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Binance NFT Marketplace Expands Offerings, Welcomes Bitcoin NFTs

Last updated: | 3 min read
Source: Pixabay

Binance’s NFT marketplace has revealed plans to support Bitcoin Ordinals later this month, expanding its ecosystem and creating new opportunities for NFT traders and collectors.

Although the exchange has not announced a specific launch date, the move is expected to occur soon.

Binance Expands Benefits For NFT Traders And Collectors 

Binance NFT marketplace currently supports NFTs on BNB Chain, Ethereum, and Polygon.

Adding support for Bitcoin NFTs will expand its offerings to customers and allow them to purchase Ordinals on the Bitcoin network directly from their Binance accounts, without needing to set up a taproot-compatible Bitcoin wallet.

Ordinals are usually minted through a TwelveFold Ordinals account, but new users can now easily buy Bitcoin NFTs securely without this extra step.

Additionally, creators can generate more income through Binance NFT’s royalty support, further benefiting from the platform’s expanded ecosystem.

Creators whose NFTs are traded on the marketplace will earn from the royalty support. 

Binance also mentioned that supporting Bitcoin Ordinal on its platform will enable collectors to enjoy the stability and security of the exchange. 

They will also enjoy seamless and efficient trading with Bitcoin NFTs on the exchange. 

As such, Binance made an open call to NFT projects for collaboration to strengthen the Bitcoin Ordinals community. 

Interested creators can fill out this form to reach Binance for collaboration. 

The exchange also stated that collaborators would enjoy some benefits, such as gaining access to Binance’s NFT Discord channel for updates on the ecosystem. 

They also can receive NFT airdrops for upcoming Bitcoin NFT projects. 

Understanding Bitcoin Ordinals 

Bitcoin NFTs are digital artifacts inscribed on the Bitcoin blockchain. 

In January 2023, Casey Rodarmor launched the ordinal protocol, enabling creators to attach data to individual satoshis (smallest Bitcoin denominations) to identify and transact with them.

NFT creators can attach data like videos, texts, images, or other content to each satoshi through an inscription process. 

Notably, 1 Bitcoin consists of 100,000,000 satoshis which could be inscribed individually on the Ordinals protocol.

The inscriptions on these satoshis give them individual identities enabling holders to track, transfer and attach relevance to them. 

After the inscriptions, these satoshis become immutable digital collectibles on the network and are transacted through Bitcoin wallets. 

This new development has Bitcoin supporters very excited.

Alex Strzesniewski, founder and CEO of AngelBlock said in a comment to Cryptonews:

“I think that what’s happening within Bitcoin is amazing. It feels like Bitcoin is going back to its roots of actually being “magic internet money”, and evolution for any technology is a natural phenomenon. I see the backlash from many BTC “purists”, but I don’t think that anyone should use their platform to attempt to censor transactions and attempt to discern between what is a “valid” and “invalid” transaction on any network.”
 

A Brief On Binance NFTs

Binance NFT marketplace is a platform where collectors transact. 

It’s an encompassing hub for innovators, artists, and creators to easily mint, trade, and stake non-fungible tokens. 

The marketplace offers three functionalities, including the marketplace, Initial NFT Offerings (INO), and NFT-Fi. 

The marketplace is used for minting, bidding, buying, and selling NFTs for enthusiasts worldwide. 

The second function is the INO, which lets collectors buy exclusive NFTs from influential brands and famous artists. 

Through the INO, collectors can access premium offerings from musicians, celebrities, artists, and athletes. 

The last feature, NFT-Fi, enables users to stake their NFT or use them as collateral to get a loan but notably, this is a feature that is coming soon.