OKX Expands Token Support, Adding Atomicals, Stamps, Runes, and Doginals to Its Platform

OKX Announces First Platform to Support Four New Token Standards Atomicals, Stamps, Runes, and Doginals

OKX is now supporting more tokens on its platform, including Atomicals, Stamps, Runes, and Doginals.

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OKX, a leading Web3 technology company, has recently made an exciting announcement. They are set to become the first platform to support four new inscription token standards, namely Atomicals, Stamps, Runes, and Doginals.

On January 29, OKX released their plans to include Atomicals and Runes in their marketplace, as part of their commitment to Bitcoin NFTs. Atomicals (ARC-20), Stamps (SRC-20), Runes, and Dogecoin’s Doginals (DRC-20) will all be integrated into OKX’s Web3 Wallet.

So why is this such a big deal? Well, OKX aims to solidify its position as a leading one-stop NFT ecosystem in Web3 by supporting these token standards from Atomicals, Stamps, Runes, and Doginals on its Web3 Wallet. The integration of SRC-20 will begin on February 5, allowing users to view and transfer Bitcoin token standards. Subsequently, the OKX Wallet plans to incorporate ARC-20, DRC-20, and Runes standards in late February, making it possible for millions of users to buy and sell these NFTs with zero fees.

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💡OKX Wallet’s NFT tool already supports minting on 23 networks, including Bitcoin, Dogecoin, Ethereum, Polygon, BNB Chain, Avalanche-C, and Arbitrum One.

Jason Lau, Chief Innovation Officer at OKX, emphasized the platform’s commitment to driving mainstream adoption of Web3 technologies, making it easier for users to explore and realize the potential of NFTs. He stated: > “By empowering users to easily buy, sell, create, and trade leading token standards on one platform with zero trading fees, OKX is simplifying access and removing barriers so users can explore and realize the potential of inscriptions.”

But what about concerns regarding potential blockchain congestion due to NFTs? Lau addressed these concerns by referring to them as “growing pains” that are normal in the early stages of adoption. He expressed his confidence that these issues would be resolved over time.

🚀 With these exciting additions, OKX Marketplace aims to become the largest NFT marketplace in the industry, offering zero-fee trading across an expanding range of token standards. OKX’s NFT offering is one of the most advanced in the industry, featuring hex error checking, liquidity across multiple standards, bulk minting capabilities, and automatic error detection.

OKX Expands Services with the Launch of OKX Wallet and Support for Ordinals on Bitcoin

The introduction of OKX Wallet further expands the platform’s offerings, catering to users exploring NFTs, the metaverse, and trading GameFi and DeFi tokens. OKX, known for being one of the fastest and most reliable crypto apps globally, is trusted by over 50 million users.

While OKX openly embraces Ordinals and other Bitcoin protocols, some members of the Bitcoin ecosystem express discontent, with some labeling Ordinals as digital spam. But Jason Lau, the Chief Innovation Officer at OKX, disagrees with this characterization.

In a statement, Lau argues that there is “no such thing as spam in open and permissionless networks like Bitcoin.” He asserts that all transactions are valid as long as fees are paid, and they conform to consensus rules. Lau stated: > “Historically, OKX has been a strong supporter of the Bitcoin ecosystem, being one of the earliest to support upgrades like SegWit, Taproot, and Lightning, and Ordinals are no different.”

Lau contends that Ordinals and inscriptions can open up new use cases for users and provide a fresh design space for developers. According to him, “inscriptions have the potential to be powerful digital collectibles as they store data and art on-chain and allow for new types of NFTs to be created.”

🔍 As the debate on the role of Ordinals and NFTs within the Bitcoin ecosystem continues, OKX’s proactive stance indicates a belief in the potential for Bitcoin-based NFTs and their ability to introduce innovative use cases and design possibilities.

Recently, on December 19, several blockchains encountered full or partial outages due to a surge in transaction activity triggered by individuals creating inscriptions on various networks, similar to the activity witnessed with Bitcoin Ordinals. Networks such as Arbitrum, Avalanche, Cronos, zkSync, and The Open Network were affected. Although these disruptions were a result of growing pains, they highlight the increasing interest and demand for inscriptions and NFTs within the blockchain ecosystem.

Q&A

Q: What does OKX’s announcement mean for NFT enthusiasts? A: OKX expanding its support for Atomicals, Stamps, Runes, and Doginals means that NFT enthusiasts will have more options and opportunities to explore and engage with these token standards. It gives them access to a wide range of NFTs within OKX’s Web3 Wallet.

Q: Why is OKX focusing on Bitcoin NFTs? A: Bitcoin is the most well-known and widely used cryptocurrency, so incorporating NFT support for Bitcoin allows OKX to reach a broader audience and tap into the growing interest in NFTs. It also aligns with their goal of driving mainstream adoption of Web3 technologies.

Q: How does OKX address concerns about blockchain congestion caused by NFTs? A: Lau, the Chief Innovation Officer at OKX, acknowledges that congestion is a temporary challenge in the early stages of NFT adoption. OKX believes that these issues will get resolved over time as the technology matures and scalability solutions are implemented.

Future Outlook and Investment Recommendations

As the NFT market continues to gain momentum, platforms like OKX are positioning themselves to take advantage of this growing trend. By expanding their support for different token standards and providing a user-friendly experience, OKX aims to become a leading player in the NFT ecosystem.

Investors looking to capitalize on the NFT market should consider the potential growth of platforms like OKX, which offer a wide range of NFT options with zero fees. They should also keep an eye on the development of technology solutions that address blockchain congestion and scalability issues.

Overall, the NFT market presents exciting opportunities for both creators and investors, and staying informed about the latest developments and trends will be crucial for success.

References:

• OKX website
• OKX announcement on Twitter
• Critic’s view on Ordinals and NFTs
• Bitcoin Ordinals and its impact on networks
• Bitcoin NFTs and innovative use cases

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