Non-fungible token (NFT) marketplace Magic Eden is set to launch a fully audited Bitcoin NFT marketplace. This comes as Bitcoin-based Ordinals NFTs become increasingly popular. The platform will enable traders to purchase inscriptions – NFTs minted on Bitcoin’s satoshis. To facilitate the selling, buying and listing of Ordinals NFTs, Magic Eden is working on integrating support for Bitcoin wallets Hiro and Xverse.
Jack Lu, CEO and co-founder of Magic Eden comments:
“Adding a Bitcoin marketplace is really exciting for our team, considering it is the grandfather of all blockchains and we are all passionate about blockchain. Bitcoin Ordinals bring a whole new dimension into the universe of NFTs. On Bitcoin, all media that is uploaded onto the chain cannot be changed or removed. This simplicity is embraced by many creators who want to create true collectibles that are inscribed onto the chain.”
The marketplace has enlisted the help of popular Ordinals collections Taproot Wizards, Inscribed Pepes and Bitcoin Bandits to onboard its users to Bitcoin-based NFTs. It will display information such as the rarity, age, name and inscription numbers of the Ordinals NFTs with more features expected to follow as the marketplace grows.
Launched in January of this year, Ordinals is a layer-1 protocol that enables users to imprint media and text onto the Bitcoin blockchain. There are over 500,000 inscriptions made so far. Unlike with other networks, minting on Blockchain does not employ the use of smart contracts, making the process more complex. Despite this, Magic Eden assures users that the experience on its Ordinals marketplace will be similar to what they are used to.
“The core marketplace functionality should feel really, really similar for users, and hopefully it gives people the perception that the [Ordinals] hurdle is not crazy,” said Magic Eden co-founder and COO Zhuoxun Yun. “As long as I have a little bit of Bitcoin in my wallet, I can just get going and it would feel the same as if I’m trying to try to buy something on ETH.”
Following its launch in 2021 by a California-based startup of the same name, Magic Eden has been the leading Solana-based NFT marketplace. It has gone on to expand to other blockchain ecosystems, adding support for Ethereum in August and for Polygon in November.
Magic Eden is not the first to ride the Ordinals NFT wave. ORDX and Generative, launched in February, are two of the first Ordinals NFT marketplaces. NFT platform Gamma.io also launched its native marketplace that supports Bitcoin NFTs.