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  • The Binance Inscription Marketplace, integrated into Binance's Web3 Wallet, offers a convenient way to create and trade a wide variety of inscriptions.

  • Inscriptions allow various data, such as text and images, to be embedded directly into the Bitcoin network (and other blockchains), opening up new opportunities for tokenization.

  • Our inscription marketplace supports 60,000 of the most popular BRC-20 tokens, as well as many other blockchains via dApps, and offers a BTC accelerator that increases transaction speeds.

Note. This is a general announcement. Products and services mentioned herein may not be available in your region.

Introducing a new chapter in the development of Binance's Web3 wallet - Inscription Marketplace. This is not just another trading platform, but a whole leap into the world of inscriptions. The platform combines innovation with convenience. In this article, you will learn about all aspects of the marketplace, including basic knowledge about inscriptions and their origins on Bitcoin, the role of BRC-20 tokens, and the transition to blockchains with the Ethereum Virtual Machine (EVM).

We'll also discuss the practical benefits of lettering and its growing market. And for those who are ready to delve deeper into this topic, we will tell you how to get started with the inscription marketplace. Get ready for an exciting journey.

Marketplace of inscriptions: a universal solution

Our goal is to make the Web3 world as accessible as possible. We're excited to announce the launch of Caption Marketplace, a new platform within Binance's Web3 Wallet. This marketplace is your door to the world of lettering. Let's figure out what it is intended for.

A one-stop solution for caption tokens. Binance's Inscription Marketplace offers an easy-to-use interface for trading and creating inscriptions, including BRC-20 and EVM tokens. This combination creates a single platform for managing labels, simplifying the process and overall improving usability.

BTC transaction accelerator. The marketplace also provides access to the BTC transaction accelerator. This tool significantly speeds up Bitcoin transactions, which is extremely important when working with inscriptions. Thanks to this, transactions are carried out faster and inscriptions are created. Additionally, users benefit from the dynamic world of digital assets.

Integration with UniSat to increase liquidity and create new opportunities. Binance's inscription marketplace uses the API of UniSat, a leading company in ordinals and inscriptions. Thanks to this, users have access to UniSat's high liquidity and a huge supply of over 60,000 BRC-20 tokens. This partnership expands the marketplace's capabilities, offering users unparalleled liquidity and capabilities.

Accessibility and convenience. The inscription marketplace in our Web3 wallet is designed with accessibility and convenience in mind. It's suitable for everyone, from BRC-20 enthusiasts to Web3 newbies, and provides a secure, easy-to-use experience. Users will also be able to transfer inscriptions between their Web3 wallet and the Binance exchange with one click.

The launch of the inscription marketplace is a long-awaited update to the Web3 wallet that will make it easier for you to interact with the decentralized web. If you're unfamiliar with the concept of lettering or want to learn more about its impact, then read on. We will tell you more about them.

What are inscriptions

In the fast-paced world of blockchain, an interesting new concept has emerged: inscriptions.

They are based on Bitcoin ordinals. Since the Bitcoin network does not support smart contracts, it cannot directly process NFTs and other similar tokens.

However, ordinals allowed developers to record data in individual satoshis (the smallest units of Bitcoin). This has opened up new opportunities for creating digital assets on a blockchain that was not originally intended for them.

Unlike traditional records on the Bitcoin blockchain, which include transaction data, inscriptions can include various types of data, including text and images. Labels are immutable, meaning once created they cannot be changed or deleted, ensuring permanence and security.

BRC-20 tokens and their role

BRC-20 tokens are a new step in the world of inscriptions. These are a type of inscription tokens created through the ordinal protocol on the Bitcoin blockchain.

Thanks to the ordinal protocol, BRC-20 tokens are assigned to ordinals of a satoshi (the smallest unit of Bitcoin), allowing the creation of fungible tokens directly on the Bitcoin blockchain.

This approach differs from Bitcoin's non-fungible ordinals because BRC-20 tokens are fungible and have the same value. This innovation expands Bitcoin's uses beyond its traditional role, making Bitcoin a more versatile platform to support new tokens.

Inscriptions in EVM Blockchains: Expanding the Blockchain Boundaries

As inscriptions become more popular, their adoption on Ethereum Virtual Machine (EVM) blockchains marks a significant development, similar to their counterparts on the Bitcoin blockchain, but with some differences. Instead of labeling individual satoshis, they involve including information in the transaction inputs on Ethereum (or equivalent EVM-compatible blockchains).

This process allows various types of data such as text, images and code to be described directly on EVM blockchains. This ensures that the data in the inscriptions is an integral part of the blockchain transactions, ensuring their persistence and security.

Inscriptions on EVM blockchains do not depend on smart contracts, but are part of the transaction input data. Thanks to this approach, inscriptions on EVM blockchains are significantly different and often more gas efficient than storing data in smart contracts.

The meaning of the inscriptions

Inscriptions are not just a new feature in the blockchain space. They have benefits that everyone should know about. Let's look at the main reasons why you should pay attention to them.

Ease of on-chain transactions and increased decentralization. Captions facilitate direct interaction online. This eliminates the need for off-chain protocols and simplifies the process of working with assets on the blockchain. By supporting on-chain activity, inscriptions contribute to the development of decentralization in blockchain technology. A key factor driving the growth of inscriptions is the democratization and accessibility of token creation.

Fair Launch - democratizing access to tokens. Thanks to the inscriptions, anyone can deploy the token and issue coins transparently (while respecting the limit). It is important to note that it will not be easy for a small group of people to control such tokens if the limit is set correctly. It is this balance that reflects the principle of blockchain decentralization.

A new form of tokenization. Inscriptions open up new opportunities for tokenization on the blockchain. Traditionally, Bitcoin has been viewed as a digital store of value, similar to gold. However, inscriptions will allow Bitcoin (and other blockchains) to be used in completely new ways. Tokenization creates an additional layer of value, expanding the use cases of the blockchain.

Bitcoin inscriptions provide increased network security. By increasing transaction volume (and therefore transaction fees), inscriptions increase the number of miners. This increases hash power and improves network security. The chance of a 51% attack is greatly reduced when an organization gains control of the majority of the mining power.

EVM Lettering - Reducing Costs. Inscribed tokens offer a cost-effective alternative to traditional smart contract-based tokens, making transactions cheaper and more efficient. The reason lies in the lower transfer costs of these tokens. Moving ETH along with a signature token is cheaper than transacting with a token created using smart contracts.

The birth of a new market. The growth of this trend has attracted a diverse community, contributing to a growing market for lettering creation, trading and ownership. The market gained widespread recognition after the BRC-20 ORDI token reached a market capitalization of $1 billion in December 2023, indicating the significant potential of these assets. The adoption of this cryptocurrency is not limited to Bitcoin: more than 200 million inscriptions have been created on other blockchains, indicating the high popularity of such tokens.

How to start using lettering

Using the Binance inscription marketplace is easy and simple.

1. Log into the Binance app and go to the “Wallet” tab.

2. Select Web3 > Browse.

3. Click on the Caption Marketplace banner and start your adventure!

To learn more, check out our frequently asked questions about how to manage BRC-20 and EVM tokens.

Conclusion

The Caption Marketplace is a new addition to the Web3 Wallet.

It offers a user-friendly platform for a wide variety of lettering and is suitable for both experienced enthusiasts and beginners. As this market continues to grow, Binance is developing new features to make sure you benefit from innovation.

Binance's Inscription Marketplace is an all-in-one marketplace for inscription trading, creation, and exploration. Explore new technology with us and discover all the possibilities of inscriptions in the digital asset space.

Additional Information

Denial of responsibility. Binance's Web3 Wallet is a complementary product. It's up to you to determine if it's right for you. Binance is not responsible for your access to and use of third party applications integrated into the Binance Web3 Wallet, and is not responsible for any actions you take within these applications, including any disputed transactions that may occur. Please read Binance Web3 Wallet Terms of Use carefully and always do your own research.