Binance NFT Adds Support for Bitcoin NFT

The largest cryptocurrency exchange Binance has its own platform for the sale of non-interchangeable NFT tokens. The other day it became known that the marketplace is going to add support for Bitcoin ordinals. Thanks to this, there will be more opportunities for collectors and creators. Also, due to this, the multi-chain ecosystem of the site will expand.

What are Bitcoin Ordinals

The Ordinals protocol was launched earlier this year to create Bitcoin NFT. To do this, data is attached to certain Satoshi, i.e. the smallest indivisible part of bitcoin is used on its blockchain. Each coin contains 100 million Satoshi.

Ordinals carries out the identification of each individual Satoshi for their further general sending together with additional data. You can transmit text, picture, video or any other content. 

Bitcoin NFT support became possible after several updates of the blockchain of the first cryptocurrency itself. We are talking about the SegWit updates that took place in August 2017 and Taproot in the fall of 2021. As a result, ordinal inscriptions no longer need a sidechain or a separate token. Now you can create real NFT collections using the bitcoin blockchain.

During the first 3 months after the start of the protocol, the participants of the crypto network were able to create over 1 million inscriptions. Thanks to him, the blockchain has another option for using the cryptocurrency network, in addition to simply storing coins and conducting transactions.

What is the marketplace of non-interchangeable Binance tokens?

The marketplace is a universal platform for those who like NFTs and who collect them. Support is provided through the entire Binance infrastructure and an active community. 

The site brings together artists, content creators and innovators from all over the world. Here you can create, trade non-interchangeable tokens, as well as add them to staking. 

In addition, the Binance team has added a new NFT-Fi feature. It makes it possible to use staking and loans with interchangeable tokens. This allows you to fully unlock the financial potential along with the value of the asset.

The marketplace works in several directions at once:

  1. Directly a trading platform. Here you can also create NFT or participate in auctions from all over the world.
  2. Initial Coin Offering or INO. Here you can buy exclusive tokens from the best artists or large-scale brands. Users are given access to various works by creative personalities from all over the world.
  3. NFT-FI. What we talked about just above. Here you can use non-interchangeable coins as collateral for making loans. This feature will soon be fully added to the site.

Thanks to these directions, the marketplace has become a full-fledged trading platform with many opportunities.

Why are bitcoin ordinals being added to the platform?

At the moment, the marketplace is able to support only 3 crypto networks. These include the BNB Chain directly developed by Binane, Ethereum and Polygon. Bitcoin Ordinals will also be added in the near future.

Thanks to innovative technologies and the cultural significance of the first blockchain, the horizons and unique methods of implementing NFT in various forms will expand.

By integrating bitcoin, Binance confirms its statute with an open market ecosystem that continues to support various blockchains and projects. 

What benefits are waiting for users?

Binance NFT, together with the crypto space, wants to expand the opportunities of NFT market participants. Due to the support of bitcoin ordinals, users will have a number of new features:

  1. It will become easier to buy and trade BNFT directly in the exchange account. You won't have to create another crypto wallet for them.
  2. Ensuring convenient and efficient trading on the platform through integration.
  3. Ensuring a high level of stability and security at the expense of the Binance infrastructure.

A convenient platform for trading NFT continues to develop. It not only adds Ordinals to its platform, but also creates additional earnings by trading digital assets.

This creates a sustainable and thriving ecosystem for people with creative potential who seek to create content in its various variations.

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