Binance, the world’s largest cryptocurrency exchange, has announced its plan to add support for Ordinals, or Bitcoin NFTs, to its non-fungible token (NFT) marketplace later in May. While an exact date has not been revealed, Binance NFT is expanding its offerings by allowing traders to purchase Ordinals on the Bitcoin network, in addition to supporting NFTs on Ethereum, Polygon, and its native BNB Chain.
The action is being taken as Binance tries to get into the booming market for Bitcoin Ordinals, which has experienced a rise in demand due to a memecoin frenzy that is pushing the market value of BRC-20 tokens closer to the $1 billion mark. On Monday, the market value of all BRC-20 tokens exceeded $900 million. The majority of these tokens were memecoins, with Ordi leading the pack with a fully diluted market worth of $525 million.
By adding support for Bitcoin Ordinals, Binance customers will be able to buy and sell inscriptions, or NFTs created on the Bitcoin network, without needing to use a separate Bitcoin wallet. As Binance has more than 100 million active users, the move could help to increase trading volumes for Bitcoin Ordinals, expanding the reach of the nascent Ordinals ecosystem.
Binance’s Head of Product, Mayur Kamat, expressed his excitement about bringing Bitcoin Ordinals to Binance NFT, stating that “Bitcoin is the OG of crypto.” The addition of Bitcoin Ordinals will further grow Binance’s multi-chain ecosystem, making it more appealing to traders and collectors alike.
In conclusion, Binance made a key move by announcing that it would introduce support for Bitcoin Ordinals to its NFT marketplace. This would allow the exchange to capitalize on the rapidly expanding Bitcoin NFT market. The decision by Binance will help to enhance trade volumes for Bitcoin Ordinals, further boosting demand for these digital assets as memecoins make up the bulk of tokens developed utilizing the BRC-20 standard.