NFT collectors will now be able to get tokens from the bitcoin network directly through their Binance account. The main cryptocurrency exchange will thus save them from having to create a separate wallet to register.
This Tuesday, the non-fungible token (NFT) marketplace of Binance, the leader in cryptocurrency platforms, announced plans to support Ordinals, or Bitcoin NFTs. This support will come later in May, although an exact date has not been announced.
Binance NFTs intends to develop its offer in order to make it easier to buy Ordinals by traders on the Bitcoin platform. The marketplace is already compatible with NFTs on Ethereum, Polygon and its native chain BNB Chain.
So collectors will soon be able to buy and sell listings, or NFTs created on the bitcoin platform. This move will expand the reach of the still-nascent Ordinals ecosystem.
Moreover, in order to promote the adoption of NFTs in bitcoins by users, Binance will allow traders to procure bitcoin NFTs with their Binance accounts. By this, Binance intends to simplify the process for users.
Thus, to buy Ordinals, collectors will not be required to obtain a Bitcoin wallet compatible with Taproot, as is the case for the TwelveFold Ordinals of the Giant Yuga Labs. Binance’s goal is to make the process simple and secure for new buyers to access this growing market.
In a press release, Mayur Kamat, product manager at Binance, said bitcoin was for him “the widest choice” for NFT collectors. Likewise, he considers this to be a growing market in which the platform can position itself.
To this effect, Mayur Kamat said:
“Bitcoin is the OG of cryptocurrency”. “It looks like things are just getting started and we can’t wait to see what the future holds in this area.”
In recent days, the relationship between Binance and bitcoin however, was not entirely positive. Indeed, on Sunday, the platform interrupted bitcoin withdrawals twice, attributing these interruptions to network saturation. The saturation was the result of an overflow of meme token withdrawals.
While last week saw a record 3 million registrations recorded by the Ordinals, the demand for the adoption of NFT Bitcoin by marketplaces is only intensifying.
In this regard, in March, magic eden, the marketplace has announced support for Ordinals, integrating Bitcoin Hiro and Xverse wallets. Subsequently, in April, the marketplace announced the establishment of a launch platform for creators.
The latter aims to help pay artists who can now exchange their listings for cash before they go on sale on the secondary market.