• Bitcoin NFTs have only existed since the beginning of the year
• Binance NFT plans to add the ability to buy and sell Bitcoin ordinal NFTs by the end of May
• Hype about bitcoin ordinals is increasing
Bitcoin ordinals are still a relatively new phenomenon in the crypto world: the corresponding protocol was only launched in January 2023. Bitcoin ordinals are based on satoshis, the smallest unit in the bitcoin network – one bitcoin is made up of 100 million satoshis – and provide a way to create NFTs on the bitcoin blockchain. So far, most NFTs are based on the Ethereum network. With bitcoin ordinals, data is appended to individual, sequentially numbered satoshis through a process called “inscription”. Such “inscriptions” can be, for example, texts, images or videos. Unique and immutable “digital artifacts” are created that can be held and transmitted on the Bitcoin network like all other satoshis – and even more easily in the future. The world’s largest crypto exchange, Binance, has announced that it will also support trading in Bitcoin ordinals on its NFT marketplace from the end of May.
Advertising
Trade Bitcoin and other cryptos via CFD (also with leverage)
At Plus500 you can benefit from rising and falling crypto prices – also with leverage. Test the free demo account now!
Plus500: Please note the Hints5 to this advertisement.
Binance NFT wants to enable trading in Bitcoin NFTs
In a May 9 press release, Binance NFT announced that it will support Bitcoin Ordinals, or Bitcoin NFTs, “soon from the end of May.” “By launching Bitcoin Ordinals, the Binance NFT marketplace is expanding the scope of its ecosystem to include even more people while leveraging the latest innovation and creativity in NFTs,” the statement said. Binance promises its users a seamless and efficient trading experience as the Bitcoin NFTs can be bought and sold directly from existing Binance accounts. This eliminates the need for an additional wallet that supports the new inscription technology. Users can also rely on “the protection of Binance’s exceptional security measures”.
Binance NFT has also thought of the creators of bitcoin ordinals: “As part of the update, Binance will offer royalty support and additional revenue generation opportunities for bitcoin NFT creators,” the statement continued. If they are interested in working together, creators should contact the NFT marketplace – as should users who want to take part in a “special registration event” that offers “a series of exclusive benefits”. Exactly what those are was not mentioned.
“We want to offer our users the widest possible choice,” Mayur Kamat, product lead at Binance, commented on the announcement. “We are very excited to bring Bitcoin Ordinals to Binance NFT. We believe things are just beginning here and can’t wait to see what the future holds in this space.”
Bitcoin Ordinals Showing Explosive Growth
In fact, the future of bitcoin ordinals could look more than rosy – if the current development continues. Because according to “Cointelegraph”, Bitcoin ordinals reached 58,179 inscriptions on April 2, which corresponded to an increase of 83.5 percent compared to the previous month. On May 1st, the total number of bitcoin ordinals jumped to more than three million. But that’s not all: According to “NFTgators”, 400,000 inscriptions were created in just one day on May 7th.
On May 7th, Ordinals saw an ATH in daily inscriptions, with 400K Ordinals inscribed into the #bitcoin blockchain in a single day. pic.twitter.com/ffysXyb93Y
– NFTgators 🐊 (@NFTgators) May 15, 2023
In total, there were a good 6.8 million inscriptions of Bitcoin ordinals by May 15th. This explosive growth could continue even further with the support of a major player in the industry like Binance NFT, as it will make Bitcoin NFTs more accessible and thus more widely available.
But the success of the Bitcoin ordinals also has a downside. According to Decrypt, Binance recently had to temporarily suspend bitcoin withdrawals due to network overload. As the crypto news site goes on to write, there is consensus in the crypto community that transactions related to BRC-20 tokens, which are also created using ordinals, have put a strain on the network. BRC-20 tokens are based on Bitcoin but contain text-based inscriptions instead of image-based inscriptions like Bitcoin NFT. However, as Binance Product Lead Mayur Kamat told the site, the current version of Binance NFT does not support them.
Editorial office finanzen.net
Image sources: Iryna Budanova / Shutterstock.com, Carlos Amarillo / Shutterstock.com