Magic Eden launches marketplace for Bitcoin Ordinals

Nonfungible token (NFT) marketplace Magic Eden has launched its ain “fully audited” marketplace for Bitcoin Ordinals, leveraging the surging involvement successful “Bitcoin NFTs.” 

The recently launched marketplace allows Bitcoin (BTC) NFT traders to bargain and merchantability Bitcoin Ordinal collections, giving users a akin acquisition it offers for Polygon, Ethereum, and Solana-based NFTs.

Extremely excited to denote that @MagicEden is present connected Bitcoin. With this, we are simplifying the travel for collectors and creators to get started connected Bitcoin - the granddaddy of each chains. Kudos to @kevcode_art @zhouzhuojie @ChartFuMonkey who championed this effort. https://t.co/0W7i0uBvPT

— Zhuoxun Yin (@ZhuoxunYin) March 21, 2023

“Just arsenic we person expanded into different chains, we present purpose to bring our expertise successful gathering marketplaces to the nascent, yet flourishing Ordinals ecosystem,” the steadfast said successful a March 21 statement. 

The caller Ordinals protocol was introduced successful January 2023 by erstwhile Bitcoin halfway contributor Casey Rodarmor. Since then, the popularity of Bitcoin Ordinals has surged.

According to information from Dune analytics, betwixt Feb. 1 and March 1, the full fig of Bitcoin Ordinals inscriptions surged from 679 to 240,000. As of March 21, a full of 567,087 person been inscribed.

Graph showing the regular and full Bitcoin Ordinals inscriptions. Source: Dune Analytics

“We paid adjacent attraction to the merchandise of Ordinal Theory and the lightning gait of adoption that soon followed,” said Magic Eden, adding it built the caller marketplace successful little than a month:

“Our marketplace was built wrong a month, culminating successful a hackathon successful California with implicit a twelve devs.”

Currently, the marketplace lone supports secondary income of Bitcoin Ordinals. The marketplace said it is besides looking into aboriginal tools that would let creators to much easy mint oregon inscribe Bitcoin NFTs, specified arsenic its Launchpad which it offers for different chains.

In bid to alteration permissionless swaps, it uses partially signed Bitcoin transactions (PSBT) — a Bitcoin modular that allows aggregate parties to motion the aforesaid transaction — alternatively than astute contracts.

The marketplace launched with implicit 70 collections. Source: Magic Eden

Meanwhile, Magic Eden says determination volition beryllium nary royalty enactment for the marketplace, but said it is “actively looking” into this, adding determination is “very small tooling and nary unafraid and trustless enforcement solutions.” 

“With nary royalty modular today, we person decided to motorboat connected Bitcoin without royalty enactment for now,” said Magic Eden.

First merchantability connected @MagicEden idiosyncratic papered a mickey for 1.33 BTC LFG! @DeGodsNFT @frankdegods pic.twitter.com/nNtb6z8fiZ

— buzzcutandbeanie X+ ⓻ (@bornwithbeanie) March 21, 2023

“We judge that this is astir in-line with the ethos of the ecosystem, and contempt this, we are actively looking into the improvement of an on-chain, permissionless royalty modular and are committed to moving with creators and the greater community,” it added.

Related: Bitcoin thought leaders measurement the pros and cons of Ordinals

Other Bitcoin Ordinals marketplaces person already launched, including ORDX and Generative XYZ which launched successful February. Earlier this week, NFT level Gamma.io unveiled its ain Bitcoin Ordinals marketplace, allowing users to make and commercialized ordinal inscriptions successful a mode akin to Ethereum NFT marketplaces.

Cointelegraph contacted Magic Eden for remark but did not instantly person a response.

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