Major cryptocurrency exchange Binance has announced plans to add support for Bitcoin ordinals to its NFT marketplace in the coming weeks.
According to a statement sent to CryptoPotatoBinance NFT will integrate non-fungible Bitcoin Ordinals tokens into its platform later this month as the market seeks to expand its multi-chain ecosystem.
Bitcoin NFTs are coming to Binance
Bitcoin Ordinals allows users to enroll NFTs in bitcoin (BTC) transaction cookies through the Taproot soft fork. Entries can take the form of videos, images, text or codes. They are also used to number satoshis – the smallest denomination of BTC – on the Bitcoin network.
Since the launch of the Ordinals protocol in January 2023, NFTs on the Bitcoin network have exceeded three million, and user activity on the blockchain has increased, with daily transactions approaching peak levels.
With the upcoming Binance NFT integration, users will be able to buy and trade Bitcoin Ordinals on the market through their Binance accounts without the need for a separate wallet that supports registrations. The leading crypto platform claims that the development will ensure a seamless, secure and efficient user trading experience.
“We want to offer the widest choice to our users. Bitcoin is the OG of crypto. We are excited to bring Bitcoin Ordinals to Binance NFT. We think things are just getting started here and we can’t wait to see what the future holds in this space,” said Mayur Kamat, Chief Product Officer at Binance.
Binance NFT will offer support for royalties
In addition to integrating Bitcoin ordinals into the Binance NFT marketplace, the crypto exchange has revealed that it will offer royalty support and additional revenue-generating opportunities for creators. Binance is also looking to collaborate with the creators of Bitcoin Ordinal for various projects.
The exchange has also promised exclusive perks, including airdrops and whitelisting opportunities, to interested creators who will participate in a special sign-up event for projects related to the upcoming integration.
Meanwhile, the Binance NFT market has already added support for several networks, including Ethereum, BNB Chain, and Polygon. By supporting Bitcoin Ordinals, the marketplace will expand its reach and embrace the latest innovations and creativities in digital collectibles.