Magic Eden Launches A Marketplace For BTC Ordinals
Magic Eden — an NFT marketplace, has introduced a separate platform exclusively for BTC Ordinals. This platform has undergone thorough auditing and aims to capitalize on the increasing popularity of “BTC NFTs.” Traders in BTC NFTs can use this marketplace to trade BTC Ordinal collections.
This platform offers users an experience comparable to what Magic Eden already provides for NFTs built on Ethereum, Solana, and Polygon.
“We are thrilled to publicize that @MagicEden has now ventured into the world of Bitcoin. We aim to simplify the onboarding process for creators and collectors to explore the Bitcoin market, which many consider the founding blockchain. We applaud the efforts of @zhouzhuojie, @kevcode_art, @ChartFuMonkey, who led this initiative,”—@ZhuoxunYin (Zhuoxun Yin) tweeted.
“Our experience in creating marketplaces will be applied to the growing Ordinals ecosystem, just as we have expanded to other chains previously,” the firm wrote in a recent statement.
Bitcoin Ordinals Surge
Casey Rodarmor, an ex-BTC core contributor, introduced the latest Ordinals protocol earlier this year. Consequently, the recognition of BTC Ordinals has skyrocketed.
A Dune analytics data revealed that the number of inscribed BTC Ordinals rose dramatically to 240,000 from 679 between February 1st to March 1st. As of Tuesday this week, the number of inscribed BTC Ordinals had reached 567,087.
Magic Eden has been amazed by the Ordinal Theory’s launch and rapid adoption. The BTC Ordinals are only available for sale on the marketplace as secondary sales.
The platform has expressed its intention to explore additional features in the future that would make it simpler for artists to generate or record Bitcoin NFTs. One such feature is the launchpad, which is currently available for chains.
It utilizes partially signed BTC transactions to facilitate permissionless transactions, allowing numerous users to put their signatures on the same transaction instead of smart contracts. In the meantime, Magic Eden has stated that there will not be any marketplace royalty support due to the lack of adequate tools and reliable and secure enforcement solutions.
Magic Eden wrote, “Accordingly, we have chosen to introduce our product using Bitcoin without any royalty assistance.” Magic Eden believes the non-usage of royalty support aligns with its ecosystem’s ethos.
However, the marketplace is actively researching the creation of a permissionless and on-chain royalty standard and won’t mind collaborating with creators, artists, and the larger community to achieve this objective. Meanwhile, several marketplaces of BTC Ordinals have also been launched, such as Generative XYZ and ORDX.
Recently, Gamma.io – another NFT platform, introduced its BTC Ordinals marketplace. This platform enables users to trade and create ordinal inscriptions similar to that of NFT marketplaces on Ethereum.
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