Magic Eden Expands to Bitcoin Blockchain Amid Growing Ordinals Inscriptions

Quick take:

• Magic Eden has launched a bitcoin NFT marketplace.
• The company sees this as a great move for its multi-chain vision.
• The announcement comes amid growing interest in Ordinal’s NFT.

Magic Eden has launched a new NFT marketplace on Bitcoin. The Solana-based NFT platform expands its ecosystem to bitcoin amid the growing Ordinals inscriptions. This announcement comes as the company continues to expand its multichain support system after expanding to the Ethereum and Polygon blockchains last year.

Speaking to TechCrunch on Tuesday, Zhuoxun Yin, COO and co-founder of Magic Eden, said: “We are already a multi-chain platform and believe that adding Bitcoin will connect us to a deep community of people and a rapidly growing collectibles market thanks to Ordinals.”

Yin added that adding a Bitcoin marketplace allows Magic Eden to continue its multi-chain vision.

Ordinals Inscriptions, the name given to digital collectibles and works of art inscribed (“imprinted”) on the Bitcoin blockchain, have become popular in the NFT market since their appearance in late January 2023.

By mid-February, there were about 105,000 Ordinals inscriptions on the Bitcoin blockchain. Since then, the number has risen to a whopping 400,000 due to growing interest. The platform has seen the likes of Yuga Labs, arguably the world’s largest NFT project, join Ordinal’s NFT bandwagon with the TwelveFold NFT collection.

The creator of Bored Ape Yacht Club earned more than $15 million after auctioning off 288 pieces of digital art. The CryptoPunks NFT collection was among the earliest mega NFT projects written on Ordinals.

Last month, a developer also provided the Bitcoin Ordinals code to enter the first Litecoin NFT.

Magic Eden is the largest NFT marketplace on Solana, its integration with the Polygon gaming ecosystem allows it to support NFT offers for games on one of the leading web3 gaming platforms.

By adding a Bitcoin marketplace, the company can offer a variety of tools to its rapidly growing audience. The launch includes the integration of two non-custodial crypto wallets, Hiro and Xverse, which allow users to process transactions on the Bitcoin blockchain.

“The Bitcoin NFT ecosystem is very new and much of the tools that exist today are sub-optimal and lack robust security measures,” Yin said. “We want to come in with a serious focus on security and transparency while leveraging our brand so that people can feel safe shopping with their Ordinals, thereby opening up the ecosystem to flourish even more.”

Magic Eden has selected 13 collections for the beta launch of the Bitcoin Marketplace. Some of the collections featured include Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits, among others.

Yin said the collections were chosen based on the strength of their communities and the time they were entered.

We see value in partnering with early adopters, as many of them have been pioneers of Ordinal theory, as well as contributors to Bitcoin’s culture for many years,” Yin added.

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