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Post: OKX: Embracing Bitcoin-Based NFTs and Pioneering Multiple Token Standards

OKX: Embracing Bitcoin-Based NFTs and Pioneering Multiple Token Standards

Key Points:

  • OKX’s chief innovation officer believes that in open and permissionless networks like Bitcoin, all transactions are valid as long as they pay fees and conform to consensus.
  • While some see the Ordinals protocol as a nuisance to Bitcoin, others are betting on the role of nonfungible tokens (NFTs) in the Bitcoin ecosystem.
  • OKX’s NFT marketplace has seen an increase in daily trading volume as traders show more interest in Bitcoin-based NFTs.
  • OKX announced the addition of Atomicals, Runes, and Doginals, supporting NFTs on Bitcoin and other chains, and also added support for token standards from Atomicals, Stamps, Runes, and Doginals on its Web3 Wallet.

Insight:

OKX’s chief innovation officer, Jason Lau, argues that open and permissionless networks like Bitcoin consider all transactions valid as long as they pay fees and comply with consensus. This perspective highlights the decentralized and inclusive nature of Bitcoin’s network, where anyone can transact as long as they follow the established rules.

While some people may view the Ordinals protocol as a nuisance to Bitcoin, others see potential in the role of nonfungible tokens (NFTs) within the Bitcoin ecosystem. OKX is doubling down on supporting Bitcoin-based NFTs, as traders have shown increasing interest in them.

In line with this strategy, OKX’s NFT marketplace has surpassed its competitors in daily trading volume. To further bolster its support for Bitcoin NFTs, OKX has announced the addition of Atomicals, Runes, and Doginals to its marketplace. The platform is also venturing into supporting Ordinals on other chains by adding Dogecoin’s Doginals.

Not limited to its marketplace, OKX is also expanding support for token standards. It will now support the token standards of Atomicals, Stamps, Runes, and Doginals on its Web3 Wallet, further promoting the use and adoption of these NFTs.

Overall, OKX’s focus on Bitcoin-based NFTs and its efforts to support multiple token standards demonstrate its commitment to growing the NFT market within the Bitcoin ecosystem.


Hot Take:

OKX’s move to support Bitcoin-based NFTs and expand its marketplace demonstrates its recognition of the growing interest and potential in this sector. By embracing NFTs and providing the infrastructure for trading and storage, OKX positions itself as a key player in the evolving Bitcoin ecosystem.

Supporting multiple token standards also shows OKX’s intention to foster innovation and accommodate different NFT projects. This flexibility opens up opportunities for artists, creators, and collectors to participate in the NFT space using Bitcoin.

As NFTs continue to gain popularity and expand beyond Ethereum, OKX’s strategy of embracing Bitcoin-based NFTs and exploring other chains could prove beneficial. By staying ahead of the curve and catering to the evolving needs of the market, OKX positions itself for continued growth in the NFT sector.

Original article: https://cointelegraph.com/news/okx-nft-bitcoin-ordinals-not-spam-atomicals-runes-doginals-stamps

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