Binance’s NFT Marketplace to Support Bitcoin Ordinals

by James · May 9, 2023

Crypto exchange Binance said its marketplace would enable support for Bitcoin (BTC) Ordinals.

In a May 8 statement, Binance said it enabled support for Bitcoin NFTs to elevate its marketplace to a multi-chain, open marketplace ecosystem, where users can explore and trade a variety of NFTs across multiple blockchains from their accounts.

“Binance NFT believes Bitcoin’s innovative technology and cultural significance represent an exciting new horizon, offering unique opportunities for NFT creation.”

The support will enable exchange users to trade these NFTs directly from their accounts while enjoying the safety and stability of the platform.

Binance said it would offer Bitcoin NFT creators royalties when their assets are bought and sold on the platform.

Bitcoin Ordinal Inscriptions Cross 5 Million

The number of Bitcoin NFTs rose above 5 million following a recent surge in activity, mostly consisting of text-based assets, data from Dune analysis shows.

CryptoSlate Insight reported that these inscriptions had generated a cumulative fee of 904 Bitcoin, benefiting BTC miners. As of press time, this has risen to 1,019 BTC ($27.64 million), according to Dune analytics data.

The increase has followed the introduction of the Bitcoin Request for Comment (BRC-20) token standard, which allows users to transfer assets directly through the blockchain network.

In the last 24 hours, there were 241,880 unique inscriptions on Bitcoin, of which 193,349 were text-based. There were less than 500 inscriptions of images, applications and tokens during the period.

According to the brc-20.io website, BRC-20 tokens have a total market capitalization of over $1 billion – with the top token, Ordi, valued at $471.47 million.

Meanwhile, the BRC-20 tokens have a cumulative volume of over $207 million in the last 24 hours.

The current BTC NFT drive has pushed the average network fees to $30.91 – a level not seen since April 2021.

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