Binance Unveils NFT Platform for Minting Bitcoin Ordinals and EVM Inscriptions

9 months ago 5

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Binance launches a new NFT marketplace focused on inscriptions and Bitcoin Ordinals. Users will be able to trade and mint inscriptions with self-custodial wallets.

Binance’s new marketplace will support BRC-20, EVM, and other inscriptions and derive liquidity from UniSat, an Ordinals and inscriptions marketplace.

Binance Says Bitcoin Ordinals Have Matured

Initially, the Binance Inscriptions Marketplace will give users access to over 60,000 BRC-20 tokens. Users of the new marketplace can use a self-custody wallet embedded in the Binance app. Binance will use the UniSat marketplace to offer customers improved liquidity.

The crypto exchange said launching it now was timely, with over 200 million inscriptions on multiple blockchains. In addition, ORDI, a BRC-20 token, recently reached a market capitalization of $1 billion.

The move also closely follows rollouts of inscription services by big exchanges. OKX announced new inscription standards, Doginals, Atomicals, Stamps, and Runes, earlier this week.

Developer Casey Rodamor implemented the idea of inscriptions on the Bitcoin network. Essentially, the Ordinals protocol “inscribes” digital files on the smallest denomination of BTC, called a Satoshi, as part of a transaction.

The Ordinals protocol adds the inscription to a transaction block, allowing miners to immutably store them when they finalize transaction blocks. An NFT, on the other hand, contains data showing where a file is located off-chain.

Bitcoin Projects Venture Into Art

Binance’s decision to launch the inscriptions marketplace suggests it sees potential in the space. The explosion in inscriptions occurred during the 2023 bear market when traders of traditional NFTs hibernated.

Now, given the improved BTC liquidity and mainstream acceptance offered by Bitcoin exchange-traded funds, the stage is set for the space to take off. Given their track record, Rodamor expects Ordinals to take off during the next bull market.

“I don’t even want to know what ordinals is going to be like in a Bitcoin bull market. Shit is going to be wild”

Ordinals will also make mining more lucrative because they can increase miners’ transaction fees. These fees may supplement the losses miners sustain after the next Bitcoin halving.

Inscriptions have found favor with NFT art lovers, as auction house Sotheby’s recently auctioned an Ordinals collection called BitcoinShrooms. The collection was created by an artist named Shroomtoshi, whose pieces interweave the technical and cultural aspects of Bitcoin.

Another collection, developed by a TapRoot Wizards project, is set to be minted later today. The collection, called Quantum Cats, is an homage to a Bitcoin improvement proposal, OP_CAT, and consists of 3,000 digital cats. The minting will take place at 2 p.m. Eastern Time today.