The non-fungible token market Magic Eden has launched its own “fully audited” Bitcoin Odinals marketplace, taking advantage of the growing interest in “Bitcoin NFTs”.
The newly launched marketplace allows Bitcoin (BTC) NFT traders to buy and sell collections of Bitcoin Ordinals, offering users a similar experience to what Magic Eden offers for Polygon, Ethereum and Solana based NFTs.
Extremely excited to announce that @MagicEden is now on Bitcoin. With this, we are simplifying the journey for collectors and creators to get started on Bitcoin – the granddaddy of all chains. kudos to @kevcode_art @zhouzhuojie @ChartFuMonkey who championed this effort. https://t.co/0W7i0uBvPT
— Zhuoxun Yin (@ZhuoxunYin) March 21, 2023
We are extremely excited to announce that @MagicEden is now on bitcoin. With this, we’re making things simple for collectors and creators starting out with bitcoin, the granddaddy of all chains. Congratulations to @kevcode_art @zhouzhuojie @ChartFuMonkey who has spearheaded this initiative.
“Just like we’ve expanded to other chains, We now want to bring our market building expertise to the nascent, yet burgeoning, Ordinals ecosystem,” the company stated on March 21.
the new protocol Ordinals was introduced in January by longtime Bitcoin contributor Casey Rodarmor. Since then, the popularity of Bitcoin Ordinals has skyrocketed.
According to data from Dune analytics, Between February 1 and March 1, the total number of Bitcoin Ordinals signups went from 679 to 240,000. As of March 21, a total of 567,087 had signed up.
“We paid a lot of attention to the release of Ordinal Theory and the breakneck pace of adoption that followed,” says Magic Eden:
“Our marketplace was built in a month, culminating in a hackathon in California with over a dozen developers.”
Currently, the marketplace only supports secondary sales of Bitcoin Ordinals. The exchange said it is also looking into future tools that would allow creators to more easily mint or enroll Bitcoin NFTs, as its launch pad, which it offers for other chains.
To enable permissionless swaps, it uses partially signed bitcoin transactions—a bitcoin standard that allows multiple parties to sign the same transaction—instead of smart contracts.
For his part, Magic Eden says that while there will be no royalty support for the market, it is “actively looking into” this, adding that there are “very few tools and no safe and reliable application solutions.”
“Without any royalty standard today, we have decided to launch in Bitcoin with no royalty support for now,” said Magic Eden.
First sale on @MagicEden someone papered a mickey for 1.33 BTC LFG! @DeGodsNFT @frankdegods pic.twitter.com/nNtb6z8fiZ
— buzzcutandbeanie X+ ⓻ (@bornwithbeanie) March 21, 2023
First sale on @MagicEden someone papered a mickey for 1.33 BTC LFG! @DeGodsNFT @frankdegods
“We believe that this is the most in line with the spirit of the ecosystem and, despite this, We are actively studying the development of a permissionless on-chain royalty standard and are committed to working with creators and the broader community.”
Other Bitcoin Ordinals markets have already gone live, such as ORDX and Generative XYZ, which did so in February. Earlier this week, the NFT platform Gamma.io unveiled its own Bitcoin Ordinals marketplace, which allows users to create and trade ordinal entries in a similar way to Ethereum NFT markets.
Cointelegraph reached out to Magic Eden for comment on the situation, but did not immediately hear back.
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