Binance Follows OKX and Crypto.com in Adopting Bitcoin Ordinals

Binance, in a recent press release, announced that users will soon be able to trade and buy Bitcoin NFTs on its platform using wallets that are currently in existence. The new breakthrough will result in an expansion of the multichain NFT environment that Binance now offers including the Bitcoin network.

The Binance NFT market has previously merged with a number of other decentralized networks, such as BNB Chain, Ethereum, and Polygon.

Users of Binance now have the ability to buy and sell Bitcoin ordinals from inside their current Binance accounts thanks to the upgrade. The firm’s statement states that the upgrade would also provide support for royalties and “additional revenue-generating opportunities” for individuals who create Bitcoin ordinals.

Bitcoin ordinals adoption is surging

As more and more markets continue to embrace and provide access to digital assets, bitcoin ordinals, often referred to as bitcoin non-fungible tokens, have emerged as a prominent player in the Web3 ecosystem with Crypto.com also joining suit with their adoption in a recent statement. 

A similar statement had been made by the cryptocurrency exchange OKX around the beginning of May, similar to Binance’s announcement, stating that it will be adding Bitcoin ordinals to its marketplace and wallet ecosystem. 

As stated by Haider Rafique, the CFO of OKX, users were first able to use their accounts to see and save ordinals, with the possibility of minting ordinals being hinted at in the future. first, OKX users could view and store ordinals.

The Bitcoin NFTs are also accessible on markets such as Magic Eden, which introduced the functionality in March and is one of the marketplaces where they may be purchased.

Recent information suggests that the number of ordinals written in Bitcoin has been growing steadily over the last several months. In spite of this, they continue to be a contentious issue within the cryptocurrency community, particularly among Bitcoin maximalists who believe that they go against the spirit of Bitcoin’s original peer-to-peer model.