The crypto heavyweight is the most recent competitor to enter the Ordinals ring.
Binance, the largest cryptocurrency exchange by trading volume, announced today that it will accept Ordinals inscriptions on its NFT marketplace later this month. This is a small step into the popular Bitcoin-based market.
The update to Binance’s NFT marketplace will enable users to purchase and trade Ordinals inscriptions through their Binance accounts “in the coming weeks,” the company said.
Binance NFT marketplace to support Ordinals inscriptions and Bitcoin
In March, the NFT marketplace broadened its range of supported networks by incorporating specific NFT collections from Polygon into its platform. Binance, a leading cryptocurrency exchange, has recently announced the inclusion of Bitcoin, the largest digital currency by market capitalization, to its list of supported cryptocurrencies. This move comes in addition to the already existing support for NFTs on Ethereum and BNB Chain.
According to Binance’s Head of Product, Mayur Kamat, the inclusion of Bitcoin is a significant development for the platform. “Bitcoin is the OG of crypto,” he said. “We believe things are just getting started here and can’t wait to see what the future holds in this space.”
Many inscriptions marketplaces, such as Ordswap, Ordinals Market, and Ordinals Wallet, emerged during Ordinals’ initial popularity surge. And Magic Eden launched an inscriptions marketplace in March before any other established venue.
The news from Binance’s NFT marketplace comes just days after the exchange temporarily stopped Bitcoin withdrawals, citing network congestion as the cause while its competitors stayed fully operational. The pause occurred at a time when Bitcoin transaction fees were skyrocketing and the network’s mempool was badly backlogged.
On Crypto Twitter, most people agreed that BRC-20 token trades slowed down the network. BRC-20 tokens are coins that are built on top of Bitcoin and use text-based inscriptions instead of image-based inscriptions. They are built and sold using Ordinals, the same protocol that makes so-called Bitcoin NFTs.
In recent weeks, image-based inscriptions have taken a backseat to text-based inscriptions and Bitcoin-based tokens. According to a Dune dashboard, nearly all inscriptions made through Ordinals on Sunday were text-based, while a majority of Bitcoin transactions were related to BRC-20 tokens.
Content Source: decrypt.com