Binance to Add Bitcoin Ordinals to Its NFT Marketplace
Ordinals are a new way of creating and owning digital assets on the Bitcoin network. They are similar to NFTs, but instead of using a separate blockchain or token standard, they use the smallest unit of Bitcoin, called a satoshi, to track ownership of content stored on the blockchain such as images or text. Recently, Ordinals usage has been increasing and causing heavy congestion on the Bitcoin network.
The popularity of Ordinals has caught the attention of Binance, who plan to add the protocol to the Binance NFT Marketplace. Bitcoin Ordinals on Binance NFT Marketplace allows users to buy and sell ordinals using supported cryptocurrencies. Binance NFT Marketplace is already integrated with a number of other blockchain networks such as BNB Chain and Ethereum.
Bitcoin Ordinals on Binance NFT Marketplace is a positive sign for the development of Ordinals as a platform for NFT issuance. However, the concept of Ordinals has proven to be rather controversial in the greater Bitcoin community, as many purists would rather see block space used solely for the peer-to-peer (P2P) cash use case.
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