Bitcoin NFTs Now Supported by Binance’s NFT Marketplace

Binance's NFT marketplace said Tuesday it's planning to add support for Bitcoin NFTs

In the Web3 space, Bitcoin NFTs are the talk of the town as an increasing number of marketplaces embrace digital assets. Binance, the leading cryptocurrency exchange by trading volume, on Tuesday, revealed plans to incorporate Bitcoin NFTs into its marketplace by late May.

The update to Binance's NFT marketplace is expected to roll out "in the coming weeks," the company said, enabling users to purchase and trade Ordinal inscriptions via their Binance accounts. This move extends the company's multichain NFT ecosystem to encompass the Bitcoin BTC/USD network, building on its existing integrations with decentralized networks like BNB Chain BNB/US$, Ethereum ETH/US$, and Polygon MATIC/US$.

"Binance users will also be able to purchase and trade Bitcoin NFTs directly with their Binance accounts," a statement from Binance said. "This integration offers even more seamless and efficient trading for Binance users."

The announcement from Binance's NFT marketplace comes just days after the exchange temporarily paused Bitcoin withdrawals. The pause came at a time when Bitcoin transaction fees were skyrocketing. And now, Binance is planning to allow traders to purchase Bitcoin-based NFTs with their Binance accounts, simplifying the process for users.

Binance Head of Product Mayur Kamat said in a press release that he sees Bitcoin as "the broadest choice" for NFT collectors as well as a growing market for the exchange to tap into.

"Bitcoin is the OG of crypto," Mayur Kamat, Binance's head of product, says. With this update, Binance users can buy and trade Bitcoin NFTs using their existing accounts. "Since the beginning, everyone has wondered about Bitcoin use outside of [an] inflation hedge or [a] store of value. Not only has it shown massive value, but we are now seeing that the network can aspire to be more," Kamat said.