May 11, 2023

Binance NFT Marketplace Integrates Bitcoin NFTs

Binance NFT Marketplace

Binance NFT Marketplace

Binance, the world’s leading cryptocurrency exchange, announced its NFT marketplace will support Bitcoin NFTs, known as Bitcoin Ordinals, soon.

In a statement, Binance said its move comes within a framework of offering more choices and opportunities for the NFT creators and collectors and benefitting from Bitcoin’s unique culture and innovative tech.

Also, the inclusion of Bitcoin into the Binance NFT marketplace will improve it as a multi-chain, open marketplace ecosystem, in which users will have more choices to trade a wider variety of NFTs across multiple blockchains from their accounts besides the integration of the networks of BNB Chain, Ethereum, and Polygon.

In this regard, Head of Product at Binance Mayur Kamat said: “Bitcoin is the OG of crypto.”

According to Binance’s statement, Binance NFT will offer royalty support for Bitcoin NFT creators, enabling them to generate additional revenue opportunities. Creators will be able to earn royalties when their digital assets are bought and sold on the platform. This will foster a sustainable and thriving ecosystem for artists and other content creators.

Bitcoin NFTs, launched in January, are a way of creating Bitcoin NFTs by attaching data to individual satoshis — the smallest denomination of Bitcoin — on the Bitcoin blockchain. Every bitcoin consists of 100,000,000 satoshis. Each satoshi can include images, videos, text, or other content through a process called inscription.

Earlier in April, cryptocurrency exchange OKX preceded Binance and announced the integration of Bitcoin NFTs into its NFT marketplace and wallet ecosystem. Magic Eden did also so in March.

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