What Is the Binance Inscriptions Marketplace?
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What Is the Binance Inscriptions Marketplace?

What Is the Binance Inscriptions Marketplace?

Intermediate
Published Mar 6, 2024Updated Apr 8, 2024
5m

Key Takeaways

  • Inscriptions are pieces of metadata attached to transaction outputs on the blockchain.

  • The Binance Inscriptions Marketplace is a place for trading and minting inscription tokens.

  • This guide will introduce the Binance Inscriptions Marketplace and show how you can get started using it.

Introduction

The Binance Inscriptions Marketplace is a place where users can create their own inscriptions and trade over 60,000 inscription tokens, including BRC-20 tokens, Ethereum Virtual Machine (EVM) tokens, and more.

Now, let’s see what inscriptions are, what the Binance Inscriptions Marketplace is, and how to use it for trading inscription tokens.

What Are Inscriptions?

In the cryptocurrency field, inscriptions are pieces of information added or “inscribed” onto satoshis, the smallest unit of BTC. They became popular after expanding the Bitcoin blockchain’s use cases through the Bitcoin Ordinals protocol. Essentially, inscriptions can represent different types of information on the blockchain, including text, videos, images, and more.

BRC-20 tokens are examples of inscriptions. Essentially, BRC-20 is an experimental token standard that lets users transfer fungible tokens via the Ordinals Protocol on the Bitcoin blockchain. Each token created with the BRC-20 standard is an inscription on a satoshi.

What Is the Binance Inscriptions Marketplace?

The Binance Inscriptions Marketplace is a platform within the Binance Web3 Wallet. It offers an interface for trading different inscriptions, including BRC-20 and EVM tokens. The Binance Inscriptions Marketplace provides users with a single environment for interacting with all of their inscriptions, simplifying asset handling.

Users can also mint, deploy, and transfer their inscriptions in just a few clicks using the Inscription Center. This and other features of the Binance Inscriptions Marketplace allow users to manage and interact with their inscription tokens seamlessly.

How Does the Binance Inscriptions Marketplace Work?

Essentially, the Binance Inscriptions Marketplace is a trading platform for inscriptions within the Binance App. Users can move inscription tokens between their Binance Web3 Wallet and the Binance Inscriptions Marketplace to create trading orders. The Binance Inscriptions Marketplace uses several frameworks to improve the trading experience.

The platform implements a BTC Transaction Accelerator. It’s a service that speeds up the confirmation of transactions, especially during periods of network congestion or when a user sets his fees too low. As such, the mechanism can reduce trading delays and process high-priority transactions faster.

Binance Marketplace is also integrated with UniSat. The platform leverages the UniSat API to enhance liquidity and provide a wide range of inscription tokens for trading. As of March 2024, the Binance Marketplace supports the buying, selling, and inscribing of over 60,000 BRC-20 tokens.

How to Get Started With the Binance Inscriptions Marketplace

Let’s walk through the interface of the Binance Inscriptions Marketplace. Then, we will take a look at how you can mint inscriptions and follow up with an example of how to purchase an inscription token.

How to access the Binance Inscriptions Marketplace

1. Log in to your Binance account and find [More] → [Web3 Wallet].

2. Next, locate the [Inscriptions Marketplace] banner in your Binance Web3 Wallet and click on it.

4. It will redirect you to the Binance Inscriptions Marketplace.

5. You will see the list of inscription tokens available for trading. You can use the search bar to find specific inscriptions.

6. You can access the guide on how to manage inscriptions with the button in the upper right corner.

7. You can also view your order history with the other button in the upper right corner.

8. The Inscription Center is where you can mint, deploy, and transfer inscriptions.

How to mint inscriptions

1. The first step is to open the Inscription Center from the main Binance Inscriptions Marketplace interface.

2. Then, select the network and enter the 4-character ticker of the inscription you want to mint. Specify the mint amount and number of repetitions.

3. Check the entered data again and press [Confirm] to mint an inscription.

How to buy inscriptions

1. Start by picking the inscription token. In this example, we will be working with piin.

2. Next, choose the inscription that you want to buy. Press [Buy] to confirm your choice.

3. Check the order details carefully and finish by pressing [Confirm].

 

Closing Thoughts

The Binance Inscriptions Marketplace is a platform enabling the creation and trading of various inscriptions, including BRC-20 and EVM tokens. The marketplace empowers users to explore the full potential of inscriptions with its user-friendly interface, comprehensive features, and frameworks like the BTC Transaction Accelerator and UniSat.

Further Reading

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