Starting in late May 2023, Binance will support Bitcoin serial numbers on the NFT marketplace — similar to NFTs on Ethereum.
This means that Binance users will no longer need a separate Bitcoin wallet that supports the Ordinals inscription, making transactions a little easier.
“Binance users can also buy and trade Bitcoin NFTs directly using their Binance accounts,” said a statement from Binance. “This integration brings Binance users more seamless and efficient transactions.”
The largest centralized cryptocurrency exchange also said it would offer “royalty support” and other ways to generate revenue for Bitcoin NFT creators.
Binance product manager Mayur Kamat said it was too early to know what would change after the introduction of Ordinals to the NFT platform, but “time will tell.”
“From the beginning, people have wondered about using bitcoin as an inflation hedge or a store of value. But we saw that it not only represented great value, but could achieve so much more.”
Ordinals, which launched in January, allows users to “burn” text, sounds, art, and even video games into personal satoshi, the smallest unit of BTC. They reside entirely on the blockchain.
News of Binance’s Ordinals integration comes after a series of Ordinals inscriptions helped Bitcoin process the highest number of transactions in its 14-year history on May 1, 2023, on-chain data shows.
More generally, bitcoin transactions are breaking records — there were 444,000 unconfirmed transactions in the mempool Monday morning.
The increase in the number of transactions and skyrocketing fees is why Binance temporarily suspended bitcoin withdrawals on Sunday. The company said it would adjust fees to “prevent similar incidents from happening in the future,” and touted the possibility of integrating Bitcoin’s Lightning Network to speed up transactions.
Binance NFT added support for the Polygon POS network in March 2023 and the Ethereum network in October 2021.
- Bitcoin Ordinals Break Volume Record, TRAC Token Soars 1,000%
- Bitcoin ordinal grows to 3 million inscriptions, but most are just text
According to Blockworks