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.
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