✅ Binance NFT Martketplace Adds Support for Ordinals

Binance NFT Marketplace is adding support for Bitcoin NFTs, or Ordinals, expanding the reach of the nascent ecosystem.

Author

Ordinal Hive
May 11, 2023

Good morning:

Today's edition:

  • 📜 BRC-20 Tokens: The Bitcoin Blockchain's Fungible Tokens

  • 🚀 NFTs Meet Elon Musk: Miladys' Price Soars

  • 🪙 Ordinals Inscriptions Take Over Bitcoin Network, On The Rise

  • ✅ Binance NFT Martketplace Adds Support for Ordinals

  • 💰 Artifact Labs Raises $3.25M In Funding

  • 🪙 Crypto, NFTs Tax Signals Kenya's Softening Stance (BusinessDailyAfrica)

  • 👑 You Can Mint A Free ETH NFT For King Charles' Coronation (Decrypt)

  • 💹 The NFT Market Needs AI Power To Combat Forgery (CT)

  • 🖥️ What Does Generative AI Mean For Web3? (CT)

  • 🤑 Paypal Discloses Nearly $1B Of Crypto Assets On Balance Sheet (BlockWorks)

  • 🐧 Pudgy Penguins Raise $9M To Create An IP Brand (Axios)

  • 🪙 Alo Yoga Retail Chain Debuts In-Store NFT Claim With Moonpay (Decrypt)

  • 📉 Bitcoin Dips Below $27K, Reversing Post-CPI Rally (CoinDesk)

  • ✅ If BTC Can’t Handle A Few JPEGs, How Can It Handle The World (CoinDesk)

BRC-20 Tokens: The Bitcoin Blockchain’s Fungible Tokens

Move over, ERC-20 - there’s a new token standard in town, and it’s called BRC-20. Named after Ethereum’s ERC-20, BRC-20 tokens are created on the Bitcoin blockchain via Ordinals protocol. Despite not using smart contracts, there already over 14,000 different BRC-20 tokens with a market cap nearing $1 billion.

Here are the quick facts:

  • BRC-20 is a token standard on the Bitcoin blockchain.

  • BRC-20 tokens are created via the Ordinals protocol and don’t use smart contracts.

  • There are currently over 14,000 different BRC-20 tokens with a market cap approaching $1 billion.

  • The popularity of meme coins has resulted in a rise in transaction fees for Bitcoin miners.

It will be interesting to see how BRC-20 develop form here and if there will be using smart contracts or a version of it in the future.

NFTs Meet Elon Musk: Miladys’ Price Soars

Elon Musk’s tweet send Miladys NFT collection soaring.

Here are the quick facts:

  • Elon Musk’s tweet about the Miladys NFT collection led to a surge in its popularity and value on OpenSea.

  • The floor price of the NFTs reached an all-time high of $13,700 (7.3 ETH) before dropping to 5.6 ETH

  • The event highlights the heavy influence high-profile personalities can have on the NFT market and its volatile nature.

The event serves as a lesson on the power of influencers in the NFT market and its volatile nature.

Ordinals Inscriptions Take Over Bitcoin Network, On The Rise

Ordinal inscriptions, the digital assets taht are inscribed on the Bitcoin network, continue to surge in popularity with the total inscription count surpassing 5 million in the past week. However, the increased demand has resulted in concerns over transactions fees and longer confirmation wait times.

Here are the quick facts:

  • Over the past 7 days, the total inscription count has more than doubled from 2.5 million to 5 million.

  • BRC-20 tokens, the text-based inscriptions, account for 86.52% of the Bitcoin Ordinal inscriptions.

  • The total market cap of BRC-20 tokens is record tobe $690 million.

  • Transaction fees on the BTC network have skyrocketed to around $31 due to increased network congestion.

Despite concerns over transaction fees, the surge in popularity of ordinal inscriptions shows no signs of slowing down.

Binance NFT Marketplace Adds Support For Ordinals

Binance NFT Marketplace is adding support for Bitcoin NFTs, or Ordinals, expanding the reach of the nascent ecosystem. The move aims to make the process of buying and selling Ordinals simpler for collectors, with traders allowed to purchase Bitcoin-based NFTs using their Binance accounts.

Here are the quick facts:

  • Binance NFT Marketplace plans to add support for Bitcoin NFTs or Ordinals later in May.

  • Traders will be able to purchase Bitcoin-based NFTs with their Binance accounts, simplifying the processes for collectors to enter the market.

  • Binance’s relationship with Bitcoin hasn’t been all positive recently, with the exchange pausing Bitcoin withdrawals twice due to network congestion.

  • As Ordinals reached 3 million inscriptions last week, the demand for marketplaces to embrace Bitcoin NFTs is only intensifying.

The move to add support for Ordinals will help onboard new collectors to the Bitcoin NFT ecosystem.

Artifacts Labs Raises $3.25M In Funding

Artifact Labs secures $3.25 million in funding to expand their Web3 operations, which focus on preserving historically significant collections through NFTs. The funding round was led by Blue Pool Capital, a fund that principally invests the wealth of Alibaba founders Jack Ma and Joe Tsai.

Here are the quick facts: 

  • Artifact Labs closes a $3.25 million funding round led by Blue Pool Capital, with Animoca Ventures also participating.

  • The Web3 company aims to expand its operations and increase its developer team to support the preservation of historically significant collections using NFTs.

  • The company plans to release NFT collections as a new revenue stream for preservation organizations and help institutions preserve their archives on-chain.

  • Artifact Labs was initially incubated by the South China Morning Post (SCMP), which launched a non-fungible token (NFT) standard called ARTIFACT for recording historical data.

Artifact Labs plans to use the funds to increase the number of developers on their team and release NFT collections as a new revenue stream for preservation organizations.

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