Key Points
An inscription is a piece of metadata attached to a blockchain transaction output.
Binance Inscription Market is a platform for trading and minting Inscription tokens.
This guide will introduce you to the Binance Inscription Market and how to use it.
Introduction
On the Binance Inscription Market, users can not only create their own inscriptions, but also trade more than 60,000 inscription tokens, including BRC-20 tokens and Ethereum Virtual Machine (EVM) compatible tokens.
The following article will introduce you to the concepts of Inscriptions and the Binance Inscription Market, as well as how to trade Inscription tokens through the Binance Inscription Market.
What is an inscription?
In the cryptocurrency space, an inscription is a piece of information attached or "engraved" on the smallest unit of BTC, the Satoshi. Inscriptions have been gaining popularity since they expanded the use cases of the Bitcoin blockchain through the Bitcoin Ordinals protocol. Essentially, inscriptions can represent different types of information on the blockchain, including text, video, and images.
The BRC-20 token is an inscription. Essentially, BRC-20 is an experimental token standard that allows users to transfer fungible tokens on the Bitcoin blockchain through the Ordinals protocol. Every token created using the BRC-20 standard is an inscription on Satoshi.
What is Binance Inscription Market?
The Binance Inscription Market is a platform within the Binance Web3 Wallet. It provides an interface for users to trade multiple inscriptions, including BRC-20 tokens and EVM-compatible tokens. With the Binance Inscription Market, users can easily interact with all their inscriptions in a single interface, simplifying the asset handling process.
Users can also mint, deploy, and transfer their inscriptions in the Inscription Center with just a few clicks. The Binance Inscription Market is feature-rich, allowing users to easily manage and interact with Inscription tokens.
How does the Binance Inscription Market work?
Binance Inscription Market is essentially an Inscription trading platform in the Binance App. Users can transfer Inscription tokens between the Binance Web3 wallet and the Binance Inscription Market to create trading orders. The Binance Inscription Market adopts multiple frameworks to improve the user's trading experience.
The platform uses a BTC transaction accelerator. This service speeds up transaction confirmations during periods of network congestion or when the user-set fee is too low. As a result, this mechanism reduces transaction delays and speeds up the processing of high-priority transactions.
In addition, the Binance Inscription Market has also integrated UniSat. The platform uses the UniSat API to increase liquidity while providing a variety of inscription tokens for users to trade. As of March 2024, the Binance Inscription Market supports the buying, selling and inscription of more than 60,000 BRC-20 tokens.
A Beginner's Guide to Binance Inscription Market
Next, we will introduce you to the interface of the Binance Inscription Market, how to mint Inscriptions, and use the example of purchasing Inscription tokens.
How to Access the Binance Inscription Market
1. Log in to your Binance account and click More → Web3 Wallet.
2. Next, find the [Inscription Market] banner in your Binance Web3 wallet and click it.
4. You will be redirected to the Binance Inscription Market.
5. You will see a list of inscription tokens available for trading. You can use the search bar to find a specific inscription.
6. You can access the inscription management guide by clicking the button in the upper right corner.
7. You can also click another button in the upper right corner to view your order history.
8. The Inscription Center allows you to cast, deploy and transfer inscriptions.
How to Cast an Inscription
1. First, open the Inscription Center on the main interface of the Binance Inscription Market.
2. Next, select the network and enter the token code (4 characters) for the inscription to be minted, then specify the minting quantity and repetition number.
3. Check the input data again, and then click [Confirm] to cast the inscription.
How to buy Inscription
1. First, select the inscription token. In this example, we choose "piin".
2. Next, select the inscription you want to purchase. Click [Buy] to confirm your selection.
3. Check the order details carefully and click [Confirm] to complete the purchase.
Conclusion
The Binance Inscription Market is a platform for users to create and trade various inscriptions, including BRC-20 tokens and EVM-compatible tokens. The market provides a user-friendly interface and rich and comprehensive functions, and adopts multiple frameworks such as BTC transaction accelerator and UniSat to enable users to fully realize the potential of inscriptions.
Further reading
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