Magic Eden Launches Its Bitcoin NFT Marketplace
- Magic Eden has launched the first fully audited Bitcoin NFT marketplace.
- Marletplace has integrated two non-custodial wallets to support seamless transactions.
- Magic Eden now supports NFT marketplaces for Solana, Ethereum, Polygon and Bitcoin.
Cross-chain NFT platform Magic Eden has added momentum around NFT Ordinals on Bitcoin by launching a completely overhauled Bitcoin NFT marketplace. The marketplace for digital artefacts will contain everything from images and audio clips.
Magic Eden’s move means traders in the ecosystem are set to benefit from being able to buy and sell Bitcoin-based inscriptions pegged to satoshi – the smallest measurement value for BTC.
A new dimension to the NFT universe
In a press release published on Tuesday, Magic Eden noted that the infrastructure supporting Bitcoin inscriptions is growing, although the network counts over 400,000 such digital artifacts so far.
Currently, the Bitcoin NFT marketplace has integrated two non-custodial wallets – Hiro and Xverse – with support for functions such as listing, delisting, and buying and selling. The marketplace already offers access to more than 70 collections.
3/ Why Bitcoin? Ordinal digital artifacts exist on-chain, never off-chain, and are completely immutable, meaning they cannot be changed in any way.
Add the security aspect of BTC and the decentralization of the nodes and you have the ultimate home for true digital collectibles.
— Magic Eden 🪄 (@MagicEden) March 21, 2023
Commenting on the development, Magic Eden co-founder and CEO Jack Lu noted:
“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 bring a whole new dimension into the universe of NFTs.”
Part of the early efforts to accelerate adoption include Magic Eden’s partnership with 13 top collections, including Inscribed Pepes, Taproot Wizards and Bitcoin Bandits. Digital items on the platform will be subject to top quality filtering, with collectors having access to details such as Ordinal rarity, name, inscription number, age and so on.
“On Bitcoin, not all media uploaded to the chain can be changed or removed“, Lu said in a statement. “This simplicity is embraced by many creators who want to create true collectibles that are written into the chain. We’re excited to bring our winning marketplace user experience we’ve developed over the past year and a half to Bitcoin.”
Magic Eden’s release of a Bitcoin NFFT marketplace builds on the company’s solid foundation as a top provider of blockchain and Web3 solutions. While still the leading NFT marketplace for Solana, this latest move adds to recent expansions to Ethereum and Polygon.
