The legal proceedings initiated by the Securities and Exchange Commission (SEC) against the main exchange of the crypto sector Binance do not prevent the latter from pursuing its activities. Indeed, Binance has announcement that NFTs based on the Bitcoin blockchain will now be supported on its dedicated marketplace. Affected NFTs include the Bitcoin Bandits, Bitcoin Frogs, Bitcoin Fizzas, Bitcoin Punks, Bitcoin Wizards, Block Legends, BTC DeGods, and BTC Machine collections, among others.
The Binance NFT Marketplace offers many forms of digital artwork and collectibles. It provides a high-liquidity platform for users to launch and trade NFTs. With support for the Bitcoin network, Binance’s community NFT ecosystem continues to grow. Binance NFT can now boast of being an open multi-blockchain market ecosystem.
Binance users can now explore and trade a wide variety of NFTs on four blockchains: Binance’s native blockchain, BNB Smart Chain (BSC), Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC). By removing barriers to entry and providing a user-friendly platform, Binance is positioning itself as the go-to destination for NFT trading. When it comes to bitcoin specifically, users will therefore not have to set up a wallet compatible with the Taproot upgrade but will be able to make purchases directly from their accounts.
Marketplace support for Bitcoin had been announced in May amid the frenzy surrounding NFTs created using the Ordinals protocol. Binance Product Manager, Mayur Kamatsaid in the Press release corresponding that Bitcoin offered the widest choice for NFT collectors. Binance is following the path of magic edenthe Solana-based NFT platform, which had been one of the first to provide a way to create and cast Ordinals.
Binance has not been spared from the Ordinals phenomenon. In effect, the exchange had been forced to suspend bitcoin withdrawals. The outage was attributed to congestion in the Bitcoin network following an unprecedented increase in transactions involving Ordinals. This suspension came at a time when Bitcoin transaction fees had reached an all-time high. At the same time, this saturation had also affected the mempool (memory pool) of the network – where transactions wait to be verified.
This latest development closely follows the introduction of a new feature on the exchange’s NFT Marketplace. It is Binance NFT Loan which allows touse NFTs as collateral to make cryptocurrency loans.