Binance Welcomes Bitcoin NFTs to Its Marketplace

Sahana Kiran
Binance Bitcoin NFTs
Source – Unsplash

The cryptocurrency world has been abuzz with Bitcoin NFTs, and Binance, the world’s largest cryptocurrency exchange, has decided to get in on the action. In response to the growing interest, the exchange announced that it will be adding support for Ordinals inscriptions on its NFT marketplace.

Binance will open its doors to Bitcoin NFTs later this month. According to a statement from the exchange, Binance users will be able to purchase and sell Ordinals without the need for a separate Bitcoin wallet. The latest development will allow users to seamlessly carry out transactions.

The addition of Bitcoin NFTs to Binance’s NFT marketplace is a significant expansion of its multichain ecosystem, following the integration of Ethereum and Polygon. Prior to Bitcoin, Polygon was the most recent addition to the marketplace. Mayur Kamat, Binance’s Head of Product, noted that adding support for Bitcoin, the largest cryptocurrency by market capitalization, is a momentous inclusion. He further added,

“Bitcoin is the OG of crypto. We believe things are just getting started here and can’t wait to see what the future holds in this space.”

Binance makes amends with Bitcoin

Binance as well as Bitcoin had a tumultuous weekend. The crypto exchange paused Bitcoin withdrawals twice. While this issue was being fixed, the community questioned the exchange’s solvency. However, with its latest addition, Binance could contribute to the growing demand for Ordinals.

Binance’s recent announcement of allowing trading of Bitcoin Ordinals on its platform could potentially increase trading volumes. This is due to the exchange’s significant user base of more than 100 million active users. Bitcoin Ordinals have already witnessed substantial demand and trading activity. The introduction of trading on Binance could further strengthen this trend.

As of now, the market value of BRC-20 tokens created on the Bitcoin blockchain using the Ordinals protocol has crossed $600 million, indicating its growing popularity among investors.