Binance, a prominent cryptocurrency exchange, is set to support Bitcoin ordinals, also known as Bitcoin NFTs, on its NFT marketplace. This announcement comes as more digital asset marketplaces adopt Bitcoin ordinals, with Magic Eden integrating the feature back in March. According to recent data, inscriptions of Bitcoin ordinals have been on the rise, reaching 58,179 inscriptions on April 2, a significant increase of 83.5% from the previous month, and exceeding 3 million as of May 1.
Binance is expanding its multichain NFT ecosystem to include the Bitcoin network, following its integration with other decentralized networks such as BNB Chain, Ethereum, and Polygon. The announcement also stated that royalty support and additional revenue-generating opportunities will be provided for those creating Bitcoin ordinals.
OKX, another cryptocurrency exchange, had announced its support for Bitcoin ordinals in its marketplace and wallet ecosystem in late April. Although initially only allowing users to view and store ordinals, the option to mint ordinals was hinted at for the future, according to Haider Rafique, the chief marketing officer at OKX.
Mayur Kamat, the head of product at Binance, expressed excitement about the new offerings in the NFT marketplace and Bitcoin’s crypto legacy. With this update, Binance users will be able to purchase and trade Bitcoin ordinals from their existing accounts.
As the popularity of Bitcoin ordinals continues to rise, they are also attracting attention from the traditional art world, with some artworks being sold as NFTs. While some see Bitcoin ordinals as a new frontier for artists and collectors, others warn of the potential risks of a bubble forming in the NFT market.
