A revolutionary wave is sweeping across the cryptocurrency realm as Bitcoin ordinals redefine the management of digital assets. Injecting a new sense of enthusiasm into the NFT arena with digital art stored on the Bitcoin blockchain, numerous crypto platforms are racing to embrace this robust innovation and establish their dominance within the industry. In a recent development, OKX Wallet is making waves in the crypto world as the first multi-chain platform to enable viewing and transfers of Bitcoin ordinals, taking digital asset management to a whole new level.
OKX Meets The Hyped Bitcoin Ordinals
OKX, a prominent Web3 technology company and the second-largest crypto exchange by trading volume, has taken a significant leap forward by upgrading its OKX Wallet and NFT Marketplace. This enhancement enables users to view and transfer Bitcoin (BTC) ordinals, positioning OKX as the first multi-chain platform to offer such support.
The OKX Wallet now accommodates BTC taproot addresses via its browser extension, with mobile support soon to follow, unlocking access to Bitcoin ordinal functionality. This innovative upgrade allows OKX users to seamlessly import their BTC wallets and explore their Bitcoin ordinals within a single, powerful multi-chain wallet, rather than managing them separately using a dedicated Bitcoin-only wallet.
Following the exciting launch of Bitcoin Punks NFTs on the OKX NFT Marketplace on March 7, users were granted the ability to purchase ordinals using ETH. In the near future, OKX will introduce minting and trading functionality for ordinals on its NFT Marketplace, allowing users to not only create, but also buy and sell ordinals directly on the platform. This forthcoming expansion is poised to elevate user experience and further solidify OKX’s position as a pioneer in the rapidly developing world of Bitcoin ordinals.
Bitcoin Ordinals Blows The NFT Space
The burgeoning Bitcoin NFT market, still in its infancy, has been experiencing explosive growth, with charts reflecting skyrocketing new inscriptions and trading fees. Data from Ordinals Global reveals that the top 30 Bitcoin NFT Ordinals collections have accumulated over 2,807 Bitcoin in total sales volume, equating to more than $76 million at present rates.
Miners have received upwards of $5 million in fees, and the market has already surpassed 1.6 million inscriptions. This surge in Bitcoin Ordinals NFT activity coincides with a noticeable decline in Ethereum NFT market volume, which appears to be on the brink of a downturn.
OKX Chief Marketing Officer Haider Rafique commented, “Ordinals is an exciting development in the Bitcoin ecosystem. The OKX Wallet is designed to be the most interoperable and easy to use all-in-one crypto wallet. This meant we had to move fast to welcome the ordinals community and give them an easy way to store, manage, and soon mint ordinals within our wallet services. I hope this integration helps bring more people into play with this new utility and discover new possibilities on top of Bitcoin.”
Ordinal Theory introduces a unique numbering system that allocates a specific number to each Satoshi (or sats, representing 1/100,000,000 of a whole Bitcoin) for tracking and transferring purposes. These assigned numbers are known as Ordinals.
Ordinals are numbered in the order they are mined, and this innovative approach enables digital assets like NFTs and stablecoins to be linked to a particular Ordinal.
OKX Chief Innovation Officer Jason Lau said, “We’ve had our eye on the explosion of activity with Bitcoin ordinals and we’re excited to deliver a seamless experience for users to see and interact with their NFTs across different chains. Additionally, adding support for BTC Taproot addresses will enable cheaper and more compatible transactions for OKX Wallet users. We are excited to see the Bitcoin ecosystem grow and look forward to adding even more features.”
By leading the charge in the adoption of Bitcoin ordinals, OKX Wallet has shown its commitment to delivering promising solutions and staying at the forefront of the crypto space.
