Leading cryptocurrency exchange Binance has announced the addition of Bitcoin Ordinals to its non-fungible token (NFT) marketplace. Users can trade and purchase Bitcoin Ordinals, also known as Bitcoin NFTs, directly on the Binance platform using their existing wallets. The emergence of Bitcoin NFTs in the Web3 space has gained significant attention, highlighting Binance’s commitment to the future of the crypto industry.
As per a statement released on May 9, 2023, Binance revealed its plans to include Bitcoin Ordinals on its NFT marketplace, although the specific launch date has yet to be specified. This development represents an expansion of Binance’s multi-chain NFT ecosystem to incorporate the Bitcoin network. Previously, the Binance NFT market had integrated with other decentralised networks such as Ethereum, Polygon, and BNB Chain.
The decision to expand the presence of Bitcoin Ordinals on the platform is rooted in Binance’s optimistic outlook on the future of Bitcoin (BTC). Mayur Kamat, Binance’s Head of Product, commented on the broader offerings within the marketplace and emphasised the crypto legacy of BTC. In the press release, Kamat acknowledged that “Bitcoin is the OG of crypto,” expressing enthusiasm for the developments in this space and the anticipation of what the future holds.
Bitcoin ordinals coming to Binance
In January 2023, a new Ordinals protocol was introduced by former BTC core contributor Casey Rodarmor. Since then, the popularity of Bitcoin NFT has caught the attention of Binance, as it allows users to inscribe NFTs in the witness portions of BTC transactions through the Taproot soft fork, according to the developers of https://7bitcoins.com/. The inscriptions can be in images, videos, codes or texts. Ordinals are also used to number the smallest denomination of BTC on the Bitcoin network. Within the coming weeks, integrating into Binance NFT will allow NFT collectors, crypto enthusiasts and BTC supporters to sell and buy Ordinals on the Binance NFT marketplace. According to the announcement, Bitcoin ordinals will include royalty support and additional revenue-generating opportunities for creators.
This will undoubtedly garner increased community support for the emergence of Bitcoin NFTs. Binance is also actively seeking collaborations with creators of Bitcoin Ordinals for various projects. Additionally, the exchange has pledged exclusive perks such as airdrops and whitelist opportunities for creators interested in participating in a special registration event associated with the upcoming integration. While the NFT space has witnessed a decline in investor interest following a bearish market, the growing demand for marketplaces to embrace Bitcoin Ordinals signifies a noteworthy development. The recent accomplishments of Ordinals are undeniably making NFTs captivating once again.
Other exchanges that embraced Bitcoin NFTs
On March 20 2023, Gamma.io announced the launch of its trustless Bitcoin NFTs marketplace, built on 18 months of experience and understanding of the BTC ecosystem. Founder and CEO of Gamma.io, Jamil Dhanani, said, “As Ordinals become the bright spot in the crypto winter, our trestles Bitcoin Ordinals marketplace showcases our commitment to an exceptional Web3-native experience.” Dhanani added, “By combining an open marketplace, cutting-edge creator tools, and seamless integrations with secure third party-party wallet extensions, we’re going beyond user’s expectations in the evolving digital asset landscape.”
On March 22 2023, Magic Eden announced support for Bitcoin Ordinals through Xverse and Hiro wallets to leverage the surging interest in Bitcoin NFTs. A day before the announcement, the firm said, “Just as we have expanded into other chains, we now aim to bring our expertise in building marketplaces to the nascent yet flourishing Ordinals ecosystem.” Magic Eden added, “We paid close attention to the release of Ordinals Theory and the lightning pace of adoption that soon followed. Our marketplace was built within a month, culminating in a hackathon in California with over a dozen devs.” In April 2023, to assist artists, the marketplace launched a creator launchpad to aid in minting their inscriptions before listing them on the secondary marketplace.
Magic Eden said, “With no royalty standard today, we have decided to launch on BTC without royalty support for new.” The exchange concluded, “We believe that this is most in line with the ethos of the ecosystem, and despite this, we are actively looking into developing an on-chain, permissionless royalty standard and are committed to working with creators and the creator community.”
This was just the beginning of the growing demand for Bitcoin NFTs in the marketplaces. At the end of April 2023, OKX, a cryptocurrency exchange, announced that it was bringing Bitcoin Ordinals to its wallet ecosystem and marketplace. The Chief Marketing Officer at OKX, Haider Rafique, noted, “Initially, OKX users could view and store ordinals using their accounts, with the option to mint ordinals being hinted in the near future.”
On May 7 and 8, 2023, Binance issued a notice regarding temporarily suspending BTC transactions, citing challenges in handling large-scale transactions. However, the exchange has also announced its adoption of the Lightning Network as a long-term solution to address these issues. Bitcoin Ordinals, like any innovative concept, has not been exempt from controversy. While some crypto community members embrace the concept, it has faced criticism from supporters of BTC. Nevertheless, Ordinals presents a unique use case for the BTC network that extends beyond traditional peer-to-peer monetary transactions. Although Bitcoin Ordinals may still be in its early stages of development, there is ample room for growth as more entities and individuals participate. Binance’s support for Bitcoin Ordinals showcases the platform’s expansion of its marketplace to embrace the latest trends in digital collectibles, demonstrating its commitment to fostering creativity and innovation.