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.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.