Binance, a leading cryptocurrency exchange has brought another good news for its users. The exchange is all set to bring Bitcoin NFTs in its marketplace most probably in the coming weeks. Users will be able to trade ordinals using their existing accounts.
There is no need for an additional wallet that supports inscriptions. Apart from just trading ordinals, there are also features of royalty support and opportunities to generate additional revenue for those who create ordinals.
A New Era for Binance Users?
This move by Binance will broaden the legacy of Bitcoin in the crypto world. Mayur Kamat who is the head of products department in Binance cited that Bitcoin is the OG of the cryptocurrency market and they understand its potential. Before offering the Bitcoin ordinals, Binance had partnered with other decentralized platforms like Ethereum, Polygon and BNB Chain.
The icing on the cake is that the exchange is open to collaborate with the creators who are interested in this integration through a special registration event. They will be rewarded with airdrops, whitelist opportunities and exclusive perks.
What is a Bitcoin Ordinal?
Bitcoin Ordinal is a protocol that enables users to embed NFTs in the witness sections of Bitcoin transactions by utilizing the Taproot soft fork. These NFT inscriptions can be in the form of text, images, videos, or codes and can also be used to assign unique numbers to the smallest BTC denominations called satoshis.
Since the launch of the Ordinals Protocol in January 2023, the number of NFTs on the Bitcoin network has exceeded three million, leading to a significant increase in user activity on the blockchain. The daily number of transactions on the network is also nearing its peak level. Binance’s plan to bring forward Bitcoin ordinals in its marketplace may be very interesting and the scope of the ordinals may also skyrocket.