As Bitcoin Ordinals continues to pull more weight in the crypto industry, the Solana-based NFT marketplace Magic Eden has launched a dedicated marketplace for trading Bitcoin Ordinals NFTs.
Magic Eden Embraces Bitcoin Blockchain
Touting itself as the first fully-audited marketplace on the Bitcoin Ordinals ecosystem, Magic Eden will feature a gallery of over 70 collections from which collectors can explore on its platform. Users can view details about Ordinal NFTs, such as Ordinal name, rarity, age, inscription number, etc.
The platform will adopt two non-custodial Bitcoin wallets, Hiro and Xverse, to enable users to list, delist, buy, and sell Ordinal NFTs. Since the system is still fresh, Magic Eden stated that some features, such as royalties, will not be integrated into the marketplace currently.
Jack Lu, the CEO of Magic Eden, voiced his company’s interest in the rising Bitcoin Ordinals trend when he said:
“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.”
Magic Eden’s latest embrace of the Bitcoin network indicates its mission to explore several blockchain networks aside from Solana. Since August 2022, the Solana-native NFT marketplace has spread its tentacles into the Ethereum and Polygon networks. With Bitcoin now on its list, Magic Eden supports four blockchain networks.
Bitcoin Ordinals – A New Trend
In January 2023, Casey Rodarmor unveiled the Ordinal theory, which enables non-fungible tokens to be integrated into the Bitcoin network through a process called inscription. The idea became popular when Bitcoin Punks, a counterpart of Crypto Punks, debuted in the Bitcoin ecosystem.
Since then, several crypto-focused firms have jumped into the ecosystem. Among these platforms are Yuga Labs, which launched its TwelveFold NFT collection on Bitcoin, and DeGods, which rolled out 535 previously burnt NFTs on the network.
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