Bitcoin NFTs Enter Binance Marketplace With Ordinal Support CryptoGlobe

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Binance, the world’s largest cryptocurrency exchange by trading volume, has announced plans to introduce support for Ordinals listings to its NFT marketplace in the coming weeks. The move marks the company’s entry into the rapidly growing Bitcoin-based NFT market.

Notable addition to Binance NFT market

The upcoming update will allow users to purchase and trade ordinal listings through their Binance accounts. Additionally, the platform expanded its supported networks in March by adding select NFT collections from Polygon. Mayur Kamat, Product Manager of Binances, highlighted the importance of Bitcoin support, stating that Bitcoin is the OG of crypto. We think things are just getting started here and we can’t wait to see what the future holds in this space.

Several marketplaces dedicated to Ordinals listings, such as Ordswap, Ordinals Market, and Ordinals Wallet, have sprung up following the initial rise in popularity of the protocols. Magic Eden, the first Solana NFT Marketplace, was the first established platform to support Ordinals by launching an Enrollment Marketplace in March.

Binances’ announcement follows a recent temporary suspension of bitcoin withdrawals on the exchange, attributed to network congestion. Competing platforms continued to operate uninterrupted during this time. High transaction fees and a very lagging mempool characterized the Bitcoin network at the time.

Role of BRC-20 tokens

Many in the crypto community believed that BRC-20 tokens, built and traded using the same Ordinals protocol that underpins Bitcoin NFTs, were responsible for network congestion. BRC-20 tokens are created on top of Bitcoin using text-based listings rather than image-based listings. Text-based listings have recently grown in prominence over image-based listings, with 99.7% of ordinal listings being text-based on Sundays, according to a Dune dashboard. Simultaneously, 65% of all Bitcoin transactions were tied to BRC-20 tokens.

Interest in BRC-20 tokens intensified when Ordi, the first BRC-20 token launched experimentally in March, listed on cryptocurrency exchanges Crypto.com and Gate.io on Monday.

Disclaimer. The information provided is not commercial advice. Cryptopolitan.com accepts no responsibility for investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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