The NFT space experienced a wave of mistrust as the value of notable NFTs began to drop, the top of the list being Logan Paul’s NFT collection. The collection, previously valued at $620,000 crashed to just $10. Also, “It is also important to consider that ETH lost 60% of its value last year, which had a strong influence on the value of the NFTs.” Regardless, the NFT market is beginning to take an upturn as the crypto-blockchain space continues to create an enabling ecosystem for the assets.
Binance would now support Bitcoin NFTs on its NFT Marketplace. The Binance Exchange states on its official website that it would allow NFT traders and collectors to purchase the tokens seamlessly through their Binance account without the need to create a different wallet. The Bitcoin ordinals were launched on January 2023, creating a new way of designing Bitcoin NFTs by simply using the individual Satochis attached to their data Bitcoin blockchain and do not require a separate token or sidechain, courtesy of Taproot and SegWit upgrades to the Bitcoin protocol. However, the exact date when this would commence has not been announced.
While this is a bold step by the Exchange, it already supports NFTs on other blockchains such as Ethereum, Polygon as well as the BNB Chain. Allowing collectors to buy Ordinals on the Exchange would only expand the Ordinals Ecosystem, offering even more opportunities to NFT collectors and traders.
The easy purchasing process which does not require traders to buy BTC-based NFTs by setting up a different compatible Bitcoin wallet allows the purchaser to acquire or mint their token directly with their Binance wallets, creating a simple secure medium for users and collectors to enter the already growing market. Binance’s Head of Product, Mayur Kamat noted that “Bitcoin is the broadest choice for NFT collectors as well as for the Exchange to tap into’’. However, The current iteration of Binance’s Bitcoin NFT marketplace doesn’t support BRC-20 tokens, Kamat told Decrypt.
The digital assets have continued to gain confidence and the ecosystem continues to support it including enabling traders and collectors to have access to the assets, creating a conducive environment for NFTs trade.
NftFi:
NFTFi is a lending liquidity protocol that allows NFT collectors and traders to borrow cryptocurrency from lenders using their NFTs as collateral, which is paid with interest after a stipulated period. This is an encouraging path for the space, allowing for the financialization of NFTs and digital currencies. It is a commendable approach that includes NFT renting and NFT derivatives. With the Binance NFTs support and NFTfi liquidity protocols, things look positive for the NFTs space.
Written By Anthonymark
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