OKX Now Supports Inscription for Atomicals, Stamps, Runes & Doginals

• OKX Introduces Support for New Token Standards and Plans for Marketplace
• Integration of Token Standards and Expansion of Inscriptions Tool
• Growth of Inscriptions and Their Distinction from NFTs
• OKX's Perspective on Inscriptions and Blockchain

OKX Introduces Support for New Token Standards and Plans for Marketplace

OKX has revealed its decision to incorporate support for Atomicals (ARC-20), Stamps (SRC-20), Runes, and Doginals (DRC-20) from Dogecoin$0.091 -0.42% on its platform. Further, the firm also intends to set up a marketplace in the forthcoming period.

Integration of Token Standards and Expansion of Inscriptions Tool

As per the announcement, OKX will integrate the bitcoin token standard SRC-20 for viewing and transferring inscription standards on February 5. The integration of ARC-20, DRC-20, and Runes standards is also planned for late February. The OKX Wallet's inscriptions tool presently supports the minting of inscriptions on 23 networks, including renowned ones such as Bitcoin$42,260 -0.64%, Dogecoin, Ethereum$2,315 -2.42%, Polygon$0.967 -3.65%, BNB$312 -5.65% Chain, Avalanche-C, Arbitrum One, among others.

Growth of Inscriptions and Their Distinction from NFTs

Inscriptions have gained significant traction in the past year since their inception on the bitcoin blockchain. According to Dune data, over 58 million inscriptions exist on the bitcoin blockchain, with $166.8 million expended on BRC-20 fees. Although inscriptions have been frequently likened to Non-Fungible Tokens (NFTs) due to shared traits, they aren't completely identical. Inscriptions are documented straight on-chain, in contrast to NFTs, which serve as a connection between the blockchain and a jpeg or file stored on a server.

It's not a Web2 link, it's a pure Web3 product," stated Jason Lau, Chief Innovation Officer at OKX. He points out the reliability of inscriptions, explaining that they will last as long as the chain lasts, and sees them as a new canvas for Web3 creators.

OKX's Perspective on Inscriptions and Blockchain

Lau provided an example of high-value, rare, or premium NFT collections appearing on bitcoin due to its premium block space and demand for high-quality ordinals and inscriptions. More accessible or mass-market projects could find chains like Solana$104 5.03% suitable, underscoring the significance of having art and data immutably stored on-chain.

Lau recognises the ongoing debate surrounding inscriptions on the Bitcoin blockchain. However, he dismisses the idea that they constitute a waste or blockchain contamination as a minority viewpoint. I think it really is a bitcoin maxi-driven sort of narrative, he stated, advocating for increased usage of bitcoin and its blockspace for the benefit of the network.

Edited by Jonathan Stoker