Binance NFT joins Ordinal’s NFT’s Bandwagon

by James · May 9, 2023

Quick take:

Binance adds Ordinals NFTs to its marketplace.
The leading crypto exchange platform said it will start supporting bitcoin ordinals NFTs at the end of May.
The announcement comes after the integration of Ethereum and Polygon NFT.

Binance has become the latest crypto company to join the Bitcoin Ordinals NFTs bandwagon. The leading cryptocurrency exchange company said on Tuesday that it will start supporting Ordinal’s NFTs later in May.

Binance NFT has been expanding its ecosystem to increase user adoption since last year. This announcement comes after the integration of BNB Chain, Ethereum and Polygon NFT.

Binance also joins a growing list of marketplaces and blockchains that have expanded their ecosystems to include Bitcoin Ordinal’s NFTs. In February 2023, Litecoin developer Anthony Gurrera provided the code behind the Ordinals Protocol to enter the first Litecoin NFT.

A month later, Solana-based Magic Eden NFT continued its multi-chain expansion with the launch of a Bitcoin NFT marketplace.

Bitcoin Ordinal’s NFTs were launched in February of this year and have since continued to attract more attention from the NFT community. In March, Yuga Labs’ bitcoin-specific NFT collection Twelve-Fold sold out in minutes, raising $16.5 million.

Magic Eden’s Bitcoin NFT marketplace launch also received a positive response from the community, with the platform dominating Ordinals Inscriptions with 69% of traded volume seven days after launch.

Overall, bitcoin Ordinals has recorded more than $82 million in volume to date, from 144,501 trades. Bitcoin NFTs also boast 45,656 unique traders according to a Dune analytics dashboard compiled by chain researcher Domo.

Unlike other marketplaces and blockchains that put NFT data on the blockchain through a process called coining, Bitcoin Ordinals are attached to the blockchain by inscribing the smallest unit of the pioneer cryptocurrency satoshi.

Binance’s decision to embrace bitcoin ordinals NFTs is part of its strategy to expand its ecosystem into a multi-chain network to reach more people.

The Binance bitcoin NFT marketplace will continue to support multiple forms of NFTs, including gif, jpg, mp3, png, svg, wav, and webp files, among others. However, the current version of BRC-20 tokens is not supported.

Mayur Kamat, Head of Product at Binance, said “We want to give our users the widest selection. Bitcoin is the OG of crypto. We are very excited to bring Bitcoin Ordinals to Binance NFT. We believe things are just starting here and are excited to see what the future holds in this area.”

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