Binance is launching a new NFT marketplace focused on inscriptions and Bitcoin ordinals. Users can trade and mint inscriptions using self-managed wallets.
Binance’s new marketplace supports BRC-20, EVM, and other inscriptions and draws liquidity from UniSat, an ordinal and inscription marketplace.
Binance says Bitcoin ordinal has matured
Initially, Binance Inscription Marketplace will provide users with access to over 60,000 BRC-20 tokens. New marketplace users can use the self-custodial wallet built into the Binance app. Binance will use the UniSat Marketplace to provide enhanced liquidity to its customers.
The cryptocurrency exchange said the launch is timely now that more than 200 million inscriptions have been recorded across multiple blockchains. Additionally, ORDI, a BRC-20 token, recently reached a market capitalization of $1 billion.
This move is also closely related to the launch of inscription services by large exchanges. OKX released new inscription standards earlier this week: Doginals, Atomicals, Stamps, and Runes.
Developer Casey Rodamor implemented the inscription idea on the Bitcoin network. Essentially, the Ordinals protocol “inscribes” a digital file into the smallest unit of BTC, called a Satoshi, as part of a transaction.
The Ordinals protocol adds an inscription to transaction blocks, allowing miners to store them immutably when they finalize a transaction block. NFTs, on the other hand, contain data that shows where the file is off-chain.
Bitcoin Project, Venture into the Arts Field
Binance’s decision to launch an inscription marketplace suggests that it sees potential in this space. The explosion of inscriptions occurred during the 2023 bear market, when traditional NFT traders were hibernating.
Now, given the improved BTC liquidity and mainstream acceptance offered by Bitcoin exchange-traded funds, the stage is set for this space to take off. Given their performance, Rodamor expects Ordinals to take off in the next bull market.
“I don’t even want to know what the ordinal will do in a Bitcoin bull market. “Poop is going to be rough.”
Ordinal numbers will also make mining more profitable as they can increase transaction fees for miners. These fees can make up for losses suffered by miners after the next Bitcoin halving.
Read more: How to Invest in NFTs – A Step-by-Step Guide to Finding Profitable Projects
Epitaphs have found favor with NFT art enthusiasts as auction house Sotheby’s recently auctioned off a collection of Ordinals called BitcoinShrooms. This collection was created by an artist named Shroomtoshi, whose work combines the technical and cultural aspects of Bitcoin.
Read more: Where to Buy NFTs: Top 15 NFT Marketplaces
Another collection developed by the TapRoot Wizards project will be released later today. Called Quantum Cats, the collection is a tribute to OP_CAT, a Bitcoin improvement proposal, and consists of 3,000 digital cats. Minting takes place today at 2 PM ET.
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