Crypto asset (virtual currency) exchange Binance NFT (non-fungible token) marketplace on May 9th, support for bitcoin NFTs such as Ordinals in late May, although exact date not announced said it plans to add
Binance NFT, which already supports NFTs on Ethereum, Polygon and Binance’s native chain BNB, will expand the NFTs it offers by allowing traders to buy Ordinals on the Bitcoin network. Collectors will soon be able to buy and sell inscriptions, or NFTs, created on the Bitcoin network, expanding the Ordinals ecosystem.
Additionally, to support users buying Bitcoin NFTs, Binance will allow traders to purchase Bitcoin-based NFTs on their Binance accounts, simplifying the purchasing process for users. Collectors wanting to get their hands on NFT giant Yuga Labs’ “TwelveFold” series built on Ordinals needed taproot-enabled bitcoin wallets, but Binance said new buyers are a growing market. It aims to make the process of entering the market simple and safe.
Binance head of product Mayur Kamat said in a press release that Bitcoin is “the widest choice” for NFT collectors and a growing market for exchanges to enter.
“Bitcoin is the OG of crypto,” said Kamat. “We believe the story is just beginning here and we can’t wait to see what the future holds here.”
However, the relationship between Binance and Bitcoin has not been all positive in recent days. On May 7, Binance suspended Bitcoin withdrawals twice, citing network congestion.
With Ordinals reaching 3 million last week, the demand for marketplaces that embrace Bitcoin NFTs continues to grow. NFT marketplace Magic Eden added support for Ordinals in March, integrating bitcoin wallets Hiro and Xverse to do so. Also in April, it released a creator launchpad for artists to create inscriptions before listing them on the secondary market.
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
| Image: Danny Nelson/CoinDesk
｜ Original: Binance’s NFT Marketplace Adds Support for Bitcoin NFTs