- Binance added support for iconic NFTs like Bitcoin Punks and Bitcoin Frogs.
- The exchange came up with a rewards program to boost trading activity on the marketplace.
Binance [BNB], the world’s leading cryptocurrency exchange, announced support for Bitcoin [BTC] non-fungible tokens (NFTs) on its dedicated NFT marketplace platform.
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The exchange has thrown its hat in the booming Bitcoin NFT ring. The development will enable users to list, explore and trade NFTs from the network via their Binance accounts, eliminating the need to have a taproot-compatible Bitcoin wallet to do so.
Furthermore, users will be able to trade NFTs on the Binance NFT Marketplace simply by holding BTC or any other token in their spot wallets.
Find out more https://t.co/tgJlo8SfJf pic.twitter.com/ZwYGaT2aUS
— Binance (@binance) June 6, 2023
Binance embraces BTC NFTs
Binance is the latest entrant to step into the world of Bitcoin NFTs after leading player Magic Eden launched a secondary marketplace for Ordinals in March.
According to the blog post, iconic NFTs like Bitcoin Punks and Bitcoin Frogs, which were extensively traded last month, were among the collections available on the Binance NFT marketplace. Binance stated that it intends to add support for more collections in the days to come.
With the addition of Bitcoin, Binance further elevated its stature as a multi-chain NFT marketplace, which currently supports NFTs from blockchains like Ethereum [ETH], BNB Chain and the recently added Polygon [MATIC].
In order to boost Bitcoin NFT trading activity on its marketplace, Binance came up with a rewards program. Users who trade at least one NFT on the platform during the promotional period, which extends up to 19 June, stand a chance to share a total of 80 Bitcoin NFTs as per the rewards structure.
Launched in June 2021, Binance NFT marketplace added over 600,000 weekly users over the course of 2022, according to Binance NFT 2022 Year in Review report.
Over 370,000 new traders joined the platform, increasing the number of active traders by over 2.5 times and trading volume by 3.5 times from the previous year. The year 2022 also saw the creation and listing of over 2.5 million NFTs.
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Bitcoin ups the NFT game
The craze for NFTs has catapulted Bitcoin to become the second-largest blockchain for facilitating NFT transactions, eclipsing biggies like Solana and Polygon and trailing only Ethereum.
Over the last month, trades worth $176 million were settled on the chain, representing an impressive 149% growth, as per CryptoSlam.