Binance just made a significant announcement about enhancing its NFT marketplace by supporting Ordinals, otherwise known as Bitcoin NFTs. The exact date of this roll-out, however, remains under wraps.
Quick Takes:
- Binance announced plans to enhance its NFT marketplace by supporting Bitcoin NFTs (Ordinals). This move aims to boost its position in the NFT market, allowing NFT enthusiasts to engage with a broader range of digital assets.
- The feature will simplify the process of trading Bitcoin-based NFTs, allowing users to transact directly from their Binance accounts without needing a separate taproot-compatible Bitcoin wallet.
- Bitcoin NFT creators can enjoy the marketplace’s new royalty system for extra income.
Binance’s Bitcoin NFT Integration
The Binance NFT marketplace holds non-fungible collectibles from Ethereum, Polygon, and its native chain BNB. The forthcoming update permitting the trading, purchasing, and selling of Ordinals on the Bitcoin network hopes to expand its place in the NFT world and the reach of the emerging Ordinals ecosystem.
Endeavoring to streamline the transaction to Bitcoin NFTs, Binance seeks to enable traders to purchase Bitcoin-based NFTs using their Binance accounts. As a result, this approach eliminates the need for setting up a taproot-compatible Bitcoin wallet.
New Opportunities for Bitcoin NFT Creators
Binance NFT marketplace’s feature includes a royalty system that provides extra income whenever Bitcoin digital collectibles are traded on the platform — a tremendous step towards creating a sustainable future for Bitcoin content creators and artists.
Moreover, the crypto exchange is looking to partner with some top NFT projects to boost the Bitcoin Ordinals community further. This collaboration can fuel the growth of the Ordinals ecosystem and open doors for creators. For those interested in creating Ordinals-focused NFTs, all they need to do is fill out this form on the official Binance website.
Bitcoin NFTs are an attractive choice for Web3 enthusiasts over being a promising, fresh new market to tap into. However, it’s worth noting that Binance’s relationship with Bitcoin has sometimes been challenging sailing. Last Sunday, the exchange was forced to pause Bitcoin withdrawals twice following high gas fees and congestion issues — hinting at potential problems with this forthcoming feature.
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