Binance NFT Marketplace Embraces Bitcoin NFTs
The NFT marketplace of the prominent cryptocurrency exchange Binance announced its intention to incorporate support for Ordinals, which are Bitcoin-based NFTs, later this month.
Although an exact date has not been disclosed, Binance NFT plans to expand its existing range of NFTs on Ethereum, Polygon, and BNB Chain by enabling traders to buy and sell Ordinals on the Bitcoin network. This move aims to enhance the scope of the emerging Ordinals ecosystem.
Binance support
Binance aims to provide a simple and secure pathway for new buyers to enter the expanding market. To facilitate the adoption of Bitcoin NFTs, Binance will enable traders to acquire Bitcoin-based NFTs using their Binance accounts.
This streamlined process eliminates the need for users to set up a taproot-compatible Bitcoin wallet, as was required for collectors interested in minting TwelveFold Ordinals, developed by Yuga Labs.
Mayur Kamat, the Product Head at Binance, expressed his view on Bitcoin’s significance for NFT collectors and emphasized the exchange’s interest in tapping into this growing market.
He referred to Bitcoin as the “OG of crypto” and conveyed optimism about the future potential of this space.
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Nevertheless, Binance has faced challenges regarding its association with Bitcoin in recent days. The exchange temporarily suspended Bitcoin withdrawals on two occasions, citing network congestion as the reason for the interruptions.
Ordinals surge
The Ordinals protocol has witnessed a remarkable surge in the value of tokens created on the Bitcoin network, surpassing an impressive milestone of $900 million. This significant growth signifies the emergence of a promising asset class within the blockchain ecosystem.
Taking the lead in the BRC-20 category is the Ordi meme coin, which has achieved an estimated total value exceeding $500 million. Remarkably, the value of Ordi has experienced an extraordinary surge of 22,500% since the beginning of April, skyrocketing from $0.11 to $25. This surge can be attributed to the prevailing trend of meme coins, capturing the attention and interest of investors.