Binance swiftly introduces Bitcoin NFTs on its platform following the SEC lawsuit

Binance swiftly introduces Bitcoin NFTs on its platform following the SEC lawsuit

Discover the latest development in the cryptocurrency world as Binance adds support for Bitcoin NFTs to its marketplace. Explore a wide range of NFTs, including Bitcoin Bandits, Bitcoin Punks, and more, while gaining insights into the growing phenomenon of ordinals and their impact on Bitcoin mining revenue. Don’t miss out on this significant addition to Binance’s NFT offerings, available for trading on various blockchain networks.

Binance swiftly introduces Bitcoin NFTs on its platform following the SEC lawsuit

Binance swiftly introduces Bitcoin NFTs on its platform

In the wake of the United States Securities and Exchange Commission’s lawsuit against Binance for alleged violations of securities laws, the cryptocurrency exchange has now announced its backing of Bitcoin non-fungible tokens (NFTs). Among the supported NFTs are Bitcoin Bandits, Bitcoin Frogs, Bitcoin Fizzas, Bitcoin Punks, Bitcoin Wizards, Block Legends, BTC DeGods, BTC Machine, and more.

The emergence of NFTs on the Bitcoin network has gained significant traction within the crypto market narrative in recent months. An innovative concept known as “ordinals” has contributed to the surge in Bitcoin mining revenue, reaching its highest point in over two years. Ordinals involve the creation of on-chain artwork associated with the smallest unit of Bitcoin, called satoshis.

Ordinals have experienced rapid growth in recent weeks, with over 1 million inscriptions—messages inscribed onto the blockchain containing NFT or token information—on the Bitcoin network. These inscriptions serve as the foundation for creating various NFTs and a multitude of tokens, with many falling into the category of memecoins.

Binance’s NFT marketplace joins Magic Eden in providing support for Bitcoin NFTs, solidifying its position as one of the largest platforms for trading these digital assets. Furthermore, the marketplace facilitates NFT trading on BNB Chain, Ethereum, and Polygon, expanding its compatibility with multiple blockchain networks.

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