Binance, one of the world’s leading cryptocurrency exchanges, recently revealed plans to introduce Bitcoin ordinals on its NFT marketplace. By incorporating the Bitcoin network, the strategic move will broaden Binance’s multichain NFT ecosystem, which presently encompasses BNB Chain, Ethereum, and Polygon.
The support for Bitcoin ordinals is expected to go live in late May, and it is expected to attract a large number of users who are looking to buy or sell NFTs using the world’s most popular cryptocurrency.
This decision is expected to provide the platform’s users with more diverse options for buying, selling, and trading NFTs while also expanding the reach of Bitcoin’s ever-growing network.
According to Mayur Kamat, the head of product at Binance, bringing ordinals to the NFT platform could be transformational. Kamat added that the network could aspire to be more than just an inflation hedge or store of value.
The move will create “additional revenue-generating opportunities” for those creating BTC ordinals. With the addition of support for Ordinals, Binance users will be able to experience unparalleled ease in purchasing and trading Bitcoin NFTs directly from their Binance account, eliminating the need for a separate Ordinals wallet.
Additionally, creators will be able to earn royalties when their digital assets are bought and sold on the platform. Binance NFT is actively seeking collaboration with quality NFT projects focused on Bitcoin Ordinals, aiming to support the growth and development of the Bitcoin Ordinals ecosystem.
To participate in the special registration event and enjoy exclusive benefits, users can register on the Binance NFT website, according to the blog post.
Bitcoin’s BRC-20 Token Standard Gains Popularity
Meanwhile, as reported by TronWeekly, the BRC-20 token standard, a new fungible token in the world of cryptocurrency, has seen remarkable growth since its launch in March this year. According to brc-20.io, the total market value of all BRC-20 tokens is roughly $991 million.
Previously, Glassnode co-founder and CTO Rafael Schultze-Kraft tweeted about text inscriptions, now the most prevalent ordinal inscription type in the Bitcoin network. Text inscriptions, which denote JSON data ordinal inscriptions linked to the BRC-20 token standard, are utilized for deploying contracts and minting/transferring tokens.
These BRC-20 inscriptions also impact the Bitcoin fee market. On that day, miners received a total of $3.5 million in transaction fees, the highest value in two years when the price of BTC was $38,000. In recent days, up to one-third of all BTC fees paid to miners can be attributed to BRC-20 transactions.
The growth of BRC-20 and ORDI is impressive, and it highlights the increasing demand for new and innovative cryptocurrency solutions. On the other hand, Binance’s move to support BTC ordinals on its NFT marketplace is a significant step towards integrating cryptocurrencies into the mainstream.
Related Reading | Bitcoin BRC-20 Tokens’ Market Cap Inches Closer To $1B
