NEWSLETTER
On Monday, non-fungible token (NFT) exchange Magic Eden announced the launch of Bitcoin Ordinal sign-up support. Magic Eden said it has partnered with Hiro and Xverse wallets to “bring a familiar wallet transaction experience to the market.”
Magic Eden’s decision to launch Bitcoin without royalty support and compete with emerging markets
magical eden announced in a recent blog post that it has added Bitcoin Ordinal signup support to the NFT marketplace. Last year, the Solana-based NFT marketplace expanded to Polygon and Ethereum. With the addition of Bitcoin, Magic Eden now supports a total of four blockchains. The team is also “replanning a more concerted entry into Ethereum,” according to the blog post.
He Bitcoin-focused section The market currently features several Bitcoin Ordinal inscription collections, including “Bitcoin Boos,” “Bitcoin JPG,” “BTC machines,” “ordinal turtles,” “not ordinal,” “satoshi punksand “megapunk.”
At the time of writing, there were close to 600,000 ordinal signups on the Bitcoin blockchain, with a total of 567,622 coined according to Statistics From Dune Analytics, the number of ordinal signups passed the 500,000 milestone on March 17, 2023.
Magic Eden says that the recent move to support ordinal signups is in line with Bitcoin culture. “By building on Bitcoin, we contribute to the culture of trust, security, and decentralization that is synonymous with blockchain,” explained the NFT marketplace.
The blog post goes on to say:
This move aligns with our mission to promote the benefits of collectibles and blockchain technology while remaining true to the principles that underpin the technology.
Magic Eden’s Bitcoin-focused marketplace will compete with other Ordinal signup marketplaces that have sprung up since signups began to gain traction, such as Gamma.io, Ordx.io, and Generative.xyz. The market, however, has been an active NFT market for some time, as Magic Eden has posted $2.08 billion in all-time sales. To facilitate Ordinal’s enrollment support process, the Magic Eden NFT marketplace partnered with Hiro and Xverse wallets.
According to dappradar.com Statistics, Magic Eden ranks as the fifth largest NFT marketplace in terms of sales of all time. When it comes to Bitcoin-based ordinal signup sales, Magic Eden said it spent a lot of time thinking about handling royalties and “decided to launch on Bitcoin with no royalty support for now.” Magic Eden has also created a new Twitter handle for the Bitcoin-focused version of the NFT marketplace, which is called @meonbtc.
What do you think the future holds for Bitcoin-based NFT markets? Share your thoughts in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons, Magic Eden,
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