Binance Updates Web3 Wallet, Adds Inscriptions Marketplace

Recently, Binance announced that it had updated its Web3 Wallet to support ERC-404 tokens. ERC-404 is a new standard for digital assets on the ethereum blockchain. It combines the characteristics of non-fungible tokens (NFTs) and fungible tokens. The aim of this new standard is to bring liquidity and fractionalization to non-fungible tokens.

Binance also revealed that it had introduced an Inscriptions marketplace. Binance is the leading cryptocurrency exchange globally in terms of daily trading cryptocurrency volume, catering to more than 160 million registered users in some 180 nations. These updates are part of the company’s efforts to simplify asset management and enhance the decentralized web experience through the facilitation of fractionalized NFT collections.

Expanding the Web3Wallet ecosystem has allowed the integration of five new networks and 24 new decentralized apps. This reinforces the crypto company’s commitment to a comprehensive and dynamic ecosystem. The new decentralized apps include Avascriptions, 48 Club, BakerySwap, BIIS, Etch Market, Ethscriptions, CyberWallet, EthsMarket, Owlto Finance, zkBridge, Swell Network, zks Market, XRC Market, EVM Ink, UXUY, SynFutures, EVMs, Pols Market, QnA3.AI, IERC 20, KiloEx, Frc20 Market, Facet, and Friend3.

The new networks include:

  • Scroll, a Layer-2 solution based on zkEVM technology
  • ZKFair, a Layer-2 solution powered by ZK-power
  • Metis, an ethereum scaling solution
  • ZetaChain, a Layer-1 solution that has built-in chain-agnostic interoperability
  • Manta, a Web3 modular ecosystem

The adoption of these diverse networks will provide more choices for users while also bolstering the ecosystem’s functionality.

Support for ERC-404 tokens will enable fractionalized NFT collections through the combination of ERC-721 and ERC-20 standards. This will put an end to the use of intermediaries.

ERC-404 token introduction, which was demonstrated by the success of Pandora, proposes increasing interest in innovative tokenization techniques. Currently, Binance is offering upgrades to full self-custody wallets to semicustody wallet users. This move underlines the importance of security as well as user autonomy.

Additionally, the crypto company plans to host an exclusive event from Feb. 22–April 3, 2024. The event will give participants the chance to win more than $1 million worth of rewards.

Binance also recently launched the Inscriptions Marketplace, which offers a seamless experience for engaging with more than 60,000 BRC-20 tokens and others through decentralized applications. The marketplace caters to newcomers as well as experts in Web3. Features such as easy transfers between the wallet and exchange underline Binance’s focus on enhancing access to the decentralized web.

This development underscores the effort and resources that Web3 companies such as Binance and Horizon Fintex are devoting to bringing innovative products onto the market so that the penetration of these technologies accelerates.

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