Binance, the leading cryptocurrency exchange by daily trading volume, is broadening its range by introducing the “Inscriptions Marketplace” accessible through the Binance app.
The marketplace enables users to engage in buying, selling, and inscribing 60,000 popular BRC-20 tokens, Ethereum Virtual Machine (EVM) tokens, and more.
In contrast to traditional Bitcoin transactions focusing on financial data, inscriptions allow for the embedding of various data types, such as text and images, directly onto the Bitcoin network and other chains.
Once inscriptions are created, they become immutable and resistant to deletion, ensuring their permanence and security within the blockchain.
The concept of inscriptions originated from Bitcoin Ordinals, or Bitcoin NFTs, which, overcoming the Bitcoin network’s initial inability to support smart contracts, provided a solution for embedding data onto individual satoshis — the smallest Bitcoin units. This innovation marked a significant development for digital asset creation in a blockchain ecosystem initially lacking such capabilities.
Since their introduction in January 2023, Bitcoin NFTs have gained popularity among various companies, including Binance, which incorporated them into its NFT marketplace in May 2023.
Notable instances of successful Bitcoin NFT auctions include Sotheby’s “Natively Digital” sale, which concluded with over $1 million in revenue and Yuga Labs’ TwelveFold auction, which raised over $16 million, with the highest winning bid reaching nearly $160,000.
By the end of 2023, Bitcoin NFTs reached an all-time high, concluding the year with record-breaking sales exceeding $881 million.
