Binance announces plans to support Bitcoin Ordinals, the first NFT deployed on the Bitcoin blockchain. The integration will give Binancians the opportunity to buy Ordinals without the need for creating a different wallet. The process will take place through the Binance NFT marketplace where other NFTs deployed on chains such as Ethereum, Polygon, and BNB chain are supported already.
Bitcoin Ordinals are a way of creating Bitcoin NFTs by attaching data to individual satoshis on the Bitcoin blockchain. This data can include text, images, videos, or other content, and is added to each satoshi through an inscription process.
This has been made possible by the updates to the Bitcoin protocol, such as the Taproot and SegWit upgrades. More than one million inscriptions have been made within the first three months of the launch, creating another use case for Bitcoin beyond the simple transfer or storage of value.
Binance and Bitcoin
Binance sees Bitcoin’s revolutionary technology and cultural significance as contributing to the potential for NFT innovation. The addition of the Bitcoin network will elevate Binance NFT to a multi-chain, open marketplace environment, allowing users to discover and trade a broader range of NFTs across several blockchains from their Binance accounts.
Speaking about the integration, Mayur Kamat, Binance’s Head of Product, said that he believes Bitcoin is an innovative new platform for NFT collectors with a huge opportunity for growth in the crypto industry. Despite being an established asset in the web3 space, “we believe things are just getting started here and can’t wait to see what the future holds in this space,” he added.
Binance revealed that it is offering royalty support to Bitcoin NFT creators, enabling them to generate additional revenue opportunities. It will seek collaboration with quality NFT projects to support the growth and development of the Bitcoin Ordinals ecosystem, and creators who are interested in exploring Bitcoin-based NFTs in collaboration with Binance NFT can apply here.
Binance has paused Bitcoin withdrawals twice due to network congestion.