OKX to launch marketplace for Bitcoin NFTs

OKX to launch marketplace for Bitcoin NFTs

OKX, a leading Web3 technology company, and cryptocurrency exchange, has announced plans to launch Ordinals Marketplace on OKX Wallet, a multichain Web3 wallet that supports over 60 blockchains.

OKX embraces Ordinals and BRC20

The new feature will enable users to mint and trade Bitcoin Ordinals and BRC-20 tokens, a form of non-fungible tokens (NFTs), on the Bitcoin network.

The Ordinals Marketplace will allow users to view and transfer Ordinals, trade BRC-20 tokens, and mint Ordinal inscription NFTs and BRC-20 tokens using OKX Wallet.

Users can also access the Lightning Network, a layer-2 solution that enables faster and cheaper Bitcoin transactions.

Ordinals are essentially sats, the smallest bitcoin unit, with a piece of text or image engraved on them. They are a novel way of representing Bitcoin transactions as unique and collectible tokens.

This uniqueness gives them additional value beyond their monetary worth. For example, one can create an Ordinal with a picture of a famous person, a quote, or a piece of art.

Each Bitcoin Ordinal has a serial number corresponding to the transaction’s position in the Bitcoin blockchain.

Users can mint Ordinal Inscription NFTs and BRC-20 tokens based on their Bitcoin Ordinals, creating digital memorabilia or assets that can be traded on the OKX Wallet.

BRC-20 tokens are smart contract tokens that run on the Bitcoin network using the BRC protocol, similar to ERC-20 tokens on Ethereum. They allow for more complex and diverse applications of Bitcoin, such as decentralized exchanges, stablecoins, lending platforms, and more.

OKX bringing BTC to a broader market

OKX Wallet is the first multichain Web3 wallet to employ multi-party computation (MPC) technology, which enhances security by eliminating single points of failure and simplifying asset recovery during emergencies.

According to Jason Lau, OKX’s chief innovation officer, the exchange has embraced Ordinals despite earlier concerns about their impact on BTC transaction costs. 

Lau added that Ordinals are providing Bitcoin an avenue to expand its use cases into sectors formerly dominated by Ethereum-based services. As such, OKX is positioning itself to be at the forefront of bringing BTC technologies to the broader market.

Inscriptions have been a game changer for crypto fans, with almost 7 million Ordinal inscriptions linked to the Bitcoin network and more than 18,000 BRC20 tokens valued at nearly $500 million.

Furthermore, while Bitcoin’s NFT sales are somewhat lower than Ethereum’s, it was still the second-largest chain in terms of NFT sales last week, per data from cryptoslam.io.

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