Key points

  • The Binance Inscription Marketplace, integrated into the Binance Web3 Wallet, offers a hassle-free and convenient way to trade and mint various Inscription Tokens.

  • Captions allow a variety of 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, many other networks via dApp, and a BTC transaction accelerator.

NOTE: This is a general announcement. Some products and services may not be available in your region.

Welcome to a new stage in the development of the Binance Web3 wallet with the introduction of Inscription Marketplace. This platform is not just another shopping center; is a leap into the world of lettering, combining innovation with accessibility for users. This guide will give you a comprehensive understanding and walk you through every step along the way, from the basics of what inscriptions are and their origins in Bitcoin, to the role of BRC-20 tokens and extensions to the Ethereum Virtual Machine (EVM) networks.

We will also discuss the practical benefits of lettering and the new popular market it has created. And for those ready to dive in, we'll show you how to get started with the Lettering Marketplace. Get ready to go on an interesting journey with this new trend.

Binance Inscription Marketplace: Your One-Stop Solution

In our ongoing effort to make Web3 as accessible as possible, we are pleased to announce the launch of the Binance Inscription Marketplace, a new platform within Binance's Web3 wallet. This marketplace is your gateway to the world of lettering. Let's take a look at what you can expect from our lettering marketplace:

A one-stop solution for inscription tokens: Binance's inscription marketplace offers a seamless, user-friendly interface for trading and creating a wide variety of inscriptions, including BRC-20 and EVM tokens. This consolidation provides users with a universal platform to manage their listings, simplifying the process and improving the overall user experience.

BTC Transaction Accelerator: The marketplace also provides access to a BTC transaction accelerator. This tool significantly speeds up Bitcoin transactions, which is an important aspect when working with inscriptions. Faster transactions mean faster deals and signings, allowing users to stay one step ahead in the ever-changing world of digital assets.

Integration with UniSat to improve liquidity and options: The Binance Inscriptions Marketplace uses the API of UniSat, the leader in ordinals and inscriptions. This integration gives users access to UniSat's extensive liquidity and supply of over 60,000 BRC-20 tokens. This partnership expands market opportunities by offering users an unmatched array of options and liquidity.

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, ensuring a safe and enjoyable experience. Users will also be able to move labels between their Web3 wallet and the Binance exchange in one click.

The launch of the Inscription Marketplace is a long-awaited event for our Web3 wallet, which enhances your journey on the decentralized network with a wide range of features. But if you're unfamiliar with the concept of inscriptions or want to understand their impact, then read on as we dive into the nitty gritty, shedding light on their role in today's landscape.

What are inscriptions?

In the ever-evolving world of blockchain, an exciting new concept has emerged: inscriptions.

The concept of inscriptions originated from Bitcoin Ordinals. Since the Bitcoin network does not support smart contracts, it cannot directly process NFTs or similar tokens.

However, with the innovation of Ordinals, developers found a way to fit data into individual satoshis (Bitcoin's smallest unit). This has opened up new frontiers for creating digital assets on a blockchain that was not originally designed for them.

Unlike traditional inscriptions on the Bitcoin blockchain, which include transaction data, inscriptions can contain different types of data, such as text and images. They are immutable, meaning that once written they cannot be changed or deleted, ensuring permanence and security.

BRC-20 tokens and their role

BRC-20 tokens are a significant leap forward in the world of inscriptions. It is a type of inscribed token minted through Ordinal protocols on the Bitcoin blockchain.

Thanks to the Ordinals protocol, BRC-20 tokens are assigned ordinal numbers to satoshis (Bitcoin's smallest unit), allowing for the creation of interchangeable tokens directly on the Bitcoin blockchain.

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

Inscriptions in EVM networks: expanding the possibilities of the blockchain

As scripts become more popular, their use in Ethereum Virtual Machine (EVM) networks has seen a significant evolution – similar to their counterparts on the Bitcoin blockchain, but with some differences. Rather than writing on individual satoshis, they involve embedding the data into the input data of a transaction on Ethereum (or equivalent EVM-compatible networks).

