Bitcoin Ordinals are coming to Binance. The world’s premier cryptocurrency exchange declared that from late May, its NFT marketplace will begin supporting Ordinals. Let’s explore what that implies for the users.
What does this change for Binance customers?
This development means that Binance customers will have the ability to trade Ordinals directly. In fact, it eliminates the need for a separate Bitcoin wallet, as outlined in the company’s statement.
Binance’s Head of Product, Mayur Kamat, voiced his enthusiasm for this new development, stating, “Bitcoin is the OG of crypto. We are super excited to bring Bitcoin Ordinals to Binance NFT.”
Since the inception of Bitcoin ordinals in December 2022, over five million have been minted. That generated a staggering total of 996.23 BTC (around $27.6 million) in transaction fees, according to data from The Block Research.
This growth has seen the emergence of several inscriptions marketplaces such as Ordswap, Ordinals Market, and Ordinals Wallet. Even Magic Eden, the largest Solana NFT marketplace, has jumped on the bandwagon, launching an inscriptions marketplace in March.
Did Bitcoin Ordinals congested the platform?
Binance’s announcement comes on the heels of a temporary pause in Bitcoin withdrawals. The platform attributed the outage to network congestion, while its competitors remained fully operational. Interestingly, this pause coincided with a period of soaring Bitcoin transaction fees and a severely backlogged network mempool, where transactions queue for verification.
The crypto community speculated that transactions involving BRC-20 tokens were causing the congestion. These tokens, constructed and traded using Ordinals, are coins built on top of Bitcoin using text-based inscriptions.
Unlike the image-based inscriptions common in traditional NFTs, these tokens represent a shift in the NFT market dynamics.
Despite the existing version of Binance’s Bitcoin NFT marketplace not supporting BRC-20 tokens, the landscape is evolving rapidly. In recent weeks, image-based inscriptions have been overshadowed by these new Bitcoin-based tokens and text-based inscriptions.
This shift indicates a preference for text-based inscriptions, further validating Binance’s strategic move to support Ordinals and solidifying its position at the forefront of the ever-evolving crypto market.
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