Binance’s NFTs marketplace will support Bitcoin ordinals despite several negative impacts of the Bitcoin ordinals concept.
Binance NFT is an NFTs marketplace powered by the Binance crypto exchange. This NFTs marketplace was launched in Q2 2021 & this platform provides NFTs trade on BNB Chain, Ethereum, and Polygon Network.
On 9 May 2023, Binance NFTs announced that it will support Bitcoin ordinals (ORC-20) based digital collectibles.
Binance failed to mention any exact date but some reports noted that it will not take more than a month for the exchange.
Bitcoin ordinals (BRC-20 or ORC-20)
Bitcoin ordinal is a concept that surfaced in the crypto sector in early Jan of this year, when Casey Rodarmor launched the ordinal protocol, enabling digital creators to attach data to individual satoshis to identify and transact with them.
As we know that 1 BTC = 100,000,000 Satoshis, so 100,000k NFTs can be inscribed on the Bitcoin network against only 1 Bitcoin.
Here people need to understand that Bitcoin ordinals & BRC-20 terms are the same. Recently devs upgraded BRC-20 to ORC-20, to overcome the limitations associated with BRC-20.
Also, Bitcoin Ordinals is not a fully dcentralized system, where it only uses the blockchain identity corresponding to a single Satoshi to distinguish a NTF from other NFTs. People should not consider BRC-20 with ERC-20 or Bep20 because BRC-20 is totally different & can’t be used like ERC-20.
Challenges with Ordinals adoption
No doubt that the Bitcoin ordinals concept brought a huge use case for Bitcoin but in reality, this is a very big problem for the productive development works in the sector and one of the big problems is surging Bitcoin network fees.
People are creating meme coins blindly via ordinals, which are useless.
DeGods NFT project founder Frank informed the crypto sector about the potential plans to cancel the Bitcoin ordinals.
Read also: Binance plans services expansion toward the UK amid legal hurdles in the US