Magic Eden Releases Bitcoin Marketplace for Ordinal Inscriptions
Magic Eden, a Non-Fungible Token (NFT) is introducing its own Bitcoin NFT marketplace as Bitcoin-Based Ordinals continue to gain interest. The newly established marketplace enables Bitcoin NFT traders to buy and sell Bitcoin Ordinal holdings, quite similar to what Magic Eden provides for NFTs based on Polygon, Ethereum, and Solana.
Bitcoin ordinals are a remarkable invention that may draw attention to a variety of applications that are particular to the blockchain and encourage developers to take part and produce the tools that users require. According to transaction statistics, the buzz surrounding bitcoin ordinals may have peaked in February 2023. However, the excitement for the application tier of the Bitcoin blockchain will increase rapidly in the near future.
Ordinals NFT Project on Bitcoin Blockchain
Ordinals, an NFT-based project on the Bitcoin blockchain, has experienced rapid growth after the first one was launched in December. Around 90,000 Ordinals have been created or minted on the Bitcoin blockchain by mid-February. According to Magic Eden, the number of inscriptions on the blockchain has increased by 344% in the past month to reach over 400,000.
Magic Eden offered centralized listings for Ethereum-based NFTs and facilitated NFT trading on Solana and Polygon before the announcement. According to the platform’s website, significant companies such as Paradigm, Sequoia, Coinbase Ventures, Solana Ventures, and others support it. The platform receives over 22 million unique monthly visits, and more than 100,000 wallets connecting to its network every day.
Magic Eden’s development of a Bitcoin marketplace might prove to be a huge step forward because there are few platforms for the blockchain’s trading market, which has made the field inaccessible and dangerous for amateur users. In the future, this might reach a larger audience. Also, two noncustodial cryptocurrency wallets, Hiro and Xverse, will be included into the launch so users can execute transactions.
The Bitcoin NFT Ecosystem
Yin said: “The Bitcoin NFT ecosystem is very new and a lot of the tooling that exists today is not optimal and lacks robust security measures. We want to come in with a serious focus on security and transparency while leveraging our brand so that people can feel safe when trading their Ordinals, thus opening up the ecosystem to flourish even more.”
According to Yin, the NFT industry is still figuring out how well its products match the market as a whole. “The rise of Bitcoin NFTs suggests that there is a market for individuals seeking to acquire genuine digital evidence or collectibles.”
Magic Eden has “always had a long-term view” that NFTs will dominate culture for a considerable amount of time.
Despite the fact that large brands and corporations like Starbucks, Adidas, and Nike have begun projects in the past year to incorporate NFT-type products and services, NFTs are still lagging behind in the mainstream world’s adoption.
The market now only permits the secondary sale of Bitcoin Ordinals. The market said it is also investigating potential tools, like its launchpad, which it provides for other chains, that would make it easier for producers to mint or inscribe Bitcoin NFTs. Instead of using smart contracts, it makes use of partially signed Bitcoin transactions, a Bitcoin standard that permits several parties to sign the same transaction, to enable permissionless swaps.
Magic Eden NFT Collection on Bitcoin Marketplace
Magic Eden picked up 13 collections Taproot Wizards, Inscribed Pepes and Bitcoin Bandits to mention a few, to collaborate for the initial test launch of its Bitcoin Marketplace. These collections were picked because, according to Yin, they contain the “best communities” and were some of the first to be inscribed. We believe there is value in working with early adopters because many of them have long been active members of the Bitcoin community and innovators of the Ordinal theory.
All Bitcoin inscriptions will soon be exchangeable on Magic Eden, according to Yin. Magic Eden intends to keep developing new use cases on fresh chains in the long run.
In a similar way to Ethereum NFT marketplaces, NFT platform Gamma.io earlier this week introduced its own Bitcoin Ordinals market, enabling users to produce and exchange ordinal inscriptions.
Magic Eden’s Bitcoin-focused market will face competition from other Ordinal inscription markets like Gamma.io, Ordx.io, and Generative.xyz which have emerged since inscriptions first gained popularity. Yet, the market has been a thriving NFT market for a while now, as seen by Magic Eden’s $2.08 billion in total sales. The NFT marketplace Magic Eden joined forces with the wallets Hiro and Xverse in order to streamline the Ordinal inscription transition process.
In terms of overall sales, Magic Eden is the fifth-largest NFT marketplace. Magic Eden stated that it spent a lot of time considering how to handle royalties when selling Ordinal inscriptions via Bitcoin and “decided to launch on Bitcoin without royalty assistance for now.
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