Binance launches the Binance Inscriptions Marketplace on the Bitcoin blockchain, allowing users to purchase, sell, and mint inscription tokens. This will be accomplished by utilizing the self-custody Binance Web3 wallet in the Binance application.
This announcement comes eight months after Binance announced its intention to launch an NFT marketplace focused on Bitcoin. The organization had recently integrated Ethereum and Polygon-focused NFTs while expanding its ecosystem.
As per the assessment of Binance’s Chief Technology Officer, Rohit Wad, the organization is ecstatic about the worldwide crypto community’s resounding reception of the Binance Inscriptions marketplace. Their objective is to foster innovation by establishing partnerships with industry leaders and introducing cutting-edge technologies that benefit all users.
In addition, Binance announced a partnership with UniSat, the Ordinals project, through which it will supply its users with connectivity via UniSat’s Liquidity and over 60,000 BRC-20 token releases.
Individuals will be granted the ability to buy, sell, and engrave BRC-20 tokens, in addition to EVM tokens, and transfer inscriptions between the Web3 wallet and the Binance exchange platform. Furthermore, users will be granted the ability to utilize the BTC Transaction Accelerator in order to complete transactions at a faster rate.
According to Lorenzo, the Director of UniSat, their ability to support Binance in their inscriptions marketplace represents a tremendous opportunity. This will contribute to the industry’s progress and inspire additional developers and crypto enthusiasts to investigate inscription assets.
Ordinal Bitcoin Inscriptions have been regarded as one of the most coveted cryptocurrency objects for the past year. Inscriptions, akin to non-fungible tokens (NFTs), allow users to create digital artifacts on the blockchain. BRC-20 tokens, which were generated utilizing Ordinal protocols on the Bitcoin blockchain, have gained significant traction.
In recent times, the number of inscriptions for Ordinals has surpassed $1.9 billion. Approximately 370,000 individuals are currently registered on the marketplace, which has recorded nearly 1.8 million transactions. For the past three months, the OKX Bitcoin NFT marketplace has maintained its position as the leading marketplace in terms of sales.