The world’s leading cryptocurrency exchange, Binance, has announced that it will begin trading Ordinals, or Bitcoin NFTs, to its NFT marketplace later this month. The announcement was made on Tuesday, although a specific date for the launch has yet to be revealed.
Binance NFT Marketplace is expanding its offerings by adding support for Bitcoin-based NFTs, allowing collectors to buy and sell inscriptions created on the Bitcoin network.
The aim is to expand the reach of the growing Ordinals ecosystem, in addition to NFTs already supported on Ethereum, Polygon, and BNB Chain. Binance continues to innovate and lead the way in the fast-growing NFT market.
Furthermore, the Binance NFT marketplace will allow users to purchase Bitcoin-based NFTs directly from their Binance accounts to simplify the process. Currently, users require the taproot-compatible Bitcoin wallet to purchase Bitcoin-based NFTs like Yuga Labs’ TwelveFold Ordinals. The new development will make the process of buying NFTs easy and secure, which will boost the Ordinals ecosystem’s growth.
Mayur Kamat, Binance’s Head of Product, expressed excitement for the move, stating that he sees Bitcoin as the broadest choice for NFT collectors and a growing market for the exchange to tap into. However, the relationship between Binance and Bitcoin has not been all positive in the last few days, as the exchange paused Bitcoin withdrawals twice due to network congestion.
The Bitcoin NFT market’s demand is growing rapidly, as evidenced by the 3 million inscriptions of Ordinals reached last week. In response, more marketplaces are embracing Bitcoin NFTs, such as Magic Eden, which integrated Bitcoin wallets Hiro and Xverse to support Ordinals. The Marketplace also launched a creator launchpad for minting and listing inscriptions.
