New Ways to Crypto: It’s Now Easier to Bet on Bitcoin NFTs

New Ways to Crypto: It’s Now Easier to Bet on Bitcoin NFTs

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New Ways to Crypto: It’s Now Easier to Bet on Bitcoin NFTs

Bitcoin NFTs, or Bitcoin Ordinals, launched in January 2023 and have helped to skyrocket Bitcoin blockchain activity. Up to now, an Ordinals wallet has been needed to buy and sell these NFTs but, in news this week, Binance will soon allow collectors to use their Binance accounts directly.

Binance adding support for Bitcoin NFTs, potentially later in May, is going to make it much easier for the average crypto speculator to buy these NFTs. Ease of use is a major barrier to mainstream crypto adoption and crypto wallets are just not as easy, yet, as making card payments. The Binance announcement is great news for anyone already using the exchange to facilitate their Bitcoin transactions or even Bitcoin betting.

There have already been over 3 million Bitcoin Ordinal inscriptions. So, what Bitcoin NFTs are up for grabs so far?

Yuga Labs TwelveFold Art NFTs

Yuga Labs brought us Bored Ape Yacht Club. Remember Fortnite player Kyle “Mongraal” Jackson’s Bored Ape NFT key he cashed in for the equivalent of $1.6 million USD? In March Yuga Labs launched, and closed, a 300-piece generative art collection of Bitcoin NFTs which saw over 3,000 bidders for the collection and achieved combined sales figures of around $16.5 million USD.

The TwelveFold art NFTs were to be minted, and inscribed, onto Bitcoin satoshis on the Bitcoin blockchain and the project is a standalone one, there won’t be more. The piece that achieved the highest individual value reached $159,600 so it will be interesting to see what these NFTs fetch if they hit the open NFT market.

Bitcoin Punks

Early this year, the Ordinal Punks NFT collection launched with 100 mints. The collection mimicked Yuga Labs CryptoPunks on Ethereum and by February “Punk 94,” sold for 9.5 BTC, or around $214,000. In what was described as, “the first swap of its kind,” later in February an original CryptoPunk was traded for an Ordinal Punk.

inscription 431 bitcoin punks bitcoin nfts
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Around the same time another collector bought seven Ordinal Punks for 15.2 BTC, around $349,000. Decrypt, covering the story, speculated on the lack of infrastructure for buying and selling Bitcoin NFTs, once minted. The latest move by Binance enables some of that infrastructure and it’s plausible that early purchasers and creators of Bitcoin NFTs could see the value of their collections and demand for them increase.

Bitcoin NFTs Bitcoin Punks @dingalingts
Shared by @dingalingts via Twitter

There are more Bitcoin NFT projects out there but many Ordinal inscriptions, so far, are text based rather than collectibles and memes like PEPE coin’s Pepe the Frog Ordinal project.

NFTs are often a popular way to support the crypto scene and for speculators to dabble in a little crypto investing with the benefit of something a little more tangible than coin value alone.

This year so far Bitcoin Ordinals has been driving a massive increase in activity for Bitcoin. Crypto gambling and Bitcoin betting are also substantial contributors to Bitcoin use and the blockchain’s activity.

In December 2022, Stake founder Ed Craven tweeted that, for the month, Stake crypto gambling was responsible for 5.9% of all Bitcoin transactions.

Find betting sites that accept depositing NFTs for betting. (which we’ve assessed in review) is just one online gaming site that accepts cryptocurrency, and the number is growing all the time as platforms realise the advantages of becoming attractive to crypto users. Similarly, more exchanges are likely to facilitate Bitcoin NFT trading soon.

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Melanie Kramer Avatar
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Melanie Kramer

Melanie has covered blockchain, crypto, global business and markets, technology, and gaming since 2017 and began writing long before that. She has an avid interest in the intersection of these spaces and in emerging technologies.

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