Binance NFT Marketplace to Add Bitcoin NFTs Through Ordinals Support

Global crypto exchange Binance, revealed it’s plans to add support for Bitcoin Ordinal inscriptions on its non-fungible token (NFT) marketplace in late May.
Over the past eight days, Ordinal inscriptions skyrocketed from 2.5 million to 4.78 million, marking a nearly twofold increase.

In a bid to enter the buzzy Bitcoin-based industry, Binance, the largest cryptocurrency exchange by trading volume, revealed today that it will enable Ordinals inscriptions on its non-fungible token NFT marketplace later in May.

The global exchange stated that users will be able to buy and sell Ordinals inscriptions using their Binance accounts once the update to Binance’s NFT marketplace launches. Notably, the exchange noted that over the past week, the number of Ordinals on the Bitcoin blockchain has doubled to nearly 4.8 million from 2.5 million.

NEWS: #Binance to support #Bitcoin NFTs to its marketplace through ordinals support.

📰 https://t.co/iJVTndtwvR pic.twitter.com/bRfl2BoPVM

— CoinGecko (@coingecko) May 9, 2023

Launched in January 2023, Ordinal inscriptions are digital assets inscribed on a satoshi – the lowest denomination of a Bitcoin. Residing entirely on the blockchain, Ordinals allows users to engrave texts, audio, art, or even video games into Bitcoin.

During the initial rise in popularity of Ordinals, a number of inscription markets emerged, including Ordswap, Ordinals Market, and Ordinals Wallet. Moreover, Magic Eden, the biggest Solana NFT market, was the first of the established venues to enter the Ordinals market by announcing the establishment of an inscriptions market in March.

The NFT marketplace of Binance made the news just days after the exchange abruptly halted Bitcoin withdrawals and attributed the disruption to network congestion while its rivals continued to operate normally. The break occurred at a period when Bitcoin transaction costs were exorbitantly high and the network’s memepool, where transactions wait to be validated, had a significant backlog.

Bitcoin Ordinals’ gaining Binance’s support is a significant development for the project. With Binance’s expertise in the world of NFTs and its massive user base, Bitcoin Ordinals has a real chance of success. Its unique concept of combining NFTs and cryptocurrencies could also help attract a broader audience to the world of crypto.