- Binance has added support for iconic NFTs such as Bitcoin Punks and Bitcoin Frogs.
- The exchange came up with a rewards program to boost trading activity in the market.
Binance [BNB]the world’s leading cryptocurrency exchange, has announced support for Bitcoin [BTC] non-fungible tokens (NFTs) on the dedicated NFT marketplace platform.
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The exchange has thrown its hat into the booming Bitcoin NFT ring. The development will allow users to withdraw, explore and trade NFTs from the network through their Binance accounts, eliminating the need to have a taproot-compatible Bitcoin wallet to do so.
In addition, users can trade NFTs on the Binance NFT Marketplace by simply holding BTC or any other token in their spot wallet.
The #Bitcoin Network is now supported @TheBinanceNFT Marketplace!
You can now buy, deposit, withdraw and list NFTs from the #BTC network directly from your #Binance account 🫡
More information ➡️ https://t.co/tgJlo8SfJf pic.twitter.com/ZwYGaT2aUS
— Binance (@binance) June 6, 2023
Binance Embraces BTC NFTs
Binance is the latest entrant to the world of Bitcoin NFTs after leading player Magic Eden launched a secondary marketplace for Ordinals in March.
Iconic NFTs such as Bitcoin Punks and Bitcoin Frogs, which traded extensively last month, were among the collections, according to the blog post available on the Binance NFT marketplace. Binance stated that it plans to add support for more collections in the coming days.
With the addition of Bitcoin, Binance has further elevated its status as a multi-chain NFT marketplace, currently supporting NFTs from blockchains such as Ethereum [ETH]BNB Chain and the recently added Polygon [MATIC].
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 promotion period, which runs until June 19, will have a chance to share a total of 80 Bitcoin NFTs according to the reward structure.
Binance NFT marketplace, launched in June 2021, has added over 600,000 weekly users over the course of 2022, according to Binance NFT 2022 Year in Review report.
More than 370,000 new traders joined the platform, increasing the number of active traders by more than 2.5 times and trading volume by 3.5 times over the previous year. In the year 2022, more than 2.5 million NFTs were also created and listed.
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Bitcoin improves 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 leaving only Ethereum behind.
In the past month, transactions worth $176 million were handled on-chain, representing an impressive 149% growth, according to CryptoSlam.
Source: CryptoSlam