Binance Inscriptions Marketplace Debuts on Bitcoin Blockchain – NFT News and Insights from the Industry – NFTgators
Quick take:
Binance has unveiled its anticipated Binance Inscriptions Marketplace on the Bitcoin blockchain. The crypto exchange company announced Thursday that the platform will allow users to to buy, sell, and mint inscription tokens using the self-custody Binance Web3 Wallet within the Binance app.
This unveiling comes eight months after Binance first announced it was launching a Bitcoin-based NFT marketplace in May 2023. The company had previously integrated Ethereum and Polygon-based NFTs, further expanding its ecosystem.
Commenting on Binance Inscriptions Marketplace unveiling, Rohit Wad, Binance’s Chief Technology Officer, said in a statement: “Binance is heartened by the appeal and traction that inscription technology has garnered from the global crypto community. We aim to drive innovation by collaborating with industry leaders, blending convenience with cutting-edge technology for all users.”
Binance also announced a strategic partnership with the Ordinals project UniSat, giving its users access to UniSat’s liquidity depth and over 60,000 BRC-20 token offerings.
Users will be able to buy, sell, or inscribe BRC-20 tokens, and EVM tokens, as well as, transfer inscriptions between the Binance exchange platform and Web3 Wallet. They will also be able to leverage the BTC Transaction Accelerator to enjoy fast transaction speeds.
Lorenzo, Director at UniSat commented: “We are honoured to assist Binance with their Inscriptions Marketplace. Our shared commitment toward innovation will fuel industry growth and inspire more developers and crypto enthusiasts to explore inscription assets.”
Bitcoin Ordinal inscriptions have become some of the most popular cryptocurrency products over the past twelve months. Like NFTs, Inscriptions allow users to create digital artefacts on the blockchain. BRC-20 tokens, minted via the Ordinal protocols on the Bitcoin blockchain, have become some of the most sought-after inscription tokens.
As of February 1, 2024, Ordinals Inscriptions volume surpassed $1.9 billion, according to the Dune Analytics dashboard prepared by Domo.
The marketplace has registered nearly 1.8 million trades and boasts over 370k users to date. OKX Bitcoin NFT marketplace has dominated sales over the past 90 days.
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