Binance Platform Says It Wants to Add Support for Bitcoin NFTs

Liputan6.com, Jakarta Crypto exchange Binance’s Non-Fungible Token (NFT) platform said on Tuesday, May 9, 2023 it plans to add support for Ordinals, or Bitcoin NFTs in May, although an exact date was not announced.

Binance NFT, which already supports NFTs on Ethereum, Polygon, and its native BNB Chain, plans to expand its offerings by allowing merchants to buy Ordinals on the Bitcoin network.

Collectors can immediately buy and sell inscriptions, or NFTs created on the Bitcoin network, expanding the reach of the nascent Ordinals ecosystem.

Additionally, to help users get into Bitcoin NFTs, Binance will allow merchants to purchase Bitcoin-based NFTs with their Binance accounts, simplifying the process for users.

Instead of having to set up a taproot-compatible Bitcoin wallet to buy Ordinal, as collectors want to mint TwelveFold Ordinals giant NFT Yuga Labs, Binance aims to make the process simple and secure for new buyers to enter emerging markets.

Binance’s Head of Product Mayur Kamat said in a press release he sees Bitcoin as the “broadest choice” for NFT collectors as well as a growing market for exchanges to capitalize on.

“Bitcoin is the original cryptocurrency. We believe everything is just starting here and can’t wait to see what the future holds in this space,” said Kamat, quoted from CoinDesk, Friday (12/5/2023).

However, Binance’s relationship with Bitcoin hasn’t been all positive in recent days. On Sunday, the exchange halted Bitcoin withdrawals twice, citing network congestion as a catalyst.

As Ordinals hit 3 million inscriptions last week, the market demand for accepting Bitcoin NFTs has only increased. In March, NFT marketplace Magic Eden added support for Ordinals, integrating the Hiro and Xverse Bitcoin wallets to do so.

In April, the market launched a maker launch pad to help artists print their inscriptions before listing on the secondary market.

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