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James Carter

May 12, 2023

Binance NFT Marketplace Expands Offerings-Good news

Binance’s NFT marketplace plans to start supporting Bitcoin Ordinals later this month. This will add to its ecosystem and give traders and collectors of NFTs new possibilities.

Even though the exchange hasn’t given an exact date for the move, it’s likely to happen soon.

Binance Expands Benefits For NFT Traders And Collectors

At the moment, the Binance NFT market allows NFTs on BNB Chain, Ethereum, and Polygon.

Customers will be able to buy Ordinals on the Bitcoin network directly from their Binance accounts without having to set up a taproot-compatible Bitcoin wallet. This will give customers more options.

Ordinals are generally created through a TwelveFold Ordinals account, but new users can now buy Bitcoin NFTs easily and securely without this extra step.

Creators can also make more money with Binance NFT’s royalty support, which is another benefit of the platform’s growing environment.

The royalty support will pay the creators whose NFTs are sold on the marketplace.

Binance also said that adding support for Bitcoin Ordinal to its platform will let buyers enjoy the exchange’s stability and safety.

They will also be a chance to trade Bitcoin NFTs easily and quickly on the market.

So, Binance asked all NFT groups to work together to help the Bitcoin Ordinals community grow.

Creators who want to work with Binance can use this form to get in touch.

The exchange also said that people who worked together would get some perks, like getting access to Binance’s NFT Discord channel for ecosystem information.

They can also get NFT airdrops from Bitcoin NFT projects that are still in the works.

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Understanding Bitcoin Ordinals

Bitcoin non-fungible tokens are digital objects that are written on the Bitcoin blockchain.

Casey Rodarmor released the ordinal protocol in January 2023. This made it possible for creators to connect data to individual satoshis (the smallest Bitcoin denomination) so they could be identified and used in transactions.

Through an inscription process, people who make NFTs can connect data to each satoshi, such as a video, text, image, or other files.

One thing to note is that 1 Bitcoin is made up of 100,000,000 satoshis, each of which can be written down on the Ordinals system.

The writing on these satoshis gives them unique identifiers that make it possible to track, move, and give meaning to them.

After being written on, these satoshis become digital collectibles that can’t be changed on the network. They are moved around using Bitcoin wallets.

People who like Bitcoin are very happy about this new development.

In a statement to Cryptonews, Alex Strzesniewski, the founder and CEO of AngelBlock, said:

“I think it’s amazing what’s going on with Bitcoin. It seems like Bitcoin is going back to its roots of being “magic internet money,” and this is a normal thing because all technologies change over time. I see the reaction from many BTC “purists,” but I don’t think anyone should use their platform to try to censor transactions and decide what is “valid” and what is “invalid” on any network.

A Brief On Binance NFTs

Binance NFT marketplace is a place where fans can trade with each other.

It’s a place where innovators, artists, and makers can easily mint, trade, and stake tokens that can’t be used for anything else.

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The marketplace has three features: the marketplace itself, Initial NFT Offerings (INO), and NFT-Fi.

Fans from around the world use the marketplace to mint, bid on, buy, and sell NFTs.

The INO is the second feature. It lets collectors buy exclusive NFTs from well-known brands and artists.

Collectors can get exclusive items from singers, celebrities, artists, and athletes through the INO.

The last feature, NFT-Fi, lets users bet their NFT or use them as collateral to get a loan. However, this feature is still in the works and won’t be ready for a while.