Binance's NFT Marketplace Now Accepts Bitcoin NFTs

On Tuesday, Binance's NFT marketplace, a prominent player in the cryptocurrency exchange space, revealed plans to incorporate Ordinals - Bitcoin-based NFTs - into its platform later this month. However, no specific date was disclosed.

Binance NFT, the marketplace that currently facilitates NFT trading on Ethereum, Polygon, and Binance Smart Chain, is now set to broaden its range by enabling users to acquire Ordinals on the Bitcoin network. This development will allow NFT enthusiasts to purchase and sell inscriptions, or NFTs created on the Bitcoin blockchain, thereby expanding the reach of the nascent Ordinals ecosystem.

Furthermore, to facilitate the adoption of Bitcoin-based NFTs, Binance will permit users to buy them using their Binance accounts, streamlining the process for interested parties. This move eliminates the need for traders to create a taproot-compatible Bitcoin wallet to acquire Ordinals, as was previously necessary for collectors looking to mint TwelveFold Ordinals from NFT giant Yuga Labs. Binance's aim is to simplify and secure the transaction process, thus enabling more buyers to enter the expanding market with ease.

Binance's Head of Product, Mayur Kamat, stated in a press release that he views Bitcoin as "the broadest choice" for NFT collectors and a burgeoning market for the exchange to capitalize on.

“Bitcoin is the OG of crypto,” said Kamat. “We believe things are just getting started here and can’t wait to see what the future holds in this space.”

Although Binance's association with Bitcoin has been generally favorable, recent events have brought some challenges. On Sunday, the exchange had to halt Bitcoin withdrawals twice due to network congestion.

With the number of inscriptions on Ordinals reaching 3 million last week, the demand for marketplaces to adopt Bitcoin NFTs is growing stronger. In March, Magic Eden, an NFT marketplace, included support for Ordinals by integrating Bitcoin wallets Hiro and Xverse. In April, the platform launched a creator launchpad to assist artists in creating their inscriptions before listing them on the secondary marketplace.

Source Coindesk