Bitcoin-Based Ordinal NFTs Get New Trade Booth at Binance’s Marketplace: Details

When an NFT is inscribed on one Satoshi unit of the Bitcoin blockchain, it comes under the category of Ordinals NFT.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 10 May 2023 14:50 IST

Photo Credit: Unsplash

Binance has not yet announced the exact date it plans to start listing Ordinal NFTs

Highlights

Binance launched its NFT marketplace in April 2021
It is among the first major NFT marketplaces to add support for Ordinals
Ordinal NFTs are built on the smallest unit of Bitcoin called Satoshi

Ordinals, an up-and-coming category of non-fungible tokens (NFTS), has found itself a new hotspot for buying, selling, and trading on the Binance NFT marketplace. Binance will be adding support for these Bitcoin blockchain-based NFTs later in May, the exact date of which remains undisclosed as for now. With this development, the crypto exchange is looking to drive in engagement from NFT collectors by expanding its range of digital collectible offerings. Up until now, only some NFT marketplaces support the Ordinals category of NFTs.

“This groundbreaking move will broaden the Binance NFT ecosystem by incorporating Bitcoin's unique culture and innovative tech, while offering NFT collectors and traders even more opportunities. More than one million inscriptions have been made within the first three months of the Bitcoin Ordinals launch (in January 2023),” said Binance in an official blog post.

Binance NFT x Bitcoin Ordinals

:large_orange_diamond: Bitcoin NFTs are soon coming to our marketplace, offering more opportunities for collectors and creators in our multi-chain ecosystem.

Here's everything you need to know :thread:
— Binance NFT (@TheBinanceNFT) May 9, 2023

When an NFT is inscribed on one Satoshi unit of the Bitcoin blockchain, it gets classified as an Ordinal NFT. Satoshi, named after Bitcoin's anonymous creator, is the smallest denomination of Bitcoin.

Through the Ordinals protocol, every individual satoshi can be identified and transacted with extra data like text, images, videos or other forms of content attached or inscribed.

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Not a lot of NFT marketplaces, for now, have listed Ordinal NFTs, given its recently highlighted existence. Binance, with this move, will ink its name among the first major NFT marketplaces to attract artists and collectors of Ordinal NFTs.

The lack of authentic platforms for the transactions of Ordinal NFTs came into light in March, after BAYC parent Yuga Labs announced its own Ordinal NFT collection called TwelveFold.

In the absence of a marketplace that facilitated the sale of Ordinal NFTs at the time, the parent of the Bored Apes Yacht Club NFT series, sold TwelveFold NFTs in an auction and collected a whopping $16.50 million (roughly Rs. 135 crore).

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Industry insiders, however, criticised Yuga Labs for asking potential buyers to deposit the full amount of their bids directly with Yuga in order to be considered. At the time, Yuga Labs said it would return the rejected bids within 24 hours of the auction's conclusion.

Soon after this chaos, Magic Eden NFT marketplace announced that it would support Ordinal NFTs.

As for the Binance NFT marketplace, it already supports NFTs built on Ethereum and Polygon among other blockchains.

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Further reading: Cryptocurrency, Bitcoin, Binance NFT, Ordinals, Non Fungible Tokens

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More