Magic Eden, one of the largest cross-chain NFT platforms, thrown out a Bitcoin marketplace for digital gadgets, the company shared Tuesday.
“We’re already a multi-chain platform and we believe that adding Bitcoin will connect us to a deep community of people and a rapidly growing collectibles market thanks to Ordinals,” Zhuoxun Yin, COO and co-founder of Magic Eden, told TechCrunch. “Adding a Bitcoin marketplace allows us to continue our multi-chain vision.”
Ordinals, an NFT-like project on the Bitcoin blockchain, has grown significantly since the first one signed up in December. As of mid-February, more than 90,000 ordinals, which is slang for creating (or minting), were signed up on the Bitcoin blockchain. About a month later, there are over 400,000 signups on the Bitcoin blockchain, up 344% over that time period, Magic Eden shared.
Before the announcement, Magic Eden Supported NFT trades on Solana and Polygon and provided aggregate listings for Ethereum-based NFTs. The platform is backed by major companies such as Paradigm, Sequoia, Coinbase Ventures, Solana Ventures and others, and has more than 22 million unique monthly visitors and more than 100,000 wallets connecting daily to its network, its website fixed.
The launch of a Bitcoin marketplace at Magic Eden could be a major step forward because there are limited tools and products for the commercial blockchain marketplace, which has made the space inaccessible and unsafe for non-professional users. In the future, this could expand your reach to a larger audience.
The launch will also integrate two non-custodial crypto wallets, Hiro and Xverse, so that users can process transactions.
“The Bitcoin NFT ecosystem is very new and many of the tools out there today are sub-optimal and lack strong security measures,” Yin said. “We want to go in with a serious focus on security and transparency while leveraging our brand so that people can feel safe trading their Ordinals, thus opening up the ecosystem for it to flourish even further.”
As the overall NFT market continues to grow, the subsector is still figuring out its fit with the product market, Yin thinks. “The growth of Bitcoin NFTs indicates that there is a market for people who want to own real digital artifacts or collectibles.”
Magic Eden “has always had a long-term view” that NFTs will be the center of culture for many years to come, Yin said.
While NFTs have gained popularity within the cryptocurrency industry, the mainstream world is still slow to adopt them, even though major brands and companies like Starbucks, Adidas, and Nike have launched initiatives in the past year to roll out similar products and services. to the NFTs.
For Magic Eden’s initial beta launch of its Bitcoin Marketplace, it selected 13 collections to partner with, including Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits, to name a few. Those collections were selected because they were some of the first to be signed up and have the “strongest communities,” Yin said. “We see value in partnering with early adopters, as many of them have been ordinal theory pioneers and have contributed to Bitcoin culture for many years.”
In the near future, all Bitcoin listings will be available for trading at Magic Eden, Yin noted. In the long term, Magic Eden plans to continue building new use cases on new chains.
“Regardless of where the market is, we continue to build on the bear and are showing people that we are doubling down on our commitment to the long-term potential of NFTs,” Yin added.
