In an effort to attract more NFT traders and collectors, Binance has announced that it would begin supporting Bitcoin Ordinals later this month.
The exchange has not revealed a particular debut date, although it is planned for the near future. Tokens (NFTs) built on BNB Chain, Ethereum, and Polygon are all now supported by Binance’s NFT marketplace.
Customers will be able to buy Ordinals on the Bitcoin network straight from their Binance accounts once support for Bitcoin NFTs has been added, without the need to set up a taproot-compatible Bitcoin wallet.
Ordinals are typically created under a TwelveFold Ordinals account, new users may now purchase Bitcoin NFTs without compromising their security.
Creators also benefit from the platform’s flourishing ecosystem thanks to Binance NFT’s support for royalty payments. The royalties will go to the creators whose NFTs are exchanged on the market.
Binance has said that allowing Bitcoin Ordinal trading on its platform would provide collectors access to the exchange’s safety and security. They’ll be able to use Bitcoin NFTs on the exchange with ease and efficiency.
To this end, Binance has extended an open invitation to NFT initiatives to work together with the Bitcoin Ordinals community.
Creators that are interested in working with Binance may do so by filling out this form. The trade also promised its partners perks, such as participation in Binance’s NFT Discord channel for ecosystem news and discussion.
They may also benefit from potential Bitcoin NFT airdrops. Casey Rodarmor released the ordinal protocol in January 2023, allowing developers to add identifying information to Bitcoin’s smallest unit of currency, the satoshi.
Through an inscription procedure, NFT developers may add information like films, words, photos, and other stuff to each satoshi.
One Bitcoin is divided into 100,000,000 satoshis, each of which may be written on the Ordinals protocol. These satoshis have unique identifiers written on them that allow their owners to keep tabs on them, trade them, and assign them value.
These satoshis are then transferred using Bitcoin wallets and become immutable digital valuables on the network when the inscriptions are made.
Bitcoin enthusiasts are overjoyed by this latest development. In an interview with Cryptonews, AngelBlock CEO and creator Alex Strzesniewski made the following statement.
“What is occurring in the Bitcoin community is incredible, in my opinion. Bitcoin seems to be reverting to its “magic internet money” beginnings, and technological progress is an inevitable process. Although I understand the concerns of Bitcoin “purists,” I do not believe that any platform should be used to censor transactions or to determine what constitutes a “valid” or “invalid” transaction on any network.”
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