All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any kind of investment.
Magic Eden’s Bitcoin NFT Marketplace is Live!
Magic Eden, a well-known NFT marketplace, expands its horizons by launching a thoroughly overhauled Bitcoin NFT marketplace, catering to the growing demand for Bitcoin-based Ordinal NFTs. As part of this initiative, the platform will include support for Bitcoin wallets Hiro and Xverse, allowing traders to easily list, buy and sell Ordinal NFT.
Bitcoin’s immutability is a key factor
Traditionally, Magic Eden has dominated the Solana-based NFT market scene. Nevertheless, the platform has ventured into various blockchain ecosystems, with Ethereum support in August and expanding to Polygon in November.
In a press release, Jack Lu, Magic Eden’s CEO and co-founder, emphasizes the benefits of Bitcoin-based NFTs. He highlighted how no one can change or remove media that users upload to the Bitcoin blockchain. According to him, creators embrace this feature when they are looking to build true collectibles that are inscribed on the blockchain itself.
Magic Eden partners with Bitcoin-based collections
Magic Eden collaborates with famous Ordinal collections such as Taproot Wizards, Inscribed Pepes and Bitcoin Bandits. These partnerships aim to introduce users to the world of Bitcoin-based NFTs. In addition, the marketplace will provide important information about NFTs, including details of ordinary rarity and inscription numbers.
Bitcoin NFTs are gaining momentum
Over the past week, the Ordinals protocol witnessed a remarkable achievement as the number of inscriptions on Bitcoin exceeded 500,000. Most of these inscriptions are text-based, accounting for more than 40% of the total number.
The popularity of the Ordinals inscription method continues to increase. Furthermore, a recent study by Galaxy Digital projects that by 2025, Bitcoin-based non-fungible token assets using Ordinal Inscription technology could constitute a market worth approximately $4.5 billion. Magic Eden’s move to support Ordinal NFTs is indicative of a larger industry movement.
