Binance has been aggressively growing its NFT marketplace in a variety of ways in order to become a top platform for buying, selling, and trading NFTs.
Binance, the world’s largest crypto exchange has expressed interest in adding Bitcoin Ordinals to its Non-Fungible Token (NFT) marketplace by the end of May. According to the announcement, Binance will also offer royalty support and additional revenue-generating opportunities for Bitcoin NFT creators.
Bitcoin Ordinals are becoming popular and unique in the NFT ecosystem thus fueling the push by Binance to add it to its marketplace. This listing is essential in order to attract more customers and provide more diversified NFT options.
While commenting on the update, Binance’s Head of Product Mayur Kamat highlighted that the firm is thrilled to be bringing Bitcoin Ordinals to Binance NFT. Additionally, he added that “Bitcoin is the OG of crypto”.
Meanwhile, the BNB Chain, Ethereum, and Polygon have already been integrated into the Binance exchange NFT. Thus, permitting users to purchase, deposit, withdraw, and list NFTs from the Polygon network on the Binance NFT Marketplace. Additionally, users can trade digital collectibles on the Binance NFT Marketplace by holding MATIC or any token in their spot wallets.
Bitcoin ordinals, also known as Bitcoin NFTs or digital artifacts, provide a novel method of storing digital content on the Bitcoin blockchain. Each NFT in the Bitcoin Ordinals series is hand-painted with a unique representation of the relevant Bitcoin block hash. As with other NFTs, the value of Bitcoin Ordinals is determined by supply and demand.
Notably, the artwork is designed to represent the historical and technological significance of the Bitcoin blockchain, as well as the proof of work mechanism that secures it. The series is highly sought after by collectors and cryptocurrency enthusiasts due to its unique concept and limited availability.
Binance Actively Expanding Its NFT Marketplace
Binance has been aggressively growing its NFT marketplace in a variety of ways in order to become a top platform for buying, selling, and trading NFTs.
Notably, Binance has been collaborating with various artists and creators to offer exclusive and unique NFTs on its marketplace. For example, Binance has partnered with Lewis Capaldi, a 2-time BRIT award winner, and soccer stars Michael Owen and Alphonso Davies to offer limited edition NFTs.
Additionally, the exchange had announced that its NFT Marketplace had plans to bring 100 creators to its NFT platform. Binance NFT seeks to capture a wide variety of users by resorting to a broad range of voices from across many fields.
Furthermore, Binance has been working to improve the user experience on its NFT marketplace, making it easier for users to browse, purchase, and manage their NFTs. For instance, the firm has implemented a function that allows users to view an NFT’s whole history, including past owners and transaction histories. Ultimately, Binance hopes to attract a broader spectrum of users to its platform by offering a diverse choice of NFTs.
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