Magic Eden is launching an NFT Marketplace for Bitcoin Ordinals

With the launch of Bitcoin Ordinals in January 2023, there has been a surge of activities around Bitcoin NFTs. One of the well known non fungible token marketplace, Magic Eden has introduced fully audited marketplace of its own as a mean to leverage the surging interest of the crypto space in Bitcoin NFTs.

The marketplace from Magic Eden caters to the NFT traders to buy and sell the Bitcoin Ordinal collections by giving them a similar experience to the service that Magic Eden offers for the NFTs from other blockchains; namely the Polygon, Ethereum and Solana-based NFTs.

Extremely excited to announce that @MagicEden is now on Bitcoin. With this, we are simplifying the journey for collectors and creators to get started on Bitcoin – the granddaddy of all chains. Kudos to @kevcode_art @zhouzhuojie @ChartFuMonkey who championed this effort. https://t.co/0W7i0uBvPT

— Zhuoxun Yin (@ZhuoxunYin) March 21, 2023

In the announcement statement shared by the organization, they have mentioned that, “Just as we have expanded into other chains, we now aim to bring our expertise in building marketplaces to the nascent, yet flourishing Ordinals ecosystem.”

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As per the data from Dune analytics, during the time period of February 1, 2023 and March 1, 2023; the total number of Bitcoin Ordinals inscriptions rose from mere 679 to a whopping 240,000. The data shows that by March 21, 2023 a total of 567,087 have been inscribed!

Source: Dune

What Are Bitcoin NFTs?

With the rise of the NFT space that is based on Ethereum’s ERC-721 standard back in 2021, the former Bitcoin core developer, Casey Rodarmor anticipated the opportunity to build a similar but unique experience for the crypto community. How so? Besides the already available NFTs on the Ethereum and other blockchains, Rodarmor had a vision to create an immutable on-chain presence of a piece of art, text or video.

Additional Read: Upcoming NFT Projects in 2023

Why Did Magic Eden Choose Bitcoin NFT?

The announcement statement stated the following four reasons for the choice of supporting the Bitcoin Ordinals market:

• Getting back to the crypto roots while exploring the emerging markets
• To cater towards the best marketplace experience on chain
• Continuing the multichain journey
• Supporting the culture that Bitcoin created

Magic Eden also stated, “We paid close attention to the release of Ordinal Theory and the lightning pace of adoption that soon followed. Our marketplace was built within a month, culminating in a hackathon in California with over a dozen devs.”

As of now, the marketplace supports the secondary sales of Bitcoin Ordinals. However, Magic Eden have commented that they are looking into solutions in the future, where they will be able to introduce tools that will allow creators to easily mint or inscribe Bitcoin NFTs on the marketplace; such as its launchpad- a service that they already offer to the other chains.

Magic Eden have also commented that while there will be no royalty support for the marketplace, they are dedicatedly looking into this, and added that there is “very little tooling and no secure and trustless enforcement solutions.”

First sale on @MagicEden someone papered a mickey for 1.33 BTC LFG! @DeGodsNFT @frankdegods pic.twitter.com/nNtb6z8fiZ

— buzzcutandbeanie X+ ⓻ (@bornwithbeanie) March 21, 2023

Some of the other Bitcoin Ordinals marketplaces have already launched are as follows:

• ORDX
• Generative XYZ
• Gamma.io

Source: Cointelegraph