Magic Eden Launches Bitcoin Marketplace as Ordinal Inscriptions Continue to Grow
March 29, 2023
We are talking about one of the first monumental NFT markets to join the battle for the Bitcoin Ordinals, which on March 21 had 567,087 registrations. Non-fungible token exchange Magic Eden has launched its own “fully audited” Bitcoin Odinals marketplace, taking advantage of the growing interest in “Bitcoin NFTs”.
The new bitcoin marketplace
The new marketplace enables Bitcoin NFT BTC traders to trade and sell collections of Bitcoin Ordinals. Offering users an experience similar to what Magic Eden offers for Polygon, Ethereum and Solana-based NFTs.
“Just as we have expanded into other chains, we now want to lend our market-building expertise to the nascent, but burgeoning, Ordinals ecosystem”
said the organization on March 21st.
The new Ordinals protocol was unveiled in the first month of the year by Casey Rodarmor, a former Bitcoin contributor. Since then, Bitcoin Ordinals’ fame has skyrocketed. According to data from Dune Analytics, between Feb. 1 and March 1, the total number of Bitcoin Ordinals subscriptions rose from 679 to 240,000. As of March 21, a total of 567,087 people had signed up. Currently, the marketplace only supports secondary sales of Bitcoin Ordinals.
Bitcoin Ordinals Marketplace
The marketplace commented that it is also studying future tools that would allow creators to coin or register NFT bitcoins more easily. Such as its launch platform, which includes more chains. To enable featureless swaps, it is possible to use partially signed bitcoin transactions-a bitcoin standard that makes it possible for some pieces to sign the same transactions-on capable contract sites. For its part, Magic Eden says that although there is no royalty support in the market, it is “actively trying to find out.” Adding that there are “quite a few tools and no secure and reliable application resolution.”
“With no royalty standard today, we have decided to abandon Bitcoin without any royalty support for now … We believe it is more in line with the spirit of the whole ecosystem and, despite that, we are actively studying the development of a role-free on-chain royalty standard and are committed to working with creators and society at large”
said Magic Eden.
Other Bitcoin Ordinals marketplaces have already gone live, such as ORDX and Generative XYZ, which did so in February. Earlier this week, NFT platform Gamma.io released its own Bitcoin Ordinals marketplace. Allowing users to generate and trade ordinal entries in the same way as the Ethereum NFT markets. Cointelegraph contacted Magic Eden for comment on the case, but did not receive a quick response.
Conclusion
Cost of Bitcoin rises despite conservative Fed criticism. Data from Cointelegraph Markets Pro and TradingView show the BTC/USD pair approaching $28,500 on Bitstamp. The latest in a sequence of multi-month highs, the BTC’s latest price action precedes what promises to be a volatile day for markets. On March 22, the Federal Reserve will announce the possible interest rate hike, and a pause in the rate hike period will be seen as a boost for dangerous assets. Michaël van de Poppe, a Cointelegraph contributor and founder and CEO of trading company Eight, worded something of a Twitter update: “I’m quite interested to see tomorrow’s result.”
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