Binance Joins Bitcoin NFT Party: Is BRC-20 On An Unstoppable March To $1B?

Bitcoin non-fungible tokens (NFTs) are gaining traction in the Web3 space as an increasing number of marketplaces embrace digital assets.

Cryptocurrency exchange Binance on Tuesday revealed plans to incorporate Bitcoin NFTs into its marketplace by late May. This move extends the company's multichain NFT ecosystem to encompass the Bitcoin BTC/USD network, building on its existing integrations with decentralized networks like BNB Chain BNB/USD, Ethereum ETH/USD, and Polygon MATIC/USD.

"Bitcoin is the OG of crypto," Mayur Kamat, Binance's head of product, says. With this update, Binance users can buy and trade Bitcoin NFTs using their existing accounts.

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The announcement also noted that the update would offer royalty support and "additional revenue-generating opportunities" for Bitcoin NFT creators.

Cryptocurrency exchange OKX also recently declared its intention to introduce Bitcoin NFTs to its marketplace and wallet ecosystem in late April. Haider Rafique, OKX's Chief Marketing Officer, explained that users may view and store NFTs in their accounts, with the possibility of minting NFTs suggested for the future.

Bitcoin NFTs have also found their way onto marketplaces like Magic Eden, which integrated the feature in March.

BRC-20 Tokens Eyeing $1B Market Cap

The BRC-20 token standard, an equivalent to Ethereum's ERC-20 standard, has experienced rapid growth on the Bitcoin blockchain, with its market cap fast approaching $1 billion.

The Ordinals protocol enables the creation of fungible tokens, resulting in a total of 14,079 different tokens minted using the BRC-20 standard.
Unlike Ethereum's ERC-20 tokens, which rely on smart contracts, BRC-20 tokens require a Bitcoin wallet for minting and trading. This simplified approach has contributed to the increasing popularity of these tokens on the Bitcoin blockchain.

The recent meme coin frenzy has played a significant role in driving up transaction fees for miners.

As the market cap of BRC-20 tokens inches closer to the $1 billion milestone, it showcases the growing interest and potential for token standards on the Bitcoin blockchain.

Ordi meme coin has emerged as the leading BRC-20 token, boasting a fully diluted market cap exceeding $525 million, according to data from brc-20.io and Ordspace.

This surge comes after the token's value skyrocketed by 22,500% to $25, up from $0.11 at the start of April, fueled by the ongoing meme coin craze.

With a token supply of 21 million, Ordi became available for trading on Gate.io today, marking the first centralized crypto exchange to list the top BRC-20 token.

In the BRC-20 market segment, Ordi is followed by other Bitcoin-based meme assets like Meme, Domo, and Nals, which have individual market caps ranging between $8 million and $20 million.

Exploring the Ordinals Protocol on Bitcoin The Ordinals protocol enables developers to assign a unique identity or file to each satoshi within the Bitcoin network through a process called inscription.

This mechanism paved the way for the creation of both fungible tokens, like BRC-20 tokens, which are interchangeable, and non-fungible tokens (NFTs) that often feature digital art.

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