Binance Pool Enables Ordinals Issuance

The Binance Pool announced the launch of the Ordinals Inscription Service. The move makes it easier for users to create Bitcoin-NFT.

According to the statement, the service allows recording data directly into individual satoshis, creating unique digital artifacts.

The Ordinals protocol was introduced earlier this year and supports signatures in various formats such as text or images, and also enables the issuance of the BRC-20 standard tokens.

The Binance Pool team warned that using the new platform requires a Taproot address and a verified account.

Due to limited space in a Bitcoin block, the size of a text file is capped at 300 KB. If this limit is exceeded for an image, it will be compressed and converted to WEBP format. For security reasons, the platform will remove metadata.

For BRC-20 tokens, the service enables the creation of several asset types in a single issuance.

Developers warned that after paying fees and charges, confirmation of signatures may take several hours or days.

They also reminded that data stored on the blockchain cannot be changed or deleted.

Earlier this summer, trading volumes in Bitcoin-NFTs plummeted by more than 92%. However, the share of Ordinals-related transactions in Bitcoin’s network has reached 85%.