Searching for to make the method of shopping for and promoting Bitcoin Ordinals simpler and cheaper, Utah-based startup Bioniq is launching a new NFT marketplace.
Bioniq, which is backed by Polychain Capital, stated it has set out to assist “individuals to purchase, promote, trade, and public sale their Bitcoin NFTs in essentially the most user-friendly and seamless means whereas assuaging congestion on the Bitcoin community.”
Bitcoin recently outpaced Ethereum when it comes to common transaction charges as Ordinals minting and buying and selling rebounded final month. Bitcoin Ordinals are a sort of non-fungible token recorded on the Bitcoin community.
“No main platform or marketplace has been developed but devoted to supporting the Bitcoin Ordinals market on a separate Layer 1 with out gasoline or community charges that may scale,” Bioniq CEO and co-founder Bob Bodily stated in a press release. “Whereas the new Ordinals motion will carry extra utility to the BTC community, it additionally brings congestion and better community charges.”
Leveraging Internet Computer to cut back value
Bioniq stated it’s leveraging the Internet Computer 
ICP
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blockchain’s integration with Bitcoin so as to cut back prices and transaction instances.
“Due to the Internet Computer’s distinctive structure, storage prices are far decrease,” the corporate stated.
Internet Computer is a blockchain developed by a Swiss-based not-for-profit known as the Dfinity Basis. It’s meant to work quicker than different blockchains and possess limitless capability.
If customers create and retailer Ordinals of their Bioniq pockets, they may then give you the chance to “wrap these property by sending them to a BTC handle generated by a wise contract,” the corporate stated. “Wrapping an Ordinal ends in an [Internet Computer] NFT that features all the particulars from the unique Bitcoin NFT, akin to inscription knowledge, metadata, and content material, which might then be traded on the Bioniq market.”
“We watched different marketplaces do softer pivots to Ordinals by together with them with their present choices solely to not get the traction they had been on the lookout for as a result of the consumer expertise was too complicated for customers,” stated Bodily. “Bioniq is a devoted Bitcoin Ordinals marketplace, constructed for Bitcoin customers natively.”
*Corrects headline, story to present Bioniq is backed by Polychain Capital.
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