Magic Eden Expands Ordinals Offerings to Support BRC-20 Tokens

Magin Eden declared the expansion of its ordinal offerings to become a supportive platform for BRC-20 tokens. The multichain NFT marketplace will support Bitcoin BRC-20 tokens, including new token drops through its launchpad. The protocol statement on Tuesday, June 27, confirmed the expansion of the Ordinals offerings to accommodate tokens built upon Bitcoin immediately.

Inclusion of BRC-20 Tokens Enabling Magic Eden Empower Creators on Bitcoin Network 

Besides allowing BRC-20 tokens to trade on the secondary market, the Magic Eden initiative empowers individuals to create new tokens on the Bitcoin network. Traders can utilize the Magic Eden launchpad to mint the new tokens. The announcement identified the launchpad as accessible to creators seeking the premium service offered alongside marketing and strategic support. 

The statement revisits Magic Eden’sEden’s journey as a marketplace that gradually became a top-ranked venue holding Bitcoin-based collectibles. Its rise to rank first coincided with the Ordinals marketplace debut in March. Besides, Magic Eden would seek early-mover advantages by supporting the NFT-like Ordinals. It rode on the growing hype, thus establishing its reputation within the nascent space. 

Magic Eden Marketplace Expands Support to Bitcoin 

The addition of BRC-20 tokens portrays the Magic Eden marketplace as the primary frontier supporting assets built on Bitcoin. Although initially designed as a marketplace targeting Solana-oriented NFTs, BRC-20 inclusion attempts to sustain the newfound lead. Its accomplishment will transform the crypto token exchange into topping the NFT marketplace. 

Magic Eden co-founder and chief operating executive Zhuoxun Yin considers BRC-20 inclusion ushers the journey to build a reputable NFT platform suitable to the Bitcoin ecosystem. Such efforts manifest in the public blockchain data captured by the Dune dashboard, indicating comparable flows between  Magic Eden and rival OKX crypto exchanges. The two platforms are currently battling to claim the top spot.

Magic Eden’s executive Chris Akhavan stated that the marketplace would introduce a small transaction fee on all BRC-20 trades. He added that Magic Eden plans to donate half of the fees earned from the BRC-20 tokens inscribed recently using its launchpad towards the Ordinals protocol team. 

Magic Eden Projects Longevity in Bitcoin-based Tokens Creation

Akhavan explains the decision to allocate the fees to the Ordinals protocol team is to support the builders facilitating the operations. He restated that Magic Eden has a strong conviction of longevity in Bitcoin-based building.

The executive observed that the Ordinals launchpad is attracting usage from over 40 different creators. He cited the attractiveness of Magic Eden’sEden’s launchpad as its guaranteed massive reach integrated with smooth user experiences. 

Ordinals involve a protocol unveiled by developer Casey Rodarmor in early 2023. It supports the creation of NFT-like assets by leveraging Bitcoin. The process involves inscribing data to the individual satoshi, considered the basic constituent of Bitcoin. 

The data inscribed to the satoshi involve images that Bitcoin users leaned towards at the onset. Rodarmor notes that BRC-20 tokens were initiated by on-chain data enthusiast Domo, inspired by the existence of ERC-20 tokens within the Ethereum network. 

Rodarmor indicates that BRC-20’s creation, trading, and minting involve text-based inscriptions. He admitted that 85000 text-affiliated inscriptions were created on Monday, June 27, relative to the 3600 images of the individual satoshi. 

The BRC-20 tokens fever weighs primarily on the Bitcoin network. Some Bitcoiners criticized the increment in text-based inscriptions when Bitcoin transaction fees surged in May. 

A review of BRC-20 tokens tokens performance shows growth in market capitalization to realize $261 million since its introduction. The initial creation by Domo (ORDI) dominates the BRC-20 collection with a $137 million valuation per CoinGecko. 

BRC-20 Tokens Market Outlook

At press time 0907 UTC, ORDI is exchanging hands at $6.56, 76.92 % below its all-time high of $28.52 realized on May 8, 2023. The daily trading volume is $14.6 million. 

The inclusion of BRC-20 tokens on Magic Eden replicates the move by ORDI to list on various crypto exchanges. The token secured listing on Gate.io and Crypto.com in May.  

Eden’s Yin considers the protocol seeks to become a distinct platform accommodative to JPEG consumers. Simultaneously, he projects the addition of meme coins on the Bitcoin network.

Eden’s executive observes that BRC-20 tokens and Bitcoin Ordinals are gaining traction despite the lack of user experience. The two technologies suffer from inadequate fluidity and broken processes. Yin admitted that including BRC-20 on Magic Eden’sEden’s platform will deliver a seamless merge.  

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