Binance goes to Ordinals – Since the beginning of 2023, the Bitcoin Ordinals have boomed, attracting more and more investors and collectors to the Bitcoin network. Ordinals are non-fungible tokens (NFTs) deployed on the Bitcoin network, which allow their owners to prove digital ownership of their satoshis and related content.
Ordinals: an unexpected boom
Ordinals is a protocol evolving on the Bitcoin blockchain, which allows to register satoshis in order to link content to them. Thus, this protocol allowed the emergence of an entire NFT ecosystem on the Bitcoin network.
Since its launch in January 2023, the total number of Ordinals has exceeded the 3.5 million mark. In addition, the number of Ordinals registrations in 24 hours broke a record on May 1, surpassing 350,000.
At the same time, this exponential growth has led to a significant increase in the number of daily transactions on the blockchain, reaching 682,000, which the network has never reached before.
Quickly, many influential entities in the industry rushed into the breach. We can cite in particular the collection of NFT TwelveFold launched by the giant Yuga Labs, at the origin of BAYC.
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Binance NFT adds support for Ordinals
On May 8, the platform Binance announced add support for NFT Ordinals on its NFT buying and selling platformBinance NFT.
“This groundbreaking change will expand Binance’s NFT ecosystem by incorporating Bitcoin’s unique culture and innovative technology, while providing even more opportunities for NFT collectors and traders. Get ready to welcome the new possibilities that Bitcoin and its creative community are now bringing to the world of NFTs. »
Thus, the NFT Ordinals will be added to the NFTs of the Ethereum, Polygon and BNB Chain blockchains, already supported by Binance NFT.
Therefore, Binance account holders will be able to buy and resell NFT Ordinals, without needing to have a specialized Ordinals wallet.
Additionally, NFT creators will also be able to leverage the platform to benefit from royalties on their NFTs.
“Creators will be able to earn royalties when their digital assets are bought and sold on the platform. This will foster a sustainable and thriving ecosystem for artists and other content creators. »
Unfortunately, Ordinals do not only have positive effects on Bitcoin. In effect, the increase in the number of daily transactions has created a situation of congestion on the network. Who says congestion, says increase in transaction costs.
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