multi-chain ecosystem.
Bitcoin NFTs Coming to Binance
Bitcoin Ordinals allows users to inscribe NFTs in the witness portions of bitcoin (BTC) transactions through the Taproot soft fork. The inscriptions can be in the form of videos, images, texts, or codes. They are also used to number satoshis – the smallest denomination of BTC – on the Bitcoin network.
Since the launch of the Ordinals Protocol in January 2023, NFTs on the Bitcoin network have surpassed three million, and user activity on the blockchain has surged, with daily transactions approaching peak levels.
With the upcoming integration into Binance NFT, users will be able to purchase and trade Bitcoin Ordinals on the marketplace through their Binance accounts without needing a separate wallet that supports inscriptions. The leading crypto platform says the development will ensure a seamless, secure, and efficient user trading experience.
“We want to bring the broadest choice to our users. Bitcoin is the OG of crypto. We are super excited to bring Bitcoin Ordinals to Binance NFT. We believe things are just getting started here and can’t wait to see what the future holds in this space,” said Mayur Kamat, Head of Product at Binance.
Binance NFT to Offer Royalty Support
In addition to integrating Bitcoin Ordinals in the Binance NFT marketplace, the crypto exchange disclosed that it would offer royalty support and additional revenue-generating opportunities for creators. Binance is also seeking to collaborate with Bitcoin Ordinal creators for various projects.
The exchange also promised exclusive perks, including airdrops and whitelist opportunities, to interested creators who will participate in a special registration event for projects linked to the forthcoming integration.
Meanwhile, the Binance NFT marketplace has already added support for several networks, including Ethereum, BNB Chain, and Polygon. By supporting Bitcoin Ordinals, the marketplace will expand its scope and embrace the latest innovation and creativity in digital collectibles.