What are they and more

by James · May 10, 2023

Binance NFT Marketplace have news for NFT Community: The platform will soon support Bitcoin Ordinals (popularly known as Bitcoin NFTs). The crypto exchange said the move will expand the Binance NFT ecosystem by incorporating Bitcoin’s culture and innovative technology, while giving NFT collectors and traders more options.

What are Bitcoin Ordinals

Launched in January 2023, Bitcoin Ordinals are a way to create Bitcoin NFTs by linking data to individual satoshis – the smallest denomination of bitcoin – on the Bitcoin blockchain. Each bitcoin consists of 100,000,000 satoshis.

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The Ordinals protocol allows each individual satoshi to be identified and executed with additional data attached. The additional data can include text, images, videos or other content, and is added to each satoshi through a process called inscription.

More than one million inscriptions have been made in the first three months after the launch of Bitcoin Ordinals. In short, Ordinals have made Bitcoin NFTs a reality, thereby creating a new use for Bitcoin beyond the simple transfer or storage of value.

What is the Binance NFT Marketplace

Binance NFT Marketplace is an all-inclusive platform for NFT enthusiasts and collectors, powered by Binance’s infrastructure and community. It brings together artists, creators and innovators from around the world, helping users create, trade and bet NFTs.

The platform has a number of different threads:

Marketplace: Create, sell, bid and buy NFTs from creators worldwide.

First NFT offer (INO): Buy exclusive NFTs created by global artists and influential brands. Enjoy premium offerings from digital artists, musicians, athletes and celebrities.

NFT-Fi: Bet on NFTs or get a loan with NFTs as collateral (please note that NFT-Fi loans are an upcoming addition to our platform).

Why Bitcoin Ordinals

Currently, Binance’s NFT Marketplace supports three different networks – BNB Chain, Etherum and Polygon. Binance NFT believes Bitcoin’s technology and cultural significance represent an exciting new horizon, offering unique opportunities for NFT creation.

As the cryptocurrency landscape evolves, Binance NFT is gearing up to offer more convenience and opportunities for users and creators alike. For Bitcoin NFT creators, Binance NFT will offer royalty support, allowing them to generate additional revenue opportunities. Creators will be able to earn royalties when their digital assets are bought and sold on the platform. This will foster a sustainable and thriving ecosystem for artists and other content creators.