This process allows different types of data such as text, images and code to be written directly into EVM blockchains. This ensures that the entered data is an integral part of the blockchain transaction, thus maintaining its permanence and security.

EVM scripts do not rely on smart contracts, but are part of the transaction input. This approach makes writing in EVM networks inherently different and often more efficient in terms of gas usage compared to storing data in smart contracts.

Why labels are important

Captions aren't just a new feature in the blockchain space; they offer benefits that every user should be aware of. Let's consider the main reasons why it is worth paying attention to them.

Onchain Simplicity and Increased Decentralization: Inscriptions help simplify direct onchain interactions. This eliminates the need for off-chain protocols, simplifying the process of processing assets on the blockchain. By keeping more activity on the network, inscriptions help support the decentralized spirit of blockchain technology. A key factor stimulating the growth of the number of inscriptions is the democratization and accessibility of token creation.

Fair launch - democratization of access to tokens: thanks to inscriptions, anyone can deploy a token and anyone can mint transparently (with respect to the minting limit). It is important to note that it is not easy for a small group to control inscribed tokens if the mintage limit is set properly. It is this careful balance that embodies the spirit of blockchain's decentralized nature.

A New Form of Tokenization: Inscriptions Open Up New Opportunities for Blockchain Tokenization. Bitcoin has traditionally been seen as a digital savings vehicle similar to gold. However, with inscriptions, Bitcoin (and other blockchains) can be used in a whole new way. This tokenization adds another layer of value to the blockchain, expanding its utility.

Bitcoin Inscriptions - Increased Network Security: By increasing the volume of transactions (and therefore transaction fees), the inscriptions incentivize more miners to participate. This results in increased hash power, making the network more secure. The attack probability of 51%, when the entity gains control over the majority of the mining capacity, is significantly reduced.

EVM Inscriptions – Reduced Costs: Inscription tokens offer a cost-effective alternative to traditional smart contract-based tokens, making transactions cheaper and more efficient. The reason is the lower cost of transferring these tokens. It is cheaper to move ETH together with a token with an inscription than to transact with a token created through smart contracts.

The Birth of a New Market: The growth of this trend attracted a diverse community, which contributed to the growth of the coinage, trade, and ownership of inscriptions. This market received significant recognition when the BRC-20 token, ORDI, reached a market capitalization of $1 billion in December 2023, illustrating the significant potential of these assets. Adoption extends beyond Bitcoin, with more than 200 million inscriptions on various other blockchains, underscoring their popularity.

How to start working with inscriptions

Getting started on the Binance Inscription Marketplace is as easy as 1, 2, 3.

1. Log in to your Binance app and go to the [Wallet] tab.

2. Select [Web3] and then [Recommendations].

3. Tap the [Inscription Marketplace] banner and start your adventure!

For more information, see the FAQ on how to manage BRC-20 tokens and how to manage EVM tokens.

Results

The Inscription Marketplace is an exciting new addition to the Binance Web3 wallet.

Offering a user-friendly platform for a diverse range of inscribed tokens, it is suitable for experienced enthusiasts as well as beginners. We are watching this new market grow and Binance continues to evolve to best serve you, our users.

Whether you want to trade, coin, or explore the world of tokens, the Binance Coins Marketplace is your one-stop gateway. Join this new chapter and discover all the possibilities that lettering brings to the digital asset space.

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Disclaimer: Binance Web3 Wallet is an add-on product. You should determine if this product is right for you. Binance is not responsible for your access to or use of third-party applications (including features built into the Binance Web3 Wallet) and assumes no liability in connection with your use of such third-party applications, including transactions that you believe are inconsistent with your use. Please review the Binance Web3 Wallet Terms of Use carefully and always do your own research.