Binance Debuts Inscriptions Marketplace, Competing Head-to-Head Against OKX

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Published: February 01, 2024 at 6:31 am Updated: February 01, 2024 at 6:31 am

Edited and fact-checked:
February 01, 2024 at 6:31 am

In Brief

Binance announced the launch of Binance Inscriptions Marketplace, offering users to buy, sell and mint BRC-20, EVM and other tokens.

Binance Launches Inscriptions Marketplace, Follows OKX

Cryptocurrency exchange Binance today announced the launch of the “Binance Inscriptions Marketplace,” providing users with the capability to purchase, sell, and mint inscription tokens. According to Binance, the newly unveiled platform is integrated into a self-custody cryptocurrency wallet within its application, offering users the convenience of trading or inscribing BRC-20, EVM and other inscription tokens.

Additionally, the platform offers a streamlined process of minting for tokens, contributing to a reduction in transaction costs.

“With significant milestones recently, like the BRC-20 token ORDI reaching a $1 billion market cap and over 200 million inscriptions across various blockchains, we believe our arrival into this space is timely rather than belated, marking the ripe moment for Binance users to explore and benefit from this evolving realm,” said Binance spokesperson.

Binance’s recent product incorporates the API of UniSat, an ordinals and inscriptions marketplace. This approach enables users to utilize UniSat’s liquidity and access diverse offerings, including over 60,000 BRC-20 tokens.

OKX’s Inscriptions Marketplace Takes The Lead

Binance’s recently introduced inscriptions marketplace follows a recent move by the OKX cryptocurrency exchange earlier this week to enable the inscription standards of Doginals, Atomicals, Stamps and Runes.

The company announced plans to implement inscription token standards within its Web3 self-custodial wallet and marketplace in the upcoming month, offering its users the opportunity to engage in fee-free buying and selling of DRC-20, ARC-20, SRC-20, and Runes. The exchange positioned this move as “first-to-market,” fueled by the increasing number of protocols launching and gaining traction in the industry.

According to OKX, inscriptions garnered significant interest from many of the exchange’s Asian users, prompting the company to further explore and develop the initial features of the product. The aim was to enable users, through OKX’s Web3 Wallet, to hold, view, buy, and sell them securely.

The inscriptions tool within the OKX Wallet currently facilitates inscriptions minting on 23 networks, including Bitcoin, Dogecoin, Ethereum, Polygon, BNB Chain, Avalanche-C, Arbitrum One, and others.

Binance Joins the Bitcoin Inscription Trend

An inscription involves associating an individual smallest unit of Bitcoin with a piece of data, such as an image for an NFT or a token. This is done using a small amount of data storage space during transactions. Tokens created in this manner on Bitcoin are referred to as BRC-20 tokens, with each token forming part of its collection. These token standards are assigned distinct names when transferred to other blockchain networks.

Bitcoin inscriptions started gaining popularity last year. Although some NFT enthusiasts have embraced the new Bitcoin-based digital assets, the latest technology was also criticized for operating as “spam” amid network congestion issues.

Binance’s recent entry into the inscription space aligns with the broader industry trend, strategically positioning the exchange to attract more users and encourage them to explore and engage in this evolving realm.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

Alisa Davidson