Binance, the crypto exchange that was recently sued by the United States Securities and Exchange Commission (SEC) for violating securities laws, has announced its support for Bitcoin non-fungible tokens (NFTs). This move comes as NFTs on the Bitcoin blockchain have gained significant attention in the crypto market.
The supported Bitcoin NFTs on Binance include popular collections such as Bitcoin Bandits, Bitcoin Frogs, Bitcoin Fizzas, Bitcoin Punks, Bitcoin Wizards, Block Legends, BTC DeGods, BTC Machine, and more. These NFTs are created using a relatively new concept called “ordinals,” which involve on-chain artwork linked to satoshis, the smallest unit of Bitcoin. The popularity of ordinals has contributed to a surge in Bitcoin mining revenue, reaching its highest level in over two years. Over the past few weeks, ordinals have witnessed a growing trend, with more than 1 million inscriptions, or messages embedded onto the blockchain, containing NFT or token information.
Binance’s NFT marketplace is set to become one of the largest platforms for trading Bitcoin NFTs, following the footsteps of Magic Eden. Additionally, the marketplace supports trading NFTs on BNB Chain, Ethereum, and Polygon, offering users a wide range of options for their NFT transactions.
While Binance faces legal challenges from the SEC, the exchange continues to expand its offerings and seize opportunities in the thriving NFT market. By embracing Bitcoin NFTs and providing a robust platform for trading them, Binance aims to cater to the growing demand for digital collectibles and further strengthen its position in the crypto industry.