Recently, the Binance NFT marketplace announced plans to support Bitcoin Ordinals later this month.
For now, the exchange hasn’t revealed a specific date for the launch.
However, Binance mentioned that the move is to expand its ecosystem and create more opportunities for NFT traders and collectors.
Binance Expands Benefits For NFT Traders And Collectors
Binance NFT marketplace already supports NFTs on BNB Chain, Ethereum, and Polygon.
Therefore, supporting Bitcoin NFTs will increase its offerings to customers.
Moreover, it will now enable NFT investors to purchase Ordinals on the Bitcoin network from their accounts on Binance.
Thus customers don’t have to set up a taproot-compatible Bitcoin wallet before purchasing Ordinals.
Collectors usually create an Ordinal account before minting Yuga Lab’s TwelveFold Ordinals.
But now, new users can easily buy Bitcoin NFTs securely without such processes.
Besides a seamless purchase of Bitcoin NFTs, creators can generate more income through the Binance NFT royalty support.
Creators whose NFTs are traded on the marketplace will earn from the royalty support.
Binance also mentioned that supporting Bitcoin Ordinal on its platform will enable collectors to enjoy the stability and security of the exchange.
They will also enjoy seamless and efficient trading with Bitcoin NFTs on the exchange.
As such, Binance made an open call to NFT projects for collaboration to strengthen the Bitcoin
Ordinals community. Interested creators can fill out this form to reach Binance for collaboration.
The exchange also stated that collaborators would enjoy some benefits, such as gaining access to Binance’s NFT Discord channel for updates on the ecosystem.
They also can receive NFT airdrops for upcoming Bitcoin NFT projects.
Understanding Bitcoin Ordinals
Bitcoin NFTs are digital artifacts inscribed on the Bitcoin blockchain.
Casey Rodarmor launched the ordinal protocol in January 2023, enabling creators to attach data to individual satoshis (smallest Bitcoin denominations) to identify and transact with them.
NFT Creators can attach data like videos, texts, images, or other content to each satoshi through an inscription process.
Notably, 1 bitcoin consists of 100,000,000 satoshis which could be inscribed individually on the Ordinals protocol.
The inscriptions on these satoshis give them individual identities enabling holders to track, transfer and attach relevance to them.
After the inscriptions, these satoshis become immutable digital collectibles on the network and are transacted through Bitcoin wallets.
A Brief On Binance NFTs
Binance NFT marketplace is a platform where collectors transact.
It’s an encompassing hub for innovators, artists, and creators to easily mint, trade, and stake non-fungible tokens.
The marketplace offers three functionalities, including the marketplace, Initial NFT Offerings (INO), and NFT-Fi.
The marketplace is for minting, bidding, buying, and selling NFTs for enthusiasts worldwide.
The second function is the INO, which lets collectors buy exclusive NFTs from influential brands and famous artists.
Through the INO, collectors can access premium offerings from musicians, celebrities, artists, and athletes.
The last feature, NFT-Fi, enables users to stake their NFT or use them as collateral to get a loan.
But according to Binance, the NFT-Fi loan feature is yet to launch on the platform.