Polychain Capital-backed Bioniq has launched a Bitcoin Ordinals marketplace, utilizing the Internet Computer blockchain to reduce trading costs.
Seeking to simplify and lower the costs associated with buying and selling Bitcoin Ordinals, Utah-based startup Bioniq introduces a new NFT marketplace.
Bioniq, supported by Polychain Capital, aims to facilitate the process of “buying, selling, exchanging, and auctioning Bitcoin NFTs in a user-friendly and seamless manner while alleviating congestion on the Bitcoin network.”
Bitcoin Ordinals, a type of non-fungible token recorded on the Bitcoin network, have seen increased minting and trading activity, causing Bitcoin to surpass Ethereum in average transaction fees last month.
- No major platform or marketplace dedicated to supporting the Bitcoin Ordinals market on a separate Layer 1 without gas or network fees has been developed yet.
- Bioniq CEO and co-founder Bob Bodily emphasizes the need for a dedicated platform, stating, “While the new Ordinals movement will bring more utility to the BTC network, it also brings congestion and higher network fees.”
Leveraging Internet Computer to Reduce Cost
Bioniq is leveraging the integration of the Internet Computer blockchain with Bitcoin to reduce costs and transaction times.
“Because of the Internet Computer’s unique architecture, storage costs are far lower,” the company notes.
Internet Computer, developed by the Swiss-based not-for-profit Dfinity Foundation, is designed to operate faster than other blockchains with unlimited capacity.
If users create and store Ordinals in their Bioniq wallet, they can “wrap these assets by sending them to a BTC address generated by a smart contract.” This results in an [Internet Computer] NFT that includes all details from the original Bitcoin NFT, allowing for trading on the Bioniq market.
Bioniq CEO Bob Bodily explains, “Bioniq is a dedicated Bitcoin Ordinals marketplace, built for Bitcoin users natively.”