Binance NFT, the non-fungible token (NFT) marketplace of the leading cryptocurrency exchange Binance, announced its plan to add support for Ordinals, or Bitcoin NFTs in the coming weeks. While the exact date of the launch has not yet been revealed, Binance NFT intends to expand its offerings by enabling traders to purchase Ordinals on the Bitcoin network, in addition to NFTs on Ethereum, Polygon, and BNB Chain.

Expanding the Reach of the Nascent Ordinals Ecosystem

With the addition of support for Bitcoin-based NFTs, collectors can soon buy and sell inscriptions on the Bitcoin network, which will broaden the reach of the nascent Ordinals ecosystem. In a press release, Binance Head of Product Mayur Kamat expressed his confidence in Bitcoin as “the broadest choice” for NFT collectors, as well as a growing market for the exchange to tap into. Kamat also stated that Binance aims to make the process of buying and selling Ordinals simple and secure for new buyers to enter the growing market.

Simplifying the Process for Users

To help onboard users to Bitcoin NFTs, Binance NFT will allow traders to purchase Bitcoin-based NFTs with their Binance accounts, bypassing the need to create a separate wallet for inscriptions. This means that instead of having to set up a taproot-compatible Bitcoin wallet to purchase Ordinals, as collectors wanting to mint NFT giant Yuga Labs’ TwelveFold Ordinals needed to do, Binance NFT aims to make the process simple and secure for new buyers to enter the growing market.

The Future of Bitcoin NFTs

Bitcoin is the OG of crypto, and with the growing popularity of NFTs, it’s no surprise that Binance NFT is expanding its offerings to include Ordinals. While Binance’s relationship with Bitcoin hasn’t been all positive in recent days, with the exchange citing network congestion as the catalyst for pausing Bitcoin withdrawals twice, the addition of support for Bitcoin-based NFTs is a step towards making the process of buying and selling Ordinals more accessible to new buyers. As the NFT market continues to evolve, it will be interesting to see what the future holds for Bitcoin-based NFTs and the broader NFT ecosystem.