Binance NFT marketplace has revealed plans to enable its users to purchase and trade Bitcoin NFTs on its platform with their existing wallets. This development comes as more marketplaces continue to adopt digital assets, including Bitcoin ordinals, which have made their way into the limelight of the Web3 space.
Binance announced that the update, which is set to be launched in late May, will expand its multichain NFT ecosystem to include the Bitcoin network. Previously, the Binance NFT market had integrated with other decentralized networks, such as BNB Chain, Ethereum, and Polygon.
Mayur Kamat, head of product at Binance, said that the move to broaden the marketplace’s offerings to Bitcoin reflects the cryptocurrency’s status as the “OG of crypto.”
This update allows Binance users to purchase and trade Bitcoin ordinals using their existing accounts. The announcement also revealed that the update will include royalty support and “additional revenue-generating opportunities” for creators of Bitcoin ordinals.
Prior to Binance’s announcement, the cryptocurrency exchange OKX revealed plans to bring Bitcoin ordinals to its marketplace and wallet ecosystem in late April. Users could initially view and store ordinals using their accounts, with the option to mint ordinals hinted at for the future, according to Haider Rafique, the chief marketing officer at OKX.
Bitcoin NFTs are also available on other marketplaces, such as Magic Eden, which integrated the feature in March.
Recent data shows that the inscriptions of Bitcoin ordinals have been on the rise in recent months. On May 1, the total number of Bitcoin ordinal inscriptions surpassed 3 million, up 83.5% from the previous month. Despite their growing popularity, Bitcoin maximalists remain divided over their legitimacy, with some criticizing them for deviating from Bitcoin’s original peer-to-peer ethos.
