- Magic Eden becomes the first major Nft marketplace to join the Bitcoin ordinals wave.
- Magic Eden bitcoin ordinals marketplace launched without royalty standard.
- Bitcoin ordinals surge in popularity.
Magic Eden has now become one of the first well-known NFT marketplaces to join in the wave of Bitcoin Ordinals, which as of March 21st, had boasted 567,087 inscriptions.
Magic Eden launched their own fully audited marketplace for Bitcoin ordinals to ride on the wave it has brought and the recent surge in interest in Bitcoin NFTs.
The newly launched marketplace will allow Bitcoin NFT traders to purchase and sell their Bitcoin Ordinals collections. It will give these users a similar experience to the Magic Eden market for Ethereum, Polygon, and Solana NFTs.
Magic Eden plans to make the journey smoother for collectors and creditors hoping to get started on Bitcoin, the top of the crypto chain. Magic Eden hopes to go from expanding to other crypto chains to take their experience into building marketplaces to the new but flourishing Ordinals ecosystem.
The current Ordinals protocol was introduced in January by Casey Rodarmor, a former bitcoin core contributor. Since the introduction, there has been a surge in popularity for Bitcoin Ordinals.
Data from Dune analytics from February 1st to March 1st put the total number of Bitcoin Ordinals inscriptions surging from 679 to 240,000, and as of March 21st, it had recorded 567,087 inscribed ordinals.
Magic Eden claims their marketplace paid attention to the release of Ordinal Theory and the fast pace of the adoption rate. The Magic Eden marketplace was built within a month after its culmination in a hackathon in California with a dozen developers present.
It is currently only supporting secondary sales of Bitcoin Ordinals, but in the future, there could be tools that would allow more creators easily mint or inscribe Bitcoins NFTs,
The bitcoin ordinals marketplace makes use of permissionless swaps, and it also makes use of partially signed bitcoin transactions. This bitcoin feature allows for multiple parties to sign the same transaction, as opposed to making use of smart contracts.
However, Magic Eden added that while there will be no royalty support for the Bitcoin marketplace, they are actively looking into fixing that. There is very rare tooling and no secure and trust-less enforcement solutions that can help out.
With the absence of royalty standards currently, Magic Eden launched Bitcoin without royalty support for the time being. Magic Eden believes it is the most in line with the ethos of the ecosystem. Despite that stumbling block, the platform would continue to look into developing an on-chain permissionless royalty standard and will work towards partnerships with creators and the community.
Besides Magic Eden, other Bitcoin Ordinals marketplaces have already been launched, pointing further to the surge in interest for bitcoin ordinals.