Bitcoin Ordinals Will Soon Take On Binance's NFT Marketplace, Market Cap Hits Close to $1 Billion
Bitcoin Ordinals Will Soon Take On Binance's NFT Marketplace, Market Cap Hits Close to $1 Billion
Bitcoin Ordinals are the new kids in the street. Largest cryptocurrency exchange by trading volume announced support to Ordinals inscriptions in late May.
The platform did not disclose a specific date of its roll-out, but said it will be ‘in the coming weeks.’
This will be the first time that Binance is adding a product from Bitcoin. The latter will join the ranks of other decentralized networks already present in the Binance NFT market including BNB Chain, Ethereum, and Polygon, CoinTelegraph reports.
Aside from allowing users to purchase, trade, and store Bitcoin Ordinals using their existing accounts, the development will also cover royalty support.
Moreover, there will be a revenue-generating avenue to be offered to those responsible in creating the non-fungible collectibles.
The announcement came just after the market capitalization of BRC-20 tokens built on the Ordinals protocol hit $991 million, decrypt shares. Ordinals protocol allows building of fungible tokens on Bitcoin and mint NFT-like assets that are called ‘inscriptions.’
During the start of the month, Bitcoin Ordinal inscriptions skyrocketed to three (3) million. The parabolic rise came just a month after updating just 58,000 text and image inscriptions in April.
Before Binance, crypto exchange OKX was the first major platform to welcome Ordinals in its exchange in April.
OKX added the service in both its marketplace and wallet ecosystem, allowing users to view and store their Ordinals using their personal trading account. While minting is yet to be finalized, the crypto platform’s executives already hinted of its coming.
Not everyone is positive about Ordinals’ success. BRC-20 minting has caused a sudden spike in the overall Bitcoin transaction fee structure.
A latest update from CoinDesk shows Bitcoin transaction fees showed an 800% increase at $20 per transaction from between $1 to $2 pre-BRC-20.
This is starting to affect users all across the board, especially in regions highly dependent on Bitcoin transfers like Africa.
