Binance Joins Bitcoin NFT Party: Is BRC-20 On An Unstoppable March To $1B?
Bitcoin non-fungible tokens (NFTs) are gaining traction in the Web3 space as a growing number of marketplaces embrace digital assets.
Cryptocurrency exchange Binance on Tuesday revealed plans to incorporate Bitcoin NFTs into its marketplace by the end of May. This move expands the company’s multi-chain NFT ecosystem to include Bitcoin BTC/USD network, and builds on existing integrations with decentralized networks such as BNB chain BNB/USD, Ethereum ETH/USDand Polygon MATIC/USD.
“Bitcoin is the OG of Crypto,” Mayur Kamat, Binance’s Chief Product Officer, says. With this update, Binance users can buy and trade Bitcoin NFTs using their existing accounts.
Also read: PEPE whales swim in millions: Top 15 holders earn sensational
The announcement also noted that the update will offer royalty support and “additional monetization opportunities” for Bitcoin NFT creators.
Cryptocurrency exchange OKX has also recently declared its intention to introduce Bitcoin NFTs to the marketplace and wallet ecosystem in late April. Haider RafiqueOKX’s Chief Marketing Officer, explained that users can view and store NFTs in their accounts, with the ability to mint NFTs proposed for the future.
Bitcoin NFTs have also found their way into marketplaces such as Magical Edenwhich integrated the feature in March.
BRC-20 Tokens Eyeing $1B Market Cap
The BRC-20 token standard, equivalent to Ethereum’s ERC-20 standard, has seen rapid growth on the Bitcoin blockchain, with its market cap quickly approaching $1 billion.
The Ordinals protocol allows for the creation of fungible tokens, resulting in a total of 14,079 different tokens minted using the BRC-20 standard.
Unlike Ethereum’s ERC-20 tokens, which rely on smart contracts, BRC-20 tokens require a Bitcoin wallet for minting and trading. This simplistic approach has contributed to the growing popularity of these tokens on the Bitcoin blockchain.
The recent meme coin frenzy has played a significant role in increasing transaction fees for miners.
As the market capitalization of BRC-20 tokens inches closer to the $1 billion milestone, it shows the growing interest and potential for token standards on the Bitcoin blockchain.
Words meme coin has emerged as the leading BRC-20 token, with a fully diluted market cap of over $525 million, according to data from brc-20.io and Ordspace.
This increase comes after the token’s value skyrocketed by 22,500% to $25, up from $0.11 in early April, fueled by the ongoing meme coin craze.
With a token supply of 21 million, Ordi became available for trading on Gate.io today, marking the first centralized crypto exchange to list the top BRC-20 token.
In the BRC-20 market segment, Ordi is followed by other Bitcoin-based meme assets such as Meme, Domeand Nalswhich have individual market values of between $8 million and $20 million.
Exploring the Ordinals Protocol on Bitcoin The Ordinals protocol allows developers to assign a unique identity or file to each satoshi within the Bitcoin network through a process called inscription.
This mechanism paved the way for the creation of both fungible tokens, such as BRC-20 tokens, which are fungible, and non-fungible tokens (NFTs) which often feature digital art.
Next: Binance’s Congestion Cataclysm: Bitcoin, Ether, PEPE and SUI Caught in the Crossfire
