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Toniq Launches ‘First Ordinals-Specific NFT Marketplace Built on Bitcoin L2

Toniq, a company focused on developing professional tools and services on the decentralized web, has unveiled Bioniq, the first Ordinals-specific marketplace built on a Bitcoin Layer 2. Positioned as “the world’s fastest Bitcoin-based non-fungible token (NFT) marketplace,” Bioniq operates on the blockchain and Web3 platform Internet Computer.

Bioniq has dual objectives: simplifying the process of buying and selling Bitcoin NFTs and addressing Bitcoin congestion issues. The platform aims to provide a solution as Bitcoin transaction fees have surpassed those of Ethereum, leading to higher costs for BTC transactions. With backing from Polychain Capital, a crypto-focused VC firm, Bioniq is designed to facilitate seamless transactions for buying, selling, exchanging, and auctioning Bitcoin NFTs.

Key features of Bioniq include a built-in wallet with smart wallet features and the utilization of Web3Auth for managing private keys, enabling non-custodial log-ins with Gmail accounts. In its future plans, the platform intends to introduce services such as ‘Launchpad’ for the release of reserved Ordinals, ‘Earn’ allowing the use of Ordinals as collateral to borrow crypto, ‘Super offers’ for placing offers on any Bitcoin inscription and notifying the recipient, and ‘Collection offers’ to make offers on any Ordinal in an entire collection.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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