The launchpad will allow Magic Eden to seamlessly onboard creators into the ecosystem and thus make it easy to create tokens on the Bitcoin network.
On Thursday, April 6, the NFT Magic Eden marketplace said it would be rolling out the Creators Launch Pad for Ordinals. Thus, it will help creators to successfully enroll their Bitcoin-based NFT collections.
Similar to NFTs on Ethereum and other blockchain networks, the Ordinals protocol allows for the enrollment of digital assets in Bitcoin. So far in 2023, the Ordinals platform has taken off in a big way and is poised to surpass 1 million.
Magic Eden announced that it would debut the Bitcoin launch pad on Friday, April 7. Although the company has the infrastructure for creators to list and sell their ordinals, the launch pad is an effort to seamlessly onboard creators into the ecosystem and thus make it easier to create tokens on the Bitcoin network.
Also, listing an Ordinals NFT on the Bitcoin network is very different than minting a digital asset on Ethereum. This is a huge barrier to entry, especially for creators unfamiliar with the intricacies of inscriptions and Taproot. So Magic Eden has found a way to make this process easier and at the same time grow the Ordinals collectors market.
Zhuoxun Yin, COO and co-founder of Magic Eden, said that helping creators mint Ordinals would help grow a larger market for tokenized Bitcoin assets. Yin added:
“Bitcoin is the granddaddy of all blockchains and we believe it can be the home of pure digital artifacts. With Ordinals, content can be preserved forever and we are proud to help the creators and the Ordinals community grow together.”
More Magic Eden plans
Kicking off the launch pad, Magic Eden will be collaborating with an Ethereum-based NFT Godjira Collection and launching the Bitcoin-based Deadjira Collection later today. Additionally, the company reached out to some of the top creators, including Lazy Lions, Genopets, Humanoids, and rapper Lil Durk, in order to mint Bitcoin inscriptions on the new platform over the next week.
The excitement around Ordinals is growing rapidly with Magic Eden launching the Bitcoin NFT marketplace last month. This also allows collectors to purchase ordinals on the secondary market. Speaking about the development, Magic Eden Marketing Director Tiffany Huang saying:
“We are at the grassroots level listening to what is needed from all of these subgroups of the Ordinals community, and we will seek to meet those needs. We believe that sharing our experience and resources is much needed to continue the growth of Ordinals and foster a thriving ecosystem.”
In addition to the Bitcoin network, Magic Eden is also making efforts to expand its offering to other blockchain platforms.
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Bhushan is a FinTech enthusiast and has a good knack for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continuously in a learning process and stays motivated by sharing the knowledge he has acquired. In his spare time, he reads thrillers and sometimes explores his culinary skills.
