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Binance adds Bitcoin NFTs to its marketplace one day after SEC lawsuit

source-logo  theblock.co 06 June 2023 04:14, UTC

Crypto exchange Binance — which the United States Securities and Exchange Commission sued yesterday on multiple charges of violating the country's securities laws — announced support for Bitcoin non-fungible tokens today.

The NFTs supported include Bitcoin Bandits, Bitcoin Frogs, Bitcoin Fizzas, Bitcoin Punks, Bitcoin Wizards, Block Legends, BTC DeGods, BTC Machine and others.

A relatively new development, NFTs on Bitcoin have become a major part of the crypto market narrative in recent months. Ordinals, a method of creating on-chain artwork tied to the smallest unit of bitcoin, satoshis, have helped send Bitcoin mining revenue to its highest level in over two years.

Ordinals have been a growing phenomenon in recent weeks. There have now been more than 1 million inscriptions — the message inscribed onto the blockchain containing the NFT or token information — on Bitcoin. These inscriptions are used to create NFTs and a wide range of tokens, of which most are memecoins.

Binance's NFT marketplace will follow Magic Eden in providing support for Bitcoin NFTs and will be one of the biggest venues for trading them. It also supports trading NFTs on BNB Chain, Ethereum and Polygon.