Ordinal Marketplace For Bitcoin NFTs Launched by Magic Eden
- Ordinals is more difficult than on other chains like Ethereum and Solana.
- When it launches, Magic Eden will support the Ordinals-compatible Hiro and Xverse wallets.
During the last two months, the popularity of “Bitcoin NFTs” has skyrocketed with the introduction of Ordinals, a protocol that enables users to digitally imprint media and text on the original blockchain, with over 500,000 such “inscriptions” having been produced already. Today, a major NFT marketplace on another chain is beginning to support Bitcoin.
In a recent announcement, Magic Eden, the biggest Solana NFT marketplace, said it will begin accepting Bitcoin Ordinals. The firm, worth $1.6 billion as of June 2022, has recently expanded to Ethereum and Polygon, making it its diverse multi-chain shift in as many years.
Ordinals are a recent innovation for Bitcoin that allows for on-chain storage of media without the need for smart contracts, unlike other chains. Moreover, many of the supporting tools are currently being developed in real-time. In part due to the absence of infrastructure, minting, managing, and trading, Ordinals is more difficult than on other chains like Ethereum and Solana.
Comprehensive Audit
Magic Eden, however, claims that the Ordinals marketplace experience will be consistent with what existing customers have come to expect.
When it launches, Magic Eden will support the Ordinals-compatible Hiro and Xverse wallets, despite the fact that it is a non-custodial marketplace and never takes custody of the assets being exchanged. Magic Eden is the first Ordinals marketplace to undergo a comprehensive audit as per the marketplace.
Even Nevertheless, Magic Eden is making preparations for the future. Ordinals is a marketplace for trading digital assets on the secondary market. However, the company hopes to provide tools for creating and registering new digital assets on the Bitcoin blockchain.
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