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Binance Unveils NFT Platform for Minting Bitcoin Ordinals and EVM Inscriptions

2 mins
Updated by Ryan James
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In Brief

  • Binance's new Inscriptions Marketplace supports BRC-20 and EVM inscriptions and offers over 60,000 BRC-20 tokens to users.
  • The marketplace opens after the total number of inscriptions has increased to more than 200 million on multiple blockchains.
  • The launch is seen as Binance's recognition of potential in inscriptions, which gained traction during the 2023 bear market.
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Binance launches a new NFT marketplace focused on inscriptions and Bitcoin Ordinals. Users will be able to trade and mint inscriptions with self-custodial wallets.

Binance’s new marketplace will support BRC-20, EVM, and other inscriptions and derive liquidity from UniSat, an Ordinals and inscriptions marketplace.

Binance Says Bitcoin Ordinals Have Matured

Initially, the Binance Inscriptions Marketplace will give users access to over 60,000 BRC-20 tokens. Users of the new marketplace can use a self-custody wallet embedded in the Binance app. Binance will use the UniSat marketplace to offer customers improved liquidity.

The crypto exchange said launching it now was timely, with over 200 million inscriptions on multiple blockchains. In addition, ORDI, a BRC-20 token, recently reached a market capitalization of $1 billion. 

bitcoin ordinals inscriptions
Daily Bitcoin Inscription Data | Source: Dune Analytics

The move also closely follows rollouts of inscription services by big exchanges. OKX announced new inscription standards, Doginals, Atomicals, Stamps, and Runes, earlier this week. 

Developer Casey Rodamor implemented the idea of inscriptions on the Bitcoin network. Essentially, the Ordinals protocol “inscribes” digital files on the smallest denomination of BTC, called a Satoshi, as part of a transaction.

The Ordinals protocol adds the inscription to a transaction block, allowing miners to immutably store them when they finalize transaction blocks. An NFT, on the other hand, contains data showing where a file is located off-chain.

Bitcoin Projects Venture Into Art

Binance’s decision to launch the inscriptions marketplace suggests it sees potential in the space. The explosion in inscriptions occurred during the 2023 bear market when traders of traditional NFTs hibernated.

Now, given the improved BTC liquidity and mainstream acceptance offered by Bitcoin exchange-traded funds, the stage is set for the space to take off. Given their track record, Rodamor expects Ordinals to take off during the next bull market. 

“I don’t even want to know what ordinals is going to be like in a Bitcoin bull market. Shit is going to be wild”

Ordinals will also make mining more lucrative because they can increase miners’ transaction fees. These fees may supplement the losses miners sustain after the next Bitcoin halving.

Read more: How To Invest in NFTs – A Step-by-Step Guide To Find Profitable Projects

Inscriptions have found favor with NFT art lovers, as auction house Sotheby’s recently auctioned an Ordinals collection called BitcoinShrooms. The collection was created by an artist named Shroomtoshi, whose pieces interweave the technical and cultural aspects of Bitcoin. 

bitcoin ordinals nft art
BitcoinShrooms Sovereign Individual | Source: Sotheby’s

Read more: Where To Buy NFTs: The Top 15 NFT Marketplaces

Another collection, developed by a TapRoot Wizards project, is set to be minted later today. The collection, called Quantum Cats, is an homage to a Bitcoin improvement proposal, OP_CAT, and consists of 3,000 digital cats. The minting will take place at 2 p.m. Eastern Time today.

Top crypto projects in the US | June 2024

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...
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