Binance Launches Inscriptions Marketplace for Buying, Selling and Minting Digital Artifacts

Key takeaways:

• Binance launches Inscriptions Marketplace in its Web3 Wallet app, providing a simplified gateway to inscription tokens.
• Inscription tokens, including popular BRC-20s, enable unique digital artifacts creation on blockchains.
• The new marketplace offers buying, selling, or minting of BRC-20 and other inscription tokens, capitalizing on their rising popularity.

Cryptocurrency exchange Binance announced today the launch of its hotly anticipated Inscriptions Marketplace hosted within its Web3 Wallet app. The new marketplace aims to provide a simplified gateway for crypto enthusiasts to explore and participate in the emerging world of inscription tokens.

Inscription tokens refer to various fungible cryptographic tokens that allow for the creation of unique digital artifacts like texts, images, non-fungible tokens (NFTs), and decentralized apps (dApps) on blockchains. Among the most popular are BRC-20 tokens, inscription tokens minted using the Ordinals protocol on the Bitcoin blockchain.

According to Binance Research, minting volumes for inscriptions started surging in March 2023 after the conceptualization of BRC-20s. The new Binance Inscriptions Marketplace looks to build on the growth by offering users access to buy, sell, or mint BRC-20 tokens, EVM-based tokens, and many other inscription tokens.

Speaking about the marketplace launch, here’s what Rohit Wad, Chief Technology Officer at Binance had to say:

“With the Binance Inscriptions Marketplace, we hope to support the industry by providing a one-stop gateway for more people to explore, experiment, and benefit from inscription tokens. Our hope is that the streamlined process would simplify the experience and make it more enjoyable for everyone,.”

Key features of Binance Marketplace 

Key features of the marketplace include access to an unlimited range of inscription tokens, seamless one-click transfers between the Binance exchange and Web3 wallet, and faster transaction settlement powered by the BTC Transaction Accelerator.

To bootstrap liquidity and token availability, the marketplace incorporates the API of UniSat, a leading ordinals and inscriptions marketplace with over 60,000 BRC-20 tokens in its catalog. “UniSat believes that inscription assets hold immense potential for the future. As a supporter of inscriptions, we hope that this significant step by Binance will inspire more developers and fellow crypto enthusiasts to explore this exciting field,” said Lorenzo, Director at UniSat.

The Inscriptions Marketplace launch represents Binance’s latest push towards making Web3 more easily accessible. Last month, the company introduced several upgrades to its Web3 Wallet app, including new chains, enhanced swapping capabilities, and integration with 19 decentralized apps.

Future of inscription tokens 

“Binance believes that blockchain technology has immense potential to empower individuals. That is why we are very encouraged by the appeal and traction that inscription technology has received from the global crypto community,” said Wad. “Our partnerships with industry leaders enable us to drive these innovations faster, blending convenience with cutting-edge technology for all users.”

With the mainstream adoption of cryptocurrencies growing steadily, inscription tokens are likely to see increased appeal among crypto developers and everyday users alike, thanks to their ability to create unique tradable digital artifacts on blockchains. However, usability and access remain critical barriers to broader embrace.