Magic Eden Launches Bitcoin Ordinals NFT Marketplace
Magic Eden is not the first to ride the Ordinals NFT wave. Launched in February, ORDX and Generative are two of the first Ordinals NFT marketplaces.
Non-fungible token (NFT) marketplace Magic Eden is set to launch a fully overhauled Bitcoin NFT marketplace. This comes as Bitcoin-based Ordinals NFTs become increasingly popular. The platform will enable traders to buy inscriptions – NFTs minted on Bitcoin’s satoshis. To facilitate the sale, purchase and listing of Ordinal’s NFTs, Magic Eden is working to integrate support for Bitcoin wallets Hiro and Xverse.
Jack Lu, CEO and co-founder of Magic Eden comments:
“Adding a Bitcoin marketplace is very exciting for our team, considering it’s the granddaddy of all blockchains and we’re all passionate about blockchain. Bitcoin Ordinals brings a whole new dimension to the universe of NFTs. On Bitcoin, not all media uploaded to the chain can be changed or removed, this simplicity is embraced by many creators who want to create true collectibles written into the chain.”
The marketplace has enlisted the help of popular Ordinals collections Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits to bring its users to Bitcoin-based NFTs. It will display information such as rarity, age, name and inscription numbers of Ordinals NFTs with more features expected to follow as the market grows.
Launched in January this year, Ordinals is a layer-1 protocol that enables users to push media and text onto the Bitcoin blockchain. Over 500,000 inscriptions have been made so far. Unlike other networks, coining on Blockchain does not use smart contracts, which makes the process more complex. Despite this, Magic Eden assures users that the Ordinals Marketplace experience will be similar to what they are used to.
“The core marketplace functionality should feel very, very similar to users, and hopefully it gives people a sense that [Ordinals] obstacle is not crazy, said Magic Eden co-founder and COO Zhuoxun Yun. “As long as I have some Bitcoin in my wallet, I can just go ahead and it would feel the same as trying to buy something on ETH.”
Following the launch in 2021 of a California-based startup of the same name, Magic Eden has been the leading Solana-based NFT marketplace. It has expanded to other blockchain ecosystems, adding support for Ethereum in August and for Polygon in November.
Magic Eden is not the first to ride the Ordinals NFT wave. Launched in February, ORDX and Generative are two of the first Ordinals NFT marketplaces. NFT platform Gamma.io also launched its native marketplace supporting Bitcoin NFTs.
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