Magic Eden Embraces Bitcoin Ordinals Through Dedicated NFT Marketplace
Non-fungible token (NFT) marketplace, Magic Eden, has launched a fully audited marketplace for Bitcoin Ordinals, the latest craze in NFTs.
The move comes in response to the surging interest in “Bitcoin NFTs”. The new marketplace will allow traders to buy and sell Bitcoin Ordinal collections.
Magic Eden aims to bring its expertise in building marketplaces to the nascent yet flourishing Ordinals ecosystem after expanding into other chains.
The new Ordinals protocol was introduced in January by former Bitcoin core contributor Casey Rodarmor, and since then, the popularity of Bitcoin Ordinals has surged, with over 567,000 inscriptions to date. Magic Eden has built its marketplace within a month, culminating in a hackathon in California with over a dozen developers.
The marketplace currently only supports secondary sales of Bitcoin Ordinals. It is also looking into future tools that would allow creators to more easily mint or inscribe Bitcoin NFTs, such as its launchpad, which it offers for other chains.
To enable permissionless swaps, the marketplace uses partially signed Bitcoin transactions instead of smart contracts. That Bitcoin standard allows multiple parties to sign the same transaction.
However, the marketplace currently does not support royalties, which is a challenge in the ecosystem due to the lack of secure and trustless enforcement solutions.
First sale on @MagicEden someone papered a mickey for 1.33 BTC LFG! @DeGodsNFT @frankdegods pic.twitter.com/nNtb6z8fiZ
— buzzcutandbeanie X+ ⓻ (@bornwithbeanie) March 21, 2023
Magic Eden says it is actively looking into developing an on-chain, permissionless royalty standard and is committed to working with creators and the greater community.
Other Bitcoin Ordinals marketplaces, including ORDX and Generative XYZ, have already launched. NFT platform Gamma.io has unveiled its own Bitcoin Ordinals marketplace earlier this week. It allows users to create and trade ordinal inscriptions like Ethereum NFT marketplaces.
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