Two months after Bitcoin NFTs became commonplace thanks to the Ordinals project, a leading NFT platform, magical edenhas launched a Bitcoin NFT Market bring these digital inscriptions to the masses.
Ordinals allows users to inscribe or mint text, images, and other forms of data in Satoshis, the smallest units of Bitcoin. All of this happens without the need for smart contracts. The phenomenon has taken off, with individual artists and big-name NFT projects seizing the opportunity to get their collections listed. So far, there are more than 580,000 registrations, according to data analytics firm Dune, and the number continues to grow by the day.
However, unlike interacting with NFTs on smart contract support chains like Ethereum, minting, quoting, and trading NFTs on Bitcoin is problematic for the average NFT fan due to a lack of infrastructure.
Now, Magic Eden is changing the game by introducing a dedicated marketplace for NFT Ordinals. This will allow merchants to list, buy and sell Bitcoin-based NFTs in a controlled environment. According to the platform, it will offer a smooth experience similar to your traditional NFT marketplace.
We built our Bitcoin marketplace in a month. To cross the finish line, we rented a giant Airbnb in California and brought together more than a dozen developers. As a mostly remote company, we are proud to share some of our faces and tell our story.
BIG thanks to @bhammers for… pic.twitter.com/3Pu5zzXZ1u— Magic Eden 🪄 (@MagicEden) March 22, 2023
Magic Eden’s Bitcoin NFT Market Opens Ordinal NFTs to a Wider Audience
Since the marketplace runs non-custodial services, it has partnered with Ordinals-compatible Hiro and Xverse wallets. Zhuoxun Yun, Co-Founder and COO of Magic Eden, notes: “As long as I have a bit of Bitcoin in my wallet, I can get going and feel the same as trying to buy something in ETH.”
Therefore, “The core functionality of the marketplace should feel very, very similar to users and hopefully gives people the perception that the [Ordinals] obstacle is not crazy.
By launching this Bitcoin NFT marketplace, Magic Eden is following in the footsteps of Gamma.io, which launched its own marketplace in early March. Furthermore, the multi-chain expansion of the protocol is also continuing after moving to Ethereum, Polygon, and now Bitcoin.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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