Binance NFT To Support Bitcoin Ordinals

1 year ago 79

Support for Bitcoin NFT

Binance NFT Marketplace, an NFT marketplace operated by Binance, has announced plans to support Bitcoin Ordinals, NFTs on Bitcoin.

#Bitcoin Ordinals are coming to the #Binance NFT Marketplace!

Ordinals have allowed for unique NFT-style collections to be inscribed on the #Bitcoin blockchain.

Find out more, including how to collaborate with us to get your collections added https://t.co/aT5oiawHix

—Binance (@binance) May 9, 2023

Although it is not clear which collection will be supported specifically, an event will be held between the 9th and 15th to conduct a user survey, and users who participate will be given benefits such as airdrops and whitelists.

Ordinals is a technology that links images and files directly engraved on the Bitcoin blockchain with Bitcoin transaction information. It has attracted attention because full-on-chain NFT can be easily realized on the Bitcoin blockchain, and major NFT operators such as Yuga Labs and Magic Eden have already entered Ordinals.

Most recently, as the trading volume of memecoins on the ERC-20 skyrocketed, so did demand for Ordinals and BRC-20 tokens on Bitcoin using the Ordinal protocol, causing transaction fees to hit their highest level since May 2021. soaring to the level.

Some BRC-20 tokens such as ORDI and PEPE have already been listed on small and medium-sized exchanges.

connection: Meme coin trading overheating, Bitcoin token standard ‘BRC-20’ market expands rapidly