By Silke Brand | Basil Kimathi from NFT News Today and AmbCrypto write about the latest news on the Solana NFT trading platform Magic Eden. In the first step the marketplace says to only supports secondary sales and to not assist with loyalties.
Bitcoin ordinal NFT inscriptions are skyrocketing
Two months after the launch of the Ordinals project, Bitcoin NFTs continue to see increased adoption. Speaking of today March 23rd 2023, according to Dune there are over 574.470 inscriptions as more popular NFT projects jump on the Bitcoin chain to mint their unique collections. Now to aid with listing, purchasing, and selling these Ordinal NFTs, Magic Eden has launched a Bitcoin NFT marketplace. In a recent announcement, the leading originally Solana NFT marketplace noted that it has integrated with Hiro and Xverse, two popular Bitcoin wallets. It is fuly audited and allows traders to list, purchase, and sell Bitcoin-based NFTs. Magic Eden is based on Solana; however, lately, the marketplace has been expanding its operations to cover other chains such as Ethereum, Polygon, and now Bitcoin.
Commenting on the launch, Jack Lu, cofounder and CEO of Magic Eden, notes,
“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 on the chain.”Jack Lu, cofounder and CEO of Magic Eden
To help onboard as many users as possible on the Bitcoin NFT marketplace, Magic Eden has teamed up with a few popular projects that have already inscribed their NFTs on Bitcoin. These include inscribed pepes, Taproot Wizards, and Bitcoin Bandits.
Magic Eden Is Focused On Onboarding As Many Users As Possible
Onboarding users to this marketplace appears to be the main focus of Magic Eden for now. It’s a message that is echoed by Zhuoxun Yin, cofounder of Magic Eden. Speaking to the press, he notes the following.
“There’s a lot of high-value items that are being inscribed or created on the bitcoin chain, and for a very, very burgeoning NFT ecosystem, it’s been super exciting to see.”Zhuoxun Yin, cofounder of Magic Eden
He goes on to add that “at Magic Eden, we’re working on a lot of cross-chain things anyway, and we felt like this was a really cool adjacent ecosystem for us to tackle.”
Users on the new marketplace can expect to see helpful information on listed collectibles, such as the rarity and inscription numbers. By launching this product, Magic Eden follows in the footsteps of Gamma.io, which on Monday released its own marketplace for minting and trading Bitcoin NFTs.
For now only secondary sales and no royalities are supported
In a statement, the firm said that it plans to bring its marketplace-building expertise to the nascent yet flourishing Ordinals ecosystem. Currently, the marketplace only supports secondary sales of Bitcoin Ordinals and uses partially signed Bitcoin transactions to enable permissionless swaps.
Magic Eden announced that it will not support royalties in its newly launched Bitcoin Ordinals marketplace, citing the lack of secure and trustworthy solutions for enforcing royalties.
“With no royalty standard today, we have decided to launch on Bitcoin without royalty support for now.”Magic Eden
However, the company stated that it is actively exploring the possibility of implementing royalty support in the future alongside ways to simplify the minting and inscription of Bitcoin NFTs for creators.
Looking back just 15 years Magic Eden reveals on their blog some nostalgic feelings about the birthday of Bitcoin:
Where were you fifteen years ago? Somewhere in the distance in 2008, a mysterious figure by the name of Satoshi Nakomoto changed the world by creating Bitcoin. Bitcoin, the grandfather of all blockchains, created the foundations of a public decentralized protocol that could facilitate transactions. Through a grand butterfly effect and series of events, his actions led to the monumental growth of blockchains overall and ultimately this led to the very possibility of Magic Eden.Magic Eden