Binance NFT Joins the Bitcoin Ordinals NFTs Bandwagon

The company joins a growing list of marketplaces and blockchains including Magic Eden and Litecoin Network that have expanded their ecosystems to bitcoin NFTs.
Image source: provided

Quick take:

  • Binance is adding Ordinals NFTs to its marketplace.
  • The leading crypto exchange platform said it will begin supporting bitcoin ordinals NFTs in late May.
  • The announcement comes following the integrations of Ethereum and Polygon NFTs.

Binance has become the latest crypto company to join the Bitcoin Ordinals NFTs bandwagon. The leading cryptocurrency exchange company said Tuesday it will begin supporting Ordinals NFTs later in May.

Binance NFT has been expanding its ecosystem to ramp up user onboarding since last year. This announcement comes following the integrations of BNB Chain, Ethereum and Polygon NFTs.

Binance also joins a growing list of marketplaces and blockchains that have expanded their ecosystems to include Bitcoin Ordinals NFTs. In February 2023, Litecoin developer Anthony Gurrera forked the code behind Ordinals Protocol to inscribe the first Litecoin NFT.

A month later, the Solana-based NFT marketplace Magic Eden continued its multichain expansion with the launch of a Bitcoin NFT marketplace.

Bitcoin Ordinals NFTs launched in February this year and have since continued to draw more attention from the NFT community. In March, Yuga Labs’ bitcoin-specific NFT collection TwelveFold sold out in minutes raising $16.5 million.

Magic Eden’s Bitcoin NFT marketplace launch also received a positive reaction from its community, with the platform dominating Ordinals Inscriptions with 69% of the traded volume seven days after launching.

Source: Dune Analytics/Domo

Overall, bitcoin Ordinals has inscribed more than $82 million in volume to date, from 144, 501 trades. Bitcoin NFTs also boast 45,656 unique traders according to a Dune analytics dashboard prepared by on-chain researcher Domo.

Unlike other marketplaces and blockchains that put NFT data on the blockchain through a process called minting, Bitcoin Ordinals are attached to the blockchain by inscribing the smallest unit of the pioneer cryptocurrency satoshi.

Binance’s decision to embrace bitcoin ordinals NFTs is part of its strategy of expanding its ecosystem to a multichain network to reach more people.

The Binance bitcoin NFT marketplace will continue to support multiple forms of NFTs including gif, jpg, mp3, png, svg, wav, and webp files, among others. However, the current version of BRC-20 tokens is not supported.

Mayur Kamat, Head of Product at Binance, said “We want to bring the broadest choice to our users. Bitcoin is the OG of crypto. We are super excited to bring Bitcoin Ordinals to Binance NFT.  We believe things are just getting started here and can’t wait to see what the future holds in this space.”


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