As more and more markets continue to adopt and offer digital assets, Bitcoin serial numbers also known as Bitcoin NFTs have become a focal point in the Web3 space.
On May 9, cryptocurrency exchange Binance announced that it will support Bitcoin serial numbers on its NFT marketplace in late May. The development will expand Binance's multi-chain NFT ecosystem to include the Bitcoin network.
Previously, the Binance NFT marketplace was integrated with other decentralized networks, including BNB Chain, Ethereum, and Polygon.
Binance Head of Product Mayur Kamat Comments on Expanding Marketplace and Scope of Bitcoin Products Crypto Legacy: "Bitcoin is the granddaddy of cryptocurrencies."
The update allows Binance users to buy and trade Bitcoin serial numbers from existing Binance accounts. According to the announcement, the update will also include royalty support and “additional revenue-generating opportunities” for those who create Bitcoin ordinals.
Before Binance's announcement, cryptocurrency exchange OKX similarly announced the introduction of bitcoin serial numbers to its marketplace and wallet ecosystem in late April. Initially, OKX users will be able to view and store serial numbers using their accounts , and hinted at the option to mint serial numbers in the future, said OKX chief marketing officer Haider Rafique. Bitcoin NFTs are also available on marketplaces like Magic Eden, which integrated the feature back in March. According to recent data, descriptions of Bitcoin serial numbers have been increasing in recent mon ths. April 2, Bitcoin serial numbers reached 58,179 inscriptions an 83.5% increase from the previous month. However, on May 1, the total number of Bitcoin serial number inscriptions skyrocketed to more than 3 million.
Still, they remain a contentious topic within the crypto community, with bitcoin maximalists criticizing them as a departure from bitcoin's original peer-to-peer ethos.
