Unifred Unifred 22.03.2023

Magic Eden Launches NFT Marketplace for Bitcoin Ordinals

The leading NFT marketplace Magic Eden is continuing its multi-chain journey, expanding its list of supported blockchains. On the wave of popularity of  Bitcoin-based NFTs, Magic Eden has recently launched a new marketplace for Bitcoin Ordinal collectibles. The company praised itself as the first audited NFT trading platform to support the Bitcoin ecosystem and a safe haven for users to trade their Bitcoin Ordinals. 

Currently, there are over 70 collections already listed on the platform for users to explore. Such renowned Ordinals NFT collections as Taproot Wizards, Bitcoin Bandits, and Inscribed Pepes are now available on the marketplace ‘to help onboard its users to Bitcoin-based NFTs.’ Magic Eden also noted that it would later include such information about NFTs as Ordinal rarity and inscription numbers.

To make the experience smooth and familiar for users, Magic Eden integrates support for two non-custodial Bitcoin wallets, Hiro and Xverse. This integration will allow traders to easily buy, sell, list, and delist Ordinal NFTs. 

The concept of Bitcoin Ordinals, which came to fruition in January 2023, is still young, and Magic Eden’s adoption of the technology is still unfolding. For this reason, several features, including royalties and launchpads common to NFT marketplaces on other blockchains, will not be available on Magic Eden’s Bitcoin-powered platform for now. However, the company said it is actively working to develop a robust royalty standard to address this issue. 

Since software engineer Casey Rodarmor introduced the Bitcoin Ordinals, it has captured the interest of some industry players, giving birth to several marketplaces like Generative XYZ and Gamma.io, with Magic Eden now joining them. 

Commenting on how enthusiastic the team is regarding the Ordinal theory, Magic Eden’s CEO Jack Lu stated:

“Bitcoin Ordinals bring a whole new dimension into the universe of NFTs. On Bitcoin, all media that is uploaded onto the chain cannot be changed or removed. This simplicity is embraced by many creators who want to create true collectibles that are inscribed onto the chain.”

Integrating Bitcoin into its ecosystem means that Magic Eden now supports four chains. Since it started exploring other blockchains aside from Solana, the NFT platform has also added support for Polygon and Ethereum.

Magic Eden’s expansion into the world of Bitcoin Ordinals marks an exciting step forward for the NFT marketplace. By adding support for another blockchain, the company is honoring the culture of Bitcoin, thus broadening its services to cater to a wider audience of NFT enthusiasts.