The Binance NFT marketplace said that users could soon sell and buy Bitcoin NFTs using wallets they already have.
Bitcoin ordinals, also called Bitcoin non-fungible tokens (Bitcoin NFTs), have come to the forefront of Web3 as more marketplaces accept and sell digital assets.
On May 9, the cryptocurrency exchange Binance said that its NFT marketplace would accept Bitcoin ordinals by the end of May. The change will add the Bitcoin network to Binance’s community of multichain NFTs.
Also Read: NFTs Launch On Bitcoin: Did You Collect Any Bitcoins?
Before, the Binance NFT market was connected to other crypto networks, such as BNB Chain, Ethereum, and Polygon. But the Binance team is more positive about how this update will help both projects and their communities level up.
With this change, people who already have Binance accounts can buy and sell Bitcoin ordinals from their Binance accounts. According to the announcement, the update will also include support for royalties and “additional revenue-generating opportunities” for people who make Bitcoin ordinals.
Bitcoin Ordinals On Other Exchange Platforms:
Before Binance’s statement, the cryptocurrency exchange OKX also said in late April that it was adding Bitcoin ordinals to its marketplace and wallet ecosystem. At first, OKX users could use their accounts to view and keep ordinals. OKX’s chief marketing officer, Haider Rafique, hinted that users might be able to mint ordinals in the future.
You can also buy Bitcoin NFTs on platforms like Magic Eden’s NFT-Focused Bitcoin Marketplace, which added the feature in March.
More About Bitcoin Ordinals:
Bitcoin Ordinals are non-fungible tokens (NFTs), digital assets inscribed on a satoshi, the smallest Bitcoin unit. Ordinals, enabled by the Taproot upgrade in November 2021, use the Inscription process to store data in the witness of a Bitcoin transaction. Prior Bitcoin enhancements, such as SegWit, allowed for more transactions per block and encouraged innovations such as the Lightning Network, paving the way for Ordinals.Follow insidecrypto.today to keep up with the latest crypto updates.
