TL;DR:
- Magic Eden launches a fully audited Bitcoin NFT marketplace for Ordinal NFTs, inscriptions on satoshis within the Bitcoin network.
- The platform partners with Bitcoin wallets Hiro and Xverse to enable users to list, bid, buy, and sell Ordinal NFTs.
- Magic Eden is among the first platforms to support Ordinal NFTs, with other major NFT marketplaces remaining silent on their plans.
Magic Eden, a multi-chain non-fungible token (NFT) marketplace, has launched a fully audited marketplace on the Bitcoin network, as interest in Bitcoin-based Ordinal NFTs continues to grow [1]. Ordinals are NFTs inscribed in the witness portion of BTC transactions and are used to number satoshis on the Bitcoin protocol. The launch of Ordinal NFTs has led to increased user activity on the Bitcoin network, with more than 500,000 inscriptions made and an average of 250 Ordinals transactions per block [1].
To facilitate the listing, bidding, buying, and selling of these inscriptions or NFTs, Magic Eden has partnered with Bitcoin wallets Hiro and Xverse [1]. The platform aims to challenge the status quo and demonstrate its ability to overcome technical barriers, providing an intuitive interface for users to buy, sell, list, and bid on collectibles [1].
However, users of Magic Eden’s marketplace will not have access to royalties due to the lack of secure and trustless enforcement solutions in the ecosystem. The platform is actively working on developing an on-chain, permissionless royalty standard, with a commitment to collaborate with creators and the broader community [1].
Magic Eden is not the only platform launching a marketplace for Bitcoin Ordinals, with ORDX, Generative XYZ, and Gamma.io unveiling similar NFT trading platforms recently [1]. The marketplace launch is also being supported by popular Ordinal collections such as Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits to help onboard users to Bitcoin-based NFTs [1].
The launch of Magic Eden’s Bitcoin NFT marketplace comes as Ordinal NFTs continue to gain popularity, with over 200,000 Ordinals generated on Bitcoin’s satoshi units since 2021 [1]. Yuga Labs’ recent announcement of its own Ordinal NFT collection, TwelveFold, further fueled the surge in interest in this category of NFTs, leading to a successful auction and collection of $16.50 million [1].
As the first NFT marketplace to support Ordinal NFTs, Magic Eden leads the way in providing a platform for creators and collectors in this emerging market. Major NFT marketplaces like OpenSea have yet to reveal their plans to include Ordinal NFTs on their platforms [1].
