Binance’s NFT Marketplace to Add Support for Bitcoin Ordinals
- The Binance NFT marketplace said it will soon expand its multichain ecosystem, and add support for Bitcoin Ordinals, which are also known as Bitcoin NFTs.
- The platform said it will allow users to purchase and trade Ordinals directly from their Binance accounts, bypassing the need to create a separate inscription wallet.
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The non-fungible token (NFT) marketplace of crypto exchange Binance is planning to add support for Bitcoin-based NFTs by the end of the month, the platform said via Twitter on 9 May.
According to the announcement, Binance NFT will expand its offering by allowing users to purchase and sell Bitcoin Ordinals — also known as Bitcoin NFTs — directly from its platform. To achieve this, the NFT marketplace will expand its multichain ecosystem — which already supports digital collectibles on Ethereum, Polygon, and its native BNB Chain — to include the Bitcoin network sometime in May.
Binance explained in a blog post that it plans to allow its users to purchase and trade Ordinals directly from their Binance accounts — instead of needing a separate Ordinals wallet — which would greatly simplify the process and help onboard new users to its NFT marketplace. The company noted that the upcoming update to its NFT marketplace will also include royalty support and “additional revenue generating opportunities” for creators of Bitcoin Ordinals.
Launched in January 2023, Bitcoin Ordinals quickly drew the attention of NFT enthusiasts, who until April had inscribed around 58,000 Bitcoin NFTs. The past month, however, the popularity of Ordinals grew even more, and the total inscriptions to date have jumped to over 5 million, according to data from Dune Analytics.
- Users of Binance NFT can now use select blue-chip NFT collections as collateral to take out cryptocurrency loans.
- The platform will initially support only loans in ETH, and NFT collections Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles.
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- The crypto exchange blamed the issue on a decision made by its third party payments provider in Australia, noting that it is now looking for a new partner in the country.
- Binance Australia assured users that AUD withdrawals are still available, and that they can continue to buy and sell crypto using debit/credit cards and its P2P marketplace.
- The exchange first paused Bitcoin withdrawals late on 7 May due to a network congestion issue, but resumed them only an hour and a half later.
- The second pause took place early on 8 May, and lasted almost three hours, but the issue now appears to be fixed after the exchange adjusted its transaction fees.