Binance’s NFT Marketplace Adds Support for Bitcoin NFTs
NFT collectors can now buy tokens on the Bitcoin network directly via their Binance accounts, eliminating the necessity of setting up a separate wallet for transactions.
Binance NFT, the prominent cryptocurrency exchange’s marketplace for non-fungible tokens (NFTs), has revealed its intention to introduce support for Ordinals, also known as Bitcoin NFTs, in May. While an exact date has not been disclosed, Binance NFT aims to enhance its existing selection by enabling users to acquire and trade inscriptions, or NFTs originated on the Bitcoin network.
This expansion will extend the reach of the emerging Ordinals ecosystem, complementing its current support for NFTs on Ethereum, Polygon, and BNB Chain.
Furthermore, to facilitate the adoption of Bitcoin-based NFTs, Binance has introduced a feature that enables traders to purchase these NFTs using their Binance accounts, streamlining the process for users. This eliminates the need for users to set up a taproot-compatible Bitcoin wallet, which was previously required for acquiring TwelveFold Ordinals, the sought-after NFTs created by Yuga Labs. Binance aims to provide a straightforward and secure experience for new buyers entering the rapidly expanding NFT market.
Mayur Kamat, the Head of Product at Binance, expressed in a press release that Bitcoin is considered the most comprehensive option for NFT collectors and presents a promising market for the exchange to explore. Kamat referred to Bitcoin as the original cryptocurrency and expressed enthusiasm for the future developments in this field.
However, Binance has faced some challenges in its relationship with Bitcoin recently. The exchange had to temporarily halt Bitcoin withdrawals twice, attributing the pauses to network congestion.
With Ordinals surpassing 3 million inscriptions recently, the growing demand for Bitcoin NFTs in marketplaces is becoming increasingly evident. In March, Magic Eden, an NFT marketplace, incorporated support for Ordinals by integrating Bitcoin wallets Hiro and Xverse. Furthermore, in April, the marketplace introduced a creator launchpad to assist artists in minting their inscriptions prior to listing them on the secondary marketplace.
