By
Bhushan Akolkar
July 1st, 2024
Popular Solana wallet Phantom might gradually be gravitating towards a multichain future following its recent announcement.
In a recent post on X, Phantom revealed that it is adding support for Bitcoin (BTC). The exciting development comes alongside the announcement of a unique Ordinal mint event that has now caught the attention of both Bitcoin and NFT enthusiasts.
The Ordinal mint event will kick off on June 27th and run until July 1st. During this period, users will be able to mint NFTs directly onto the Bitcoin blockchain using Phantom. This functionality, known as Ordinals, has recently gained traction within the crypto community. Unlike traditional NFTs, Ordinals are inscribed directly onto individual Satoshis (the smallest unit of Bitcoin), creating a unique and scarce digital collectible.
Phantom wallet noted to users that they will only need to cover standard Bitcoin network fees during the inaugural mint event. To ensure smooth transactions, the wallet recommends keeping a small amount (around $10-20) in Bitcoin within their Native Segwit address, a specific type of Bitcoin address format.
Phantom Shows Awareness on The Interconnected Nature of Crypto Ecosystem
For what it’s worth, Phantom has always been known, primarily, for its Solana functionality. However, the recent developments around it suggest that the wallet now has broader goals. By embracing Bitcoin and Ordinals, Phantom may have positioned itself as a potential one-stop shop for users managing crypto assets across different blockchains.
Notably, Phantom’s move comes at an impeccable timing given the rise of multichain applications and decentralized finance (DeFi) across the board. Therefore, the ability to manage various cryptocurrencies from a single platform while offering a more streamlined user experience has become increasingly necessary. That is, if Phantom is keen about staying in business and continuing to be relevant.
So, whether this signals a broader trend of popular wallets incorporating multichain support or not remains to be seen. One thing is clear, though: Phantom’s move suggests a growing awareness of the interconnected nature of the crypto ecosystem.