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Ordinal bitcoins, also known as bitcoin NFTs, have taken center stage in the Web3 space as more marketplaces continue to accept and offer digital assets.
On May 9th, cryptocurrency exchange Binance announced that it will support Bitcoin ordinals on its NFT marketplace at the end of May. The development will expand the Binance NFT multi-chain ecosystem to include the Bitcoin network.
Previously, the Binance NFT marketplace was integrated with other decentralized networks, including BNB Chain, Ethereum, and Polygon.
Mayur Kamat, Head of Product at Binance, commented on the expansion of market offerings and the legacy of the Bitcoin (BTC) cryptocurrency:
“Bitcoin is the OG of cryptocurrencies.”
The update allows Binance users to buy and trade ordinal Bitcoins from existing Binance accounts. According to the announcement, the update will also include royalty support and “additional revenue opportunities” for those creating Bitcoin ordinals.
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Prior to Binance’s announcement, cryptocurrency exchange OKX also announced in late April that it was bringing Bitcoin ordinals to its trading platform and wallet ecosystem. Initially, OKX users could view and store serial numbers using their accounts, with the option to mint serial numbers in the future, according to Haider Rafik, OKX’s director of marketing.
Bitcoin NFT is also available on marketplaces such as Magic Eden, which integrated the feature back in March.
According to the latest data, the number of entries of Bitcoin ordinals has increased in recent months. On April 2, Bitcoin ordinals reached 58,179 entries, up 83.5% from the previous month. However, on May 1, the total number of bitcoin ordinal inscriptions skyrocketed to over 3 million.
However, they remain a controversial topic in the cryptocurrency community, with bitcoin maximalists criticizing them for deviating from the original Bitcoin peer-to-peer principle.