Toniq Labs has unveiled its latest innovation, Bioniq, a Bitcoin-based non-fungible token (NFT) marketplace.
Bioniq comes at a time when Bitcoin’s network fees are experiencing a sharp increase due to heightened activity spurred by the escalated minting of BRC-20 tokens and digital collectible inscriptions. This surge in activity has resulted in network congestion, which Bioniq aims to alleviate making Bitcoin transactions smoother and more efficient.
Bioniq uses Web3Auth, an authenticator protocol that enables users to log into their crypto wallets using their email addresses. This feature not only simplifies the login process but also offers a higher level of security. Plus, users have full control over their private keys, ensuring their assets are secure and that they have complete autonomy over their transactions.
One of Bioniq’s significant supporters is Polychain Capital, a premier crypto venture firm that recently raised an impressive $200 million for its fourth fund in July 2023.
Looking forward, Bioniq plans to expand its list of available services, starting with the introduction of the “Launchpad.” This feature will allow the release of reserved Ordinals, or tokens, on the ICP with exclusive rights to inscribe on BTC.
Since their debut on January 21, 2023, Bitcoin NFTs, pioneered by developer Casey Rodarmor, have experienced widespread popularity.
The count of Ordinal Inscriptions on the Bitcoin network has already exceeded 45 million, as reported by Dune. Remarkably, numerous businesses have swiftly embraced Bitcoin NFTs since their inception.
In March, Magic Eden unveiled the first fully audited Bitcoin NFT marketplace for digital artifacts, contributing to the expansion of the Bitcoin Ordinals ecosystem. By May, Binance had integrated Bitcoin NFTs into its NFT Marketplace.
Furthermore, in April, Asprey and Bugatti introduced generative Egg NFTs on the Bitcoin blockchain, while Yuga Labs orchestrated the TwelveFold NFT Bitcoin auction in March, amassing over $16 million in funds.