Binance NFT Marketplace Now Supports Bitcoin NFTs

Key Points:

• The Binance NFT market now supports Bitcoin NFT and does not need a separate BTC wallet at this time.
• Users may trade NFTs on the Binance NFT Marketplace by holding Bitcoin or any other token in their spot wallets.

As per the official statement, the Binance NFT market has now added support for Bitcoin NFTs and is not required to have a separate BTC wallet.

As pledged at the start of May, Binance has now formally declared the inclusion of Bitcoin NFTs on its NFT trading platform on June 6.

The Binance NFT Marketplace has made a significant update to its platform, which allows users to buy, deposit, withdraw and list NFTs from the Bitcoin network. To help users transition to Bitcoin NFTs, Binance has introduced a new feature that enables traders to purchase Bitcoin-based NFTs directly from their Binance accounts.

This step aims to simplify the process for users, removing the requirement to set up a taproot-compatible Bitcoin wallet to buy Ordinals. This was previously necessary for collectors interested in minting NFT giant Yuga Labs’ TwelveFold Ordinals. With this move, Binance is streamlining the process, making it more accessible and secure for new buyers to venture into the expanding market.

The integration of the Bitcoin network further advances Binance NFT to a multi-chain, open marketplace ecosystem, where users can now explore and trade a wider variety of NFTs across multiple blockchains, including BNB Smart Chain (BSC), Bitcoin (BTC) network, Ethereum (ETH) network, and Polygon (MATIC) network, from their Binance accounts.

The Bitcoin NFT series supported by the Binance NFT Market includes Bitcoin Bandits, Bitcoin Frogs, Bitcoin Pizzas, Bitcoin Punks, Bitcoin Wizards, Block Legends, BTC DeGods, BTC Machine, Clay Pepes, DogePunks, and twenty other Bitcoin NFT series.

Furthermore, as NFTs on the Bitcoin network, users must have BTC in their spot wallet to pay the fee when withdrawing NFTs to an external wallet.

Binance NFT is not the first platform to support Bitcoin Ordinals. In fact, OKX was quicker to list its first Bitcoin Ordinals NFT in March.

Then, Magic Eden allowed NFT transactions on the Bitcoin network, along with the three networks of Solana, Ethereum, and Polygon. In early April, Magic Eden launched the first Bitcoin NFT launchpad.

With this step, Binance is gradually achieving its goal of supporting multi-chain for its marketplace. Currently, Binance NFT supports four networks: BNB Smart Chain, Bitcoin, Ethereum, and Polygon.

Recently, the exchange has just launched the NFT lending feature, joining the race with Blur’s Blend lending protocol.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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