Binance To Add Bitcoin Ordinals To Its NFT Marketplace
Bitcoin ordinals, also known as Bitcoin NFTs, have been gaining attention in the Web3 space as more marketplaces adopt and offer digital assets. On May 9, cryptocurrency exchange Binance announced that it would support Bitcoin ordinals on its NFT marketplace, expanding its multichain NFT ecosystem to include the Bitcoin network. Previously, Binance’s NFT market integrated with other decentralized networks, including BNB Chain, Ethereum, and Polygon. This move allows Binance users to purchase and trade Bitcoin ordinals from existing Binance accounts.
According to Mayur Kamat, the head of product at Binance, this new addition serves to broaden the offerings in the marketplace and Bitcoin’s crypto legacy. “Bitcoin is the OG of crypto,” Kamat said. Additionally, the update will include royalty support and “additional revenue generating opportunities” for those creating Bitcoin ordinals.
Before Binance’s announcement, cryptocurrency exchange OKX similarly announced in late April that it was bringing Bitcoin ordinals to its marketplace and wallet ecosystem. Initially, OKX users could view and store ordinals using their accounts, with the option to mint ordinals being hinted at in the future, according to Haider Rafique, the chief marketing officer at OKX. Bitcoin NFTs are also available on marketplaces such as Magic Eden, which integrated the feature back in March.
Recent data shows that inscriptions of Bitcoin ordinals have been on the rise in recent months, with on-chain transactions growing particularly in April. On May 1, the total number of Bitcoin ordinal inscriptions skyrocketed to exceed three million. However, the Bitcoin-ordinals remain a controversial topic within the crypto community, with some Bitcoin maximalists criticizing them for deviating from Bitcoin’s original peer-to-peer ethos.