Home » Ordinals: Binance’s NFT marketplace opens to Bitcoin Network (BTC) registrations

Ordinals: Binance’s NFT marketplace opens to Bitcoin Network (BTC) registrations

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With Ordinals registrations in full swing, Binance has announced that its NFT marketplace will soon open up to the Bitcoin network (BTC). Users will be able to trade and store their assets in a single location. However, this trend is revealing the predictions of part of the Bitcoin community, namely that the network will become congested due to registrations.

A turning point for Ordinals registrations

The non-fungible token (NFT) platform owned by Binance will soon open up to Ordinals registrations. According to the company headed by Changpeng Zao, this new feature is intended to further democratise the Bitcoin (BTC) ecosystem.

Ordinals subscriptions enable data to be stored immutably on the Bitcoin blockchain. Unlike NFTs on the Ethereum blockchain, whose storage depends on a host (IFPS or Arweave), registrations are stored directly in the blocks of the Bitcoin network.

For the time being, Binance’s NFT marketplace only supports three networks: Ethereum (ETH), Polygon (MATIC) and BNB Chain (BNB). With the future arrival of the Bitcoin blockchain, its users will be able to buy and sell Ordinals listings directly via their Binance account.

The integration of registrations by the company specialising in cryptocurrencies is not insignificant. Against a backdrop of commercial competition, Binance is seeking to get ahead of its competitors in order to maintain its dominant position in the exchanges market. Over the next few days, other companies could follow suit

The explosion in popularity of this innovation

Ordinals were introduced in January 2023, before the widespread bank failures, and quickly became popular before stabilising at between 5,000 and 25,000 daily registrations. Whether as a result of or simply correlated with the opening of NFT’s Eden Magic marketplace to the Bitcoin network, they reached 76,000 registrations per day in April.

However, since the beginning of May, the number of registrations has exploded: in the space of just 20 days, the number of registrations in circulation has increased fourfold, from 1.2 million to 5 million at the time of writing.

Whereas the first registrations were almost exclusively composed of an image, over 99% of them are now composed solely of text. According to data from Dune Analytics, 86% of Ordinals registrations are text files, followed by PNG documents accounting for 9.5% of them.

Figure 1 - Proportion of different file types recorded in Ordinals listings

Figure 1 – Proportion of different file types recorded in Ordinals listings


Note that this significant growth has significantly increased transaction fees on the Bitcoin network. On average, network fees have increased 10-fold.

At the time of the emergence of Ordinals, part of the Bitcoin community protested against this innovation, denouncing the inexorable increase in network fees associated with the increase in activity on the blockchain. Will this increase be constant? Only time will tell.

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