OKX to support Doginals, other inscription standards in marketplace

OKX has expanded its digital asset offerings by integrating various inscription token standards, including Dogecoin Ordinals, into its wallet and marketplace.

The integration process begins with the Bitcoin token standard, SRC-20 (Stamps), allowing users to view and transfer different inscription standards. OKX Wallet plans to incorporate ARC-20 (Atomicals), DRC-20 (Doginals), and Runes by late February.

Concurrently, the OKX Marketplace will integrate these standards, enabling the purchase and sale of DRC-20, ARC-20, and Runes inscriptions without fees.

The development is part of a broader trend where new token standards on various blockchain platforms are named distinctively, such as PRC-20 on Polygon PoS, Ethscriptions on Ethereum (ETH), and Solana Inscriptions on Solana (SOL).

Bitcoin inscriptions have gained significant popularity, with a mixed reception in the NFT community. Some see these as valuable digital assets, while others criticize them as “network spam.”

OKX Chief Innovation Officer Jason Lau highlighted the rapid adoption of inscriptions, particularly among Asian users. The surge in interest led to the development of OKX’s product offerings in their web3 self-custodial wallet, allowing users to manage, purchase, and sell inscriptions. According to Lau, the platform witnessed a user increase from hundreds to over 100,000, demonstrating the growing market interest.

OKX is a major player in the crypto trading sphere and provides a web3 wallet. Lau mentioned that the expansion to other UTXO chains is in response to the desire to be a frontrunner in building web3 access tools for users.

OKX Wallet supports inscription minting on 23 networks, including Bitcoin, Dogecoin, Ethereum, and many others. Lau explained that the timing for this initiative aligns with the rising traction and launch of these protocols.