Binance NFT Marketplace to Support Bitcoin NFTs
Main Takeaways
Binance NFT Marketplace is soon set to support Bitcoin Ordinals (Bitcoin NFTs), thereby expanding the platformâs ecosystem.
Bitcoin Ordinals, made possible through the Taproot and SegWit upgrades, allow for the creation of unique and immutable collections on the Bitcoin blockchain.
Binance NFT is actively seeking collaboration with relevant NFT projects focused on Bitcoin Ordinals to further strengthen the community and ecosystem.
Users can also participate in a special registration event (May 9 to May 15) and, in doing so, potentially unlock an array of exclusive benefits.
Binance NFT Marketplace is soon set to support Bitcoin Ordinals, offering more opportunities for collectors and creators, and expanding the platform's multi-chain ecosystem.
Binance NFT Marketplace has exciting news for the NFT community: the platform will soon support Bitcoin Ordinals (popularly known as Bitcoin NFTs).Â
This groundbreaking move will broaden the Binance NFT ecosystem by incorporating Bitcoinâs unique culture and innovative tech, while offering NFT collectors and traders even more opportunities. Get ready to embrace the new possibilities Bitcoin and its creative community now offer the world of NFTs.
What Are Bitcoin Ordinals?
Launched in January 2023, Bitcoin Ordinals are a way of creating Bitcoin NFTs by attaching data to individual satoshis â the smallest denomination of bitcoin â on the Bitcoin blockchain. Every bitcoin consists of 100,000,000 satoshis.Â
The Ordinals protocol allows each individual satoshi to be identified and transacted with extra data attached. The additional data can include text, images, videos, or other content, and is added to each satoshi through a process called inscription.
This has all been made possible by the updates to the Bitcoin protocol in the form of the Taproot (November 2021) and SegWit (August 2017) upgrades. As a result, ordinal inscriptions do not require a sidechain or separate token, and allow the creation of true, immutable collections on the Bitcoin blockchain.Â
More than one million inscriptions have been made within the first three months of the Bitcoin Ordinals launch. In short, Ordinals have made Bitcoin NFTs a reality, thereby creating another use case for Bitcoin beyond the simple transfer or storage of value.
What Is the Binance NFT Marketplace?
The Binance NFT Marketplace is an all-encompassing platform for NFT enthusiasts and collectors, powered by Binanceâs robust infrastructure and thriving community. It brings together artists, creators, and innovators from around the globe, and helps users mint, trade, and stake NFTs with ease. Our innovative NFT-Fi feature offers NFT staking and loans, unlocking the full financial potential and value of your digital assets like never before.
The platform features a number of different strands:
Marketplace: Mint, sell, bid, and buy NFTs from creators around the world.
Initial NFT Offerings (INO): Buy exclusive NFTs created by global artists and influential brands. Enjoy premium offerings from digital artists, musicians, athletes and celebrities.
NFT-Fi: Stake NFTs or get a loan using NFTs as collateral (please note that NFT-Fi loans are an upcoming addition to our platform).
Why Add Bitcoin Ordinals?
Currently, Binanceâs NFT Marketplace supports three different networks â BNB Chain, Ethereum and Polygon â but will be adding Bitcoin Ordinals soon.
Binance NFT believes Bitcoin's innovative technology and cultural significance represent an exciting new horizon, offering unique opportunities for NFT creation.
The integration of the Bitcoin network will further elevate Binance NFT to a multi-chain, open marketplace ecosystem, where users can explore and trade a wider variety of NFTs across multiple blockchains from their Binance accounts.Â
Enhanced Benefits for Users
As the cryptocurrency landscape evolves, Binance NFT is gearing up to offer even more convenience and opportunities for both users and creators.Â
With the addition of support for Ordinals, Binance users will be able to experience an enhanced NFT experience:
Unparalleled ease in purchasing and trading Bitcoin NFTs directly from a Binance account â thereby eliminating the need for a separate Ordinals wallet.
This Binance NFT integration promises seamless and efficient trading.
Enjoy the protection of Binance's exceptional security and stability.Â
By removing barriers to entry and providing a user-friendly platform, Binance NFT is positioning itself as the go-to destination for trading Bitcoin NFTs.
An Open Call For Bitcoin NFT Projects
For Bitcoin NFT creators, Binance NFT will offer royalty support, enabling them to generate additional revenue opportunities. Creators will be able to earn royalties when their digital assets are bought and sold on the platform. This will foster a sustainable and thriving ecosystem for artists and other content creators.
In a bid to further strengthen the Bitcoin Ordinals community, Binance NFT is actively seeking collaboration with quality NFT projects. By partnering with innovative projects and combining their efforts, Binance NFT aims to support the growth and development of the Bitcoin Ordinals ecosystem, providing more opportunities for creators.
If you are working on an NFT project focused on Bitcoin Ordinals and are interested in exploring a collaboration with Binance NFT, you are encouraged to reach out to the team by filling out this form.
Binance NFT is committed to fostering a vibrant and diverse community, and your project could be the next big step in driving this vision forward. Join the movement and be part of this exciting journey with Binance NFT.
Register for Exclusive Benefits
Binance NFT is inviting users to participate in a special registration event and in doing so, offering a fantastic opportunity to enjoy an array of exclusive benefits.Â
By submitting your feedback and registering via our Binance Survey form between May 9 (00:00 UTC) and May 15, 2023 (23:59 UTC), you may unlock a world of exciting possibilities, including:
Staying informed: Gain access to Binance NFTâs Discord channel, where you'll receive the latest info on all things related to the Bitcoin NFT ecosystem.
Whitelist and Airdrop opportunities: Secure your spot on the whitelist, and receive NFT airdrops for upcoming BTC NFT project primary sale launches on Binance NFT, ensuring you're among the first on the list!
Don't miss this opportunity to immerse yourself in the vibrant world of Bitcoin Ordinals on Binance NFT. Participate in the registration event and unlock a wealth of benefits tailored to enhance your NFT collecting and trading experience.
Further Reading
(Academy) What Is an NFT?
(Academy) What Are Ordinals?
Risk Warning: The information in this article should not be construed as investment or financial advice. Please do your own research. NFTs are not regulated in most countries, however, please ensure you are permitted to access our Binance NFT Marketplace based on your circumstances. For further details, see the Binance NFT Terms and Conditions, our Terms of Use, and Risk Warning.