Binance adds Bitcoin NFTs to its marketplace one day after SEC lawsuit

Quick Take

  • Binance’s NFT marketplace is adding support for Bitcoin NFTs.
  • This will be the fourth blockchain the marketplace supports.

Crypto exchange Binance — which the United States Securities and Exchange Commission sued yesterday on multiple charges of violating the country's securities laws — announced support for Bitcoin non-fungible tokens today.

The NFTs supported include Bitcoin Bandits, Bitcoin Frogs, Bitcoin Fizzas, Bitcoin Punks, Bitcoin Wizards, Block Legends, BTC DeGods, BTC Machine and others.

A relatively new development, NFTs on Bitcoin have become a major part of the crypto market narrative in recent months. Ordinals, a method of creating on-chain artwork tied to the smallest unit of bitcoin, satoshis, have helped send Bitcoin mining revenue to its highest level in over two years.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Ordinals have been a growing phenomenon in recent weeks. There have now been more than 1 million inscriptions — the message inscribed onto the blockchain containing the NFT or token information — on Bitcoin. These inscriptions are used to create NFTs and a wide range of tokens, of which most are memecoins.

Binance's NFT marketplace will follow Magic Eden in providing support for Bitcoin NFTs and will be one of the biggest venues for trading them. It also supports trading NFTs on BNB Chain, Ethereum and Polygon.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].