The NFT marketplace of Binance has revealed that its users will have the ability to buy and sell Bitcoin NFTs on their platform utilizing their existing wallets in the near future.
Bitcoin ordinals, or Bitcoin NFTs, have gained increasing attention within the Web3 community, with a growing number of marketplaces now offering these digital assets. On May 9th, Binance, a popular cryptocurrency exchange, announced its plan to support Bitcoin ordinals on its NFT marketplace by the end of May. This move will extend Binance's multichain NFT ecosystem to encompass the Bitcoin network. Prior to this, the Binance NFT market had already integrated with several other decentralized networks, including BNB Chain, Ethereum, and Polygon.
Mayur Kamat, the head of product at Binance, commented on broadening the offerings in the marketplace and Bitcoin’s BTC $28,231 crypto legacy:
Binance has introduced an update that enables its users to buy and trade Bitcoin ordinals using their current Binance accounts. As stated in the announcement, the update will also feature royalty support and offer "extra opportunities to generate revenue" for individuals who produce Bitcoin ordinals.
In April, prior to the announcement by Binance, OKX, another cryptocurrency exchange, had already revealed plans to introduce Bitcoin ordinals to its wallet and marketplace ecosystem. While users could initially only view and store ordinals through their accounts, the option to mint them was hinted at for the future, according to Haider Rafique, OKX's Chief Marketing Officer. These Bitcoin NFTs can also be found on other marketplaces such as Magic Eden, which had already integrated the feature as early as March.
Recent statistics indicate a surge in Bitcoin ordinals' registrations over the past few months. On April 2, the number of Bitcoin ordinals rose to 58,179, marking an 83.5% increase from the preceding month. However, on May 1, the total number of Bitcoin ordinal inscriptions surpassed 3 million, representing a remarkable hike.
Despite this upswing, Bitcoin ordinals remain a contentious subject within the crypto community, as Bitcoin maximalists disapprove of them for straying from the fundamental peer-to-peer principles of Bitcoin.
