NFT
Bitcoin Ordinals expands into Magic Eden: All you need to know
- Magic Eden has launched its own marketplace for Bitcoin Ordinals.
- The total number of Bitcoin Ordinals inscriptions has increased from 679 to 240,000 until 1 March.
Popular NFT marketplace Magic Eden has launched its own marketplace for Bitcoin [BTC] Ordinals, capitalising on the growing interest in “Bitcoin NFTs.”
Welcome to a new dawn. Magic Eden is now on Bitcoin.
Now, you can safely trade your favorite collectibles on the 1st audited marketplace with $BTC ?
Explore 70+ collections on our marketplace: https://t.co/WiYYgIWPG5
Don't forget to follow @MEonBTC! pic.twitter.com/KNCrVFrCTu
— Magic Eden ? (@MagicEden) March 21, 2023
The new Magic Eden marketplace enables Bitcoin NFT traders to trade Bitcoin Ordinal collections, providing users with an experience similar to that provided by the marketplace for Polygon [MATIC], Ethereum [ETH], and Solana [SOL]-based NFTs.
Magic Eden traders can buy inscriptions, which are non-fungible tokens minted on satoshis within the Bitcoin network. To assist collectors, the company is integrating support for Bitcoin wallets Hiro and Xverse to enable traders to list, buy, and sell Ordinal NFTs. Magic Eden is collaborating with popular Ordinal collections, such as Taproot Wizards
, Inscribed Pepes, and Bitcoin Bandits to help users transition to Bitcoin-based NFTs.The new marketplace will also provide details about NFTs like Ordinal rarity and inscription numbers.
While there will be no royalty support for the marketplace, Magic Eden says it is “actively looking” into it, noting that there is very little tooling and no reliable and trustless enforcement solutions.
Magic Eden said:
“With no royalty standard today, we have decided to launch on Bitcoin without royalty support for now.”
Bitcoin Ordinals growing popular
Magic Eden isn’t the only one working to create infrastructure to support Ordinals NFTs. Gamma.io, an NFT platform, launched its native marketplace two days back, allowing users to mint and trade Bitcoin NFTs.
Former Bitcoin core contributor Casey Rodarmor introduced the new Ordinals protocol in January. Since then, the popularity of Bitcoin Ordinals has skyrocketed.
Inscriptions are finally ready for Bitcoin mainnet.
Inscriptions are like NFTs, but are true digital artifacts: decentralized, immutable, always on-chain, and native to Bitcoin. ?https://t.co/a4dK7zdITS
— Casey Rodarmor (@rodarmor) January 20, 2023
Bitcoin protocol Stacks CEO Muneeb Ali tweeted upon the launch:
“Magic Eden is now on Bitcoin. Bitcoin thesis is playing out: all successful experiments in crypto will (eventually) get implemented on Bitcoin.”
As per Dune Analytics, the total number of Bitcoin Ordinals inscriptions increased from 679 to 240,000 between 1 February and 1 March. As of press time, a total of 570,124 had been inscribed.
