- This will happen by the end of May.
- The exchange will also add additional ways to monetize tokens
- The popularity of Ordinals is growing, and with it, the load on the network is also increasing
- As a result, the average transaction fee exceeded $19 at the beginning of this week.
Today, May 9, the Binance cryptocurrency exchange announced that it will add support for Bitcoin Ordinals in its proprietary NFT marketplace. According to the press release, it will happen at the end of this month.
Recall that the Ordinals protocol was launched in January this year. It allows users to insert NFTs into bitcoin transactions via the Taproot soft fork. Since then, Ordinals’ popularity has steadily grown.
Grayscale believes that the integration of this solution will spur the development of the industry. But at this stage, the popularity of the Ordinals and BRC-20 has brought only delays and increased commissions.
However, in Binance, apparently, consider this direction is promising. The integration of Ordinals on the Binance NFT platform will allow users to buy and sell tokens using existing accounts on the exchange.
In addition, digital artists who create Ordinals will have “extra” ways to monetize content. Also, royalties will be charged from buyers of tokens. Prior to this, the integration of Ordinals was announced in Magic Eden and OKX.
“We want to offer our users the widest choice of investment products. Bitcoin is the OG of cryptography. We are excited to announce the integration of Bitcoin Ordinals on Binance NFT. We believe that this is just the beginning, and there is much more to come in the future,” Mayur Kamat, Head of Product at Binance.