The largest cryptocurrency exchange in the world, Binance, has indicated an interest in integrating Bitcoin Ordinals by the end of May into its Non-Fungible Token (NFT) market. The release states that Binance would also provide royalty assistance and new chances for Bitcoin NFT inventors to earn money.
Because Bitcoin Ordinals are becoming more well-known and distinctive within the NFT ecosystem, Binance is pushing to include them in its marketplace. This listing is necessary to increase client interest and offer more varied NFT possibilities.
Mayur Kamat, the head of products at Binance, commented on the news by saying that the company is excited to be delivering Bitcoin Ordinals to Binance NFT. He also stated, “Bitcoin is the OG of crypto.”
The Binance exchange NFT has already been connected with the BNB Chain, Ethereum, and Polygon. Enabling users to buy, deposit, withdraw, and list NFTs on the Binance NFT Marketplace from the Polygon network. By keeping MATIC or any other token in their spot wallets, users may now trade digital collectibles on the Binance NFT Marketplace.
Digital artifacts or Bitcoin ordinals, often referred to as Bitcoin NFTs, offer a cutting-edge way to store digital data on the Bitcoin blockchain. The precise Bitcoin block hash is hand-painted onto each NFT in the Bitcoin Ordinals collection. The supply and demand equation governs the price of Bitcoin Ordinals, just like it does for other NFTs.
It should be noted that the artwork tries to communicate the historical, technological, and security ramifications of the Bitcoin blockchain as well as the proof of work method that powers it. Due to its unique concept and rarity, the series is highly sought after by cryptocurrency enthusiasts and investors.
To establish itself as the leading marketplace for purchasing, selling, and trading NFTs, Binance has been actively expanding its NFT marketplace in several ways.
Interestingly, Binance has collaborated with several artisans and artists to produce one-of-a-kind NFTs for sale on its marketplace. For instance, Michael Owen, Alphonso Davies, and Lewis Capaldi, a two-time BRIT Award winner, have partnered with Binance to offer limited edition NFTs.
The exchange further stated that it intended to add 100 artists to its NFT platform through its NFT Marketplace. By utilizing a wide spectrum of voices from several industries, Binance NFT aims to attract a diverse group of consumers.
The user experience on Binance’s NFT marketplace has also been improved, making it simpler for users to explore, buy, and manage their NFTs. The company, for instance, has created a feature that enables users to access an NFT’s whole history, including previous owners and transaction histories. By providing a wide variety of NFTs, Binance ultimately intends to draw a wider range of consumers to its platform.