Binance Pool Launches Ordinals Inscription Service

Binance Pool has introduced a new feature called Ordinals Inscription, which allows users to attach data to individual satoshis, facilitating the creation of unique digital artworks stored on the Bitcoin network.

Binance Pool's Ordinals Inscription Service

Announced on August 31, 2023, Binance Pool’s Ordinals Inscription service enables users to embed additional data into each satoshi on the Bitcoin blockchain. This service aims to facilitate the creation of unique digital artifacts securely stored on Bitcoin's blockchain.

To use Ordinals Inscription, users need a Taproot address and a verified account (KYC). This service enhances Bitcoin’s utility by allowing data attachment to satoshis (sats)—its smallest unit—effectively creating a "Bitcoin NFT" or Bitcoin Ordinals. Each satoshi with attached data becomes unique.

The launch of Ordinals Inscription represents a significant advancement in expanding Bitcoin’s functionality beyond its original role as a cryptocurrency. By enabling data embedding in individual satoshis, Binance Pool introduces new possibilities for digital ownership and asset management on the Bitcoin network.

Earlier, in June 2023, Binance supported Bitcoin Ordinals through its NFT platform. Three months later, the launch of Ordinals Inscription is expected to revitalize Bitcoin Ordinals, which had seen a dramatic 97% drop in transaction volume during a period of decline.

What Are Bitcoin Ordinals?

Bitcoin Ordinals, introduced in January 2023, offer a new method for creating Bitcoin NFTs by embedding information into individual satoshis. This process, known as "Inscribe," allows users to create unique, verifiable digital assets directly on the Bitcoin blockchain.

Each Bitcoin NFT is assigned a serial number (ordinal number) printed on a single satoshi. This ordinal number makes the digital asset rare and valuable.

Bitcoin NFTs have become a reality due to blockchain upgrades such as SegWit, Taproot, and various payment channels like the Lightning Network and Stacks. The emergence of Ordinals in early 2023 brought NFT and smart contract narratives to Bitcoin, making it one of the hottest topics in Q1 2023.

According to data from Dune Analytics, the total number of inscriptions on the Bitcoin network has surpassed 27 million. Additionally, 1,944 BTC (over $52.9 million) has been spent on inscribing these inscriptions.

The Bitcoin Ordinals and BRC-20 tokens segment has shown significant traction, with inscriptions and BTC transaction fees reaching peaks in late May and July 2023.

The price of Ordinals (ORDI) has increased nearly 20% in the past 24 hours, trading at $4.256 at the time of writing.

1-hour chart of ORDI/USDT on OKX as of 19:15, August 31, 2023