Binance Adds Ordinals Support

Binance’s NFT marketplace has announced that it plans to add support for Ordinals (Bitcoin NFTs) later in May, but no firm date has yet been set. Binance NFT, which supports NFTs on Ethereum, Polygon and BNB Chain, plans to expand its space so that investors can purchase Ordinals tokens on the Bitcoin network. Collectors will soon be able to buy and sell inscriptions created on the Bitcoin network. This development will also increase access to the Ordinals ecosystem.

In addition, the exchange will allow traders to directly purchase these NFTs with their Binance accounts, making the process easier for users. Stating that it aims to make the process of entering the growing market simple and secure for new buyers, Binance will ensure that users do not need to create a taproot compatible wallet to purchase Ordinals. Saying that Bitcoin is “the most comprehensive option” for NFT collectors, Binance product manager Mayur Kamat used the following statements in his press release:

Bitcoin is the OG of crypto and it’s just getting started. We look forward to seeing what the future brings.

However, over the weekend, the stock market paused Bitcoin withdrawals twice and said that the reason was the congestion in the network, showing that the relationship between the two was not overly positive. Market interest and demand seem to have increased since the Ordinals protocol hit 3 million inscriptions last week. NFT marketplace Magic Eden introduced a creator launchpad in April to help artists mint inscriptions, after integrating Bitcoin wallets Hiro and Xverse in March and adding Ordinals support.