Bitcoin

Request

ORDI

April

Crypto exchange Binance said its marketplace would enable support for Bitcoin (<a href="https://cryptoslate.com/coins/bitcoin/">BTC</a>) Ordinals.
In a May 8 statement, Binance said it was enabling support for Bitcoin NFTs to elevate its marketplace to a multi-chain, open marketplace ecosystem, where users can explore and trade a variety of NFTs across multiple blockchains from their accounts.
<blockquote>&#8220;Binance NFT believes Bitcoin&#8217;s innovative technology and cultural significance represent an exciting new horizon, offering unique opportunities for NFT creation.&#8221;</blockquote>
The support would enable the exchange users to trade these NFTs directly from their accounts while enjoying its platform&#8217;s security and stability.
Binance <a href="https://www.binance.com/en/blog/nft/binance-nft-marketplace-to-support-bitcoin-nfts-4250480174684233711?ref=AZTKZ9XS&amp;utm_source=BinanceTwitter&amp;utm_medium=GlobalSocial&amp;utm_campaign=GlobalSocial">said</a> it would offer Bitcoin NFT creators royalties when their assets are bought and sold on its platform.
<h2 id="bitcoin-ordinal-inscriptions-cross-5-million">Bitcoin Ordinal Inscriptions cross 5 million</h2>
The number of Bitcoin NFTs spiked above 5 million after a recent surge in activity mainly consisting of text-based assets, data from <a href="https://dune.com/dgtl_assets/bitcoin-ordinals-analysis">Dune analytics show</a>.
CryptoSlate Insight <a href="https://cryptoslate.com/insights/bitcoin-inscriptions-nearing-5m-miners-future-earnings-amid-economic-uncertainty/">reported</a> that these Inscriptions had generated a cumulative fee of 904 Bitcoin, benefiting BTC miners. As of press time, this has risen to 1,019 BTC ($27.64 million), according to Dune analytics <a href="https://dune.com/dgtl_assets/bitcoin-ordinals-analysis">data</a>.
<figure id="attachment_323790" aria-describedby="caption-attachment-323790" style="width: 903px" class="wp-caption aligncenter"><img class="size-full wp-image-323790" src="https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-175417.jpg" alt="Bitcoin Ordinals" width="903" height="564" srcset="https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-175417.jpg 903w, https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-175417-300x187.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-175417-768x480.jpg 768w" sizes="(max-width: 903px) 100vw, 903px" /><figcaption id="caption-attachment-323790" class="wp-caption-text">Source: Dune Analytics</figcaption></figure>
The increase has followed the introduction of the Bitcoin Request for Comment (BRC-20) token standard, which allows users to transferable assets directly through the blockchain network.
In the last 24 hours, there were 241,880 unique inscriptions on Bitcoin, of which 193,349 were text-based. There were less than 500 inscriptions of images, applications, and tokens during the period.
According to the brc-20.io <a href="https://brc-20.io/">website</a>, BRC-20 tokens have a total market cap of over $1 billion — with the top token being Ordi, valued at $471.47 million.
Meanwhile, the BRC-20 tokens have a cumulative volume of over $207 million during the last 24 hours.
The current BTC NFTs drive has <a href="https://cryptoslate.com/bitcoin-transaction-fees-surge-to-24-month-high-amid-brc-20-memecoin-mania/">pushed</a> the average network fees to $30.91 — a level not seen since April 2021.
The post <a rel="nofollow" href="https://cryptoslate.com/binance-nft-marketplace-to-support-bitcoin-ordinals/">Binance&#8217;s NFT marketplace to support Bitcoin Ordinals</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Binance’s NFT marketplace to support Bitcoin Ordinals

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