Binance has announced that it will add support for Bitcoin ordinals, also known as Bitcoin NFTs, on its NFT marketplace in late May. This will allow users to buy and sell digital collectibles that are inscribed on the Bitcoin blockchain using their existing Binance accounts.
Bitcoin ordinals are a type of non-fungible token (NFT) that use the Ordinals protocol to embed metadata and proof of ownership into Bitcoin transactions. Unlike other NFT platforms that rely on separate blockchains or layers, Bitcoin ordinals leverage the security and decentralization of the Bitcoin network.
According to Binance, the integration of Bitcoin ordinals will expand its multichain NFT ecosystem, which already supports other networks such as BNB Chain, Ethereum and Polygon. According to Mayur Kamat, the product chief at Binance:
"Bitcoin is the OG of crypto. We are excited to bring Bitcoin ordinals to our NFT marketplace and offer our users more options and opportunities to create and trade NFTs across different blockchains."Source Text
Binance also said that the update will provide additional revenue generating opportunities and royalty support for Bitcoin ordinal creators, who will be able to access a large and active user base on the Binance platform.
Binance is not the first exchange to embrace Bitcoin ordinals. In April, OKEx announced that it would enable its users to view and store Bitcoin ordinals on its wallet and marketplace. Other NFT platforms such as Magic Eden also support Bitcoin ordinals.
The popularity of Bitcoin ordinals has surged in recent months, as more artists and collectors seek to use the original cryptocurrency as a medium for digital art and collectibles. According to data from Dune Analytics, the number of Bitcoin ordinal inscriptions reached over 3 million in May, up from 58,179 in April.
However, Bitcoin ordinals are not without controversy. Some Bitcoin purists argue that they are unnecessary and wasteful, as they add bloat and complexity to the Bitcoin blockchain. They also argue that they go against the peer-to-peer philosophy of Bitcoin’s inventor, Satoshi Nakamoto.
Regardless of these debates, it is clear that Bitcoin ordinals are gaining traction and adoption in the NFT space, and Binance's move to support them is a testament to their growing demand and potential.
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Posted Using LeoFinance Alpha
currently i see bitcoin ordinals as just a hype, this is the trend, i hope it lasts