TL;DR

Phantom has announced the integration of Bitcoin into its platform, expanding the functionalities of the renowned Solana wallet.
The launch of the Ordinal Mint event has been announced, scheduled from June 27th to July 1st. Users will be able to create NFTs directly on the Bitcoin blockchain.
To participate, users only need to cover standard Bitcoin network fees. It is recommended to maintain a minimum BTC balance in the Native Segwit address for smooth transactions during the event.

The well-known Solana wallet, Phantom, is paving its way towards a multichain future. It has recently announced the integration of Bitcoin into its platform, along with an innovative NFT creation event called Ordinal Mint.

The announcement signifies a strategic shift for Phantom, primarily known for its functionality on the SOL network. Users can now manage assets from both Solana and Bitcoin directly within the same wallet. This anticipated expansion meets the growing demand for platforms that facilitate efficient management of multiple cryptocurrencies.

Bitcoin’s on Phantom

So to celebrate, we cooked up something special…@solanapoet‘s first-ever Ordinal mint—exclusively for Phantom users

Here’s what you need to know https://t.co/idoQWaSFdW

— Phantom (@phantom) June 24, 2024

The Ordinal Mint event, scheduled to start on June 27th and end on July 1st, will allow Phantom users to create NFTs on the Bitcoin blockchain. The innovative aspect of Ordinals lies in these NFTs being directly registered on individual Satoshis, the smallest unit of Bitcoin, making them unique and scarce digital assets with significant potential and utility.

How Will Phantom’s Ordinal Mint Work?

During the event, users only need to cover standard Bitcoin network fees to participate in creating these Ordinals. To ensure smooth transactions, Phantom has advised users to maintain a minimum balance of Bitcoin in their Native Segwit address, a specific BTC address format.

Phantom is heading towards Bitcoin integration. The creation of Ordinals not only enhances the wallet’s capabilities but also reflects its understanding of the increasingly interconnected nature of the crypto ecosystem. At a time when multichain applications and decentralized finance are on the rise, providing a user experience that allows managing crypto assets from different blockchains on a single platform becomes crucial.

It remains to be seen if other popular wallets will follow Phantom’s example and decide to venture into multichain support. For now, the wallet demonstrates its commitment to adapting to the evolving needs of users and staying relevant in the market.

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Filed under: News - @ June 25, 2024 4:15 pm