Binance NFT marketplace is now supporting Bitcoin Ordinals, solidifying the firm’s commitment to the future of the flagship cryptocurrency.
Bitcoin NFTs Make Waves
The future growth of Bitcoin NFTs has just become more solid. Binance NFT marketplace announced today it would add Bitcoin NFTs support by the end of May. However, it hasn’t yet specified the starting date.
Since its launch in June 2022, Binance NFT platform has integrated Ethereum and Polygon NFTs. The move to support Ordinals was rooted from the firm’s bullish sentiment on the future of Bitcoin. As Binance Head of Product Mayur Kamat stated in the press release, ‘Bitcoin is the OG of crypto.’ He added, ‘We believe things are just getting started here and can’t wait to see what the future holds in this space.’
Within the next coming weeks, NFT collectors, crypto enthusiasts, and especially Bitcoin supporters, can buy and sell Ordinals on Binance NFT marketplace. This will no doubt bring additional community support to the emergence of Ordinals. According to on-chain data, total trading volume for all Bitcoin Ordinals surpassed $60 million.
Bitcoin NFTs, or Ordinals inscriptions, hit the world of digital assets at the beginning of 2023. The concept, introduced by Casey Rodarmor, allows digital content (for example digital images) to be inscribed on sats (satoshis – the smallest denomination of bitcoin), thus creating a new use case for the Bitcoin network.
In NFT degent’s language, it’s all about ‘making Bitcoin fun again.’ It does, indeed, make the NFT space fun again.
The nascent NFT space has experienced a downward trend since the bear took over the bull. A series of dramatic events has shifted investors’ attention from NFT to safer investments. But the increasing demand for marketplaces to adopt Bitcoin NFTs depicts a significant development. The recent achievement of Ordinals necessarily makes NFTs interesting again.
Binance NFT marketplace is not the first to embrace Bitcoin NFTs
In March, Magic Eden announced support for Ordinals via Hiro and Xverse wallets. To further assist artists, the marketplace launched a creator launchpad in April to aid in the process of minting their inscriptions before listing them on the secondary marketplace. And it’s reportedly just the beginning of the growing demand for marketplaces to embrace Bitcoin NFTs.
News of Ordinals’ integration came amid the ongoing headlines surrounding Binance’s network congestion. The crypto exchange issued a Bitcoin shutdown notice on May 7 and 8, citing the difficulty of handling massive transactions. However, Binance also announced its adoption of Lightning Network as a long-term solution for the issue.
First Bitcoin Lightning Network, now Bitcoin Ordinals, all Binance’s roads seemingly lead to a stronger bet on the future of Bitcoin.
Ordinals Controversy
New is always interesting, and controversial. Bitcoin ordinals are not an exception. While the concept is appreciated by a broad number of crypto members, it hits the roadblocks with criticisms from some Bitcoin supporters.
Ordinals present a permanent and censorship-resistant solution to store data. Proper usages can result in cultural significance. This capability may be particularly valuable to individuals or entities interested in preserving important information or cultural artifacts indefinitely.
Additionally, the blockchain’s inherent resilience to censorship allows for the retention of material that may be suppressed or otherwise removed in other contexts, which represents a significant advantage.
On the other hand, some prominent figures within the Bitcoin community have referred to Ordinals as a useless case, even pointing out that it may exacerbate blockchain bloat and facilitate the posting of inappropriate content.
Despite concerns raised by some individuals regarding the flaws of Ordinals, the technology offers a novel use case for the Bitcoin network that extends beyond peer-to-peer monetary transactions. And Bitcoin Ordinals are still in their alpha stage, there is room for it to grow as more individuals and entities get on board.
