Binance’s NFT marketplace to support Bitcoin Ordinals Binance’s NFT marketplace to support Bitcoin Ordinals
The total number of Bitcoin NFTs spiked above 5 million earlier today after a recent surge in activity, according to Dune analytics data.
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Updated: Aug. 4, 2023 at 3:21 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Binance said its marketplace would enable support for Bitcoin (BTC) Ordinals.
In a May 8 statement, Binance said it was enabling support for Bitcoin NFTs to elevate its marketplace to a multi-chain, open marketplace ecosystem, where users can explore and trade a variety of NFTs across multiple blockchains from their accounts.
“Binance NFT believes Bitcoin’s innovative technology and cultural significance represent an exciting new horizon, offering unique opportunities for NFT creation.”
The support would enable the exchange users to trade these NFTs directly from their accounts while enjoying its platform’s security and stability.
Binance said it would offer Bitcoin NFT creators royalties when their assets are bought and sold on its platform.
Bitcoin Ordinal Inscriptions cross 5 million
The number of Bitcoin NFTs spiked above 5 million after a recent surge in activity mainly consisting of text-based assets, data from Dune analytics show.
CryptoSlate Insight reported that these Inscriptions had generated a cumulative fee of 904 Bitcoin, benefiting BTC miners. As of press time, this has risen to 1,019 BTC ($27.64 million), according to Dune analytics data.
The increase has followed the introduction of the Bitcoin Request for Comment (BRC-20) token standard, which allows users to transferable assets directly through the blockchain network.
In the last 24 hours, there were 241,880 unique inscriptions on Bitcoin, of which 193,349 were text-based. There were less than 500 inscriptions of images, applications, and tokens during the period.
According to theย brc-20.ioย website, BRC-20 tokens have a total market cap of over $1 billion โ with the top token being Ordi, valued at $471.47 million.
Meanwhile, the BRC-20 tokens have a cumulative volume of over $207 million during the last 24 hours.
The current BTC NFTs drive has pushed the average network fees to $30.91 โ a level not seen since April 2021.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.