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.

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

Photo Credit: Unsplash

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

  • 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.

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.

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).

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.

OnePlus recently launched its first tablet in India, the OnePlus Pad, which is only sold in a Halo Green colour option. With this tablet, OnePlus has stepped into a new territory that's dominated by Apple's iPad. We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges


For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Radhika Parashar
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 More
Moto Razr 40 Leaked Press Images Suggest Design, Colour Options Ahead of Launch
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us


© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »