Binance has announced support for the Ordinals protocol, which allows NFTs to be stored in Bitcoin. This is guaranteed to increase the workload of the blockchain, which has already coped so badly with the influx of users in recent weeks.
The Ordinals protocol, which allows NFTs to be stored on the Bitcoin blockchain, was introduced in January 2023. Part of the crypto community received the initiative negatively, which, however, did not prevent the massive introduction of the technology. Due to the large number of people wanting to mint NFTs on Bitcoin, the fees on the network began to grow rapidly. The TwelveFold Ordinals NFT Collection from Yuga Labs (the makers of BAYC) made a significant contribution to the development of the Ordinals.
Now, Binance, the largest exchange, has announced support for Ordinals, ensuring that it will provide a huge influx of users and further increase the load on the blockchain. On May 7, even before the implementation of the protocol, the crypto exchange had to stop withdrawing BTC twice a day, citing network congestion.
Mayur Kamat, head of products at Binance, said in a press release that he sees Bitcoin as the most versatile solution for collectors. “We are confident this is just the beginning and we can’t wait to see what the Ordinals have in store for the future,” he says.
Previously, Binance users who wanted to buy NFTs with Bitcoin were forced to set up a separate crypto wallet compatible with the taproot upgrade. Now it can be done directly from the cryptocurrency exchange app.
Author:
Grigory Shcheglov
Source: RB
